Since Russia’s invasion of Ukraine in late February, companies with commercial relationships with Russia have been faced with the decision to stop doing business there, curtail operations, or continue operating in a country regarded as an international pariah.
Companies may want to consider public relations in their decision, as people have been keeping track. Jeffrey Sonnenfeld, senior associate dean for leadership studies at Yale School of Management, and a team of experts, research fellows, and students at the Yale Chief Executive Leadership Institute have been updating a list of companies doing (or not doing) business with Russia. (These are the companies refusing to leave Russia.)
To identify the companies exiting Russia completely, 24/7 Wall St. reviewed their report “Over 450 Companies Have Withdrawn from Russia – But Some Remain,” updated April 1, 2022. Of the 178 entities categorized under “withdrawing,” we selected the 87 that have taken the strongest stance based on certain tags such as exiting Russia completely, full divestiture from Russia, and suspend all business with Russia, among others. Data was pulled early April.
Of the 87 companies that are leaving Russia completely, 57 are from the United States. Many of the American businesses that left Russia are in what Sonnenfeld classifies as “asset-light” sectors such as accounting, law, advertising, entertainment, and technology service firms. They can more easily sever ties with Russia than, say, capital-heavy companies such as energy businesses. Among the notable U.S. businesses pulling out of Russia are Airbnb, Alcoa, Live Nation Entertainment, eBay, and Expedia. (Find out if any of these are America’s favorite retailer.)
Ten companies from the United Kingdom have cut links with Russia, including clothing retailers, law firms, and energy company Shell.
Some of the other bold-faced companies exiting Russia include automaker Daimler (Germany), clothing business Ferragamo (Italy), beer maker Heineken (the Netherlands), and jewelry and silverware manufacturer Swarovski (Liechtenstein).
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