Since Russia’s invasion of Ukraine in late February, companies with commercial relationships with the world’s largest nation have been confronted with the decision of whether to stop doing business in Russia, cut back operations, or continue to operate there.
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. (Russia is on the list of the most corrupt countries in the world.)
To identify the companies exiting Russia completely, 24/7 Wall St. reviewed the report “Over 450 Companies Have Withdrawn from Russia – But Some Remain” updated May 13, 2022 by researchers at the Yale School of Management. Of the 337 entities categorized in the Yale report under “Withdrawing,” 125 are U.S. companies and organizations. We selected the 50 largest public companies by market capitalization that have taken the strongest stance as of mid-May 2022, ordered by market cap on May 13, from smaller to larger.
All the public companies on this list have a market cap of $7 billion or above. Half of them fall into one of two categories: Information technology and industrials. Other categories where companies have suspended operations include financials, consumer discretionary, and communications services.
For many businesses choosing to suspend or even permanently end business in Russia, the decision follows decades of attempting to build a relationship with that country after the collapse of the Soviet Union in 1991. Those companies include Pepsi and McDonald’s.
Many companies, after at first taking temporary measures, have revised their plans and chose to exit Russia completely, under pressure from their shareholders and consumers.
Some of the notable companies taking these actions are the cruise-line company Carnival, the air carriers Delta and United, Uber, Netflix, eBay, and Live Nation Entertainment.
Click here to see companies that have ended or suspended operations in Russia as of mid-May
According to the Yale study, 26 U.S.-based firms appear to be doing business as usual in Russia. These include Amgen, Hard Rock Café, Koch Industries, Sbarro, and Stryker Corporation. (As of March 30, these were the companies refusing to leave Russia.)
Source: via Facebook / courtesy of Wex
Wex Inc.
> Action: Ending relationship with Lukoil and subsidiaries
> Industry: Information technology
> Market cap, May 13: $7.07 billion
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Source: Chris Graythen / Getty Images
DXC Technology
> Action: Leaving Russia completely
> Industry: Information technology
> Market cap, May 13: $7.45 billion
Source: Public Domain / Wikimedia Commons
Lincoln Electric
> Action: Ceasing all operations
> Industry: Industrials
> Market cap, May 13: $7.81 billion
Source: Public Domain / Wikimedia Commons
Jabil
> Action: Closing its site
> Industry: Information technology
> Market cap, May 13: $8.22 billion
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Source: JHVEPhoto / iStock Editorial via Getty Images
Pentair
> Action: Exiting its business
> Industry: Industrials
> Market cap, May 13: $8.27 billion
Source: jetcityimage / iStock Editorial via Getty Images
Owens Corning
> Action: Expediting its exit
> Industry: Industrials
> Market cap, May 13: $9.05 billion
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Source: Michael Vi / iStock Editorial via Getty Images
FICO
> Action: Exiting all work
> Industry: Information technology
> Market cap, May 13: $9.38 billion
24/7 Wall St.
Source: Raysonho @ Open Grid Scheduler / Grid Engine / Wikimedia Commons
AECOM
> Action: Suspending operations
> Industry: Industrials
> Market cap, May 13: $9.41 billion
Source: JHVEPhoto / iStock Editorial via Getty Images
Alcoa
> Action: Suspending all business
> Industry: Materials
> Market cap, May 13: $10.76 billion
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Source: santirf / iStock Editorial via Getty Images
American Airlines
> Action: No flying over Russian airspace/suspending Russian partnerships
> Industry: Industrials
> Market cap, May 13: $11.17 billion
Source: Robert Laberge / Getty Images Sport via Getty Images
GoDaddy
> Action: Discontinuing all Russian services
> Industry: Information technology
> Market cap, May 13: $11.69 billion
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Interpublic Group
> Action: Exiting Russian operations
> Industry: Communication Services
> Market cap, May 13: $12.64 billion
24/7 Wall St.
Source: Public Domain / Wikimedia Commons
Take-Two Interactive
> Action: Suspending all sales
> Industry: Communication Services
> Market cap, May 13: $12.69 billion
Source: csfotoimages / iStock Editorial via Getty Images
United Airlines
> Action: No flying over Russian airspace
> Industry: Industrials
> Market cap, May 13: $14.14 billion
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Source: jetcityimage / iStock Editorial via Getty Images
Avery Dennison
> Action: Exiting Russian operations
> Industry: Materials
> Market cap, May 13: $14.24 billion
FMC Corporation
> Action: Discontinuing all business and operations
> Industry: Materials
> Market cap, May 13: $14.71 billion
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Source: Jeff Gammons / Getty Images News via Getty Images
Carnival
> Action: Discontinuing Russia itineraries
> Industry: Consumer discretionary
> Market cap, May 13: $16.79 billion
24/7 Wall St.
Source: Public Domain / Wikimedia Commons
EPAM
> Action: Discontinuing servicing Russian customers
> Industry: Information technology
> Market cap, May 13: $18.25 billion
Source: Courtesy of Avantor via Facebook
Avantor
> Action: Discontinuing all sales into Russia, direct and indirect
> Industry: Industrials
> Market cap, May 13: $18.35 billion
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Source: o / iStock Editorial via Getty Images
Stanley Black & Decker
> Action: Suspending operations
> Industry: Industrials
> Market cap, May 13: $18.36 billion
Source: Courtesy of Waters Corporation via Facebook
Waters Corporation
> Action: Suspending all sales and services
> Industry: Health care
> Market cap, May 13: $19.30 billion
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Source: Wachiwit / iStock Editorial via Getty Images
Expedia
> Action: Suspending bookings
> Industry: Consumer discretionary
> Market cap, May 13: $20.70 billion
Source: Eric Broder Van Dyke / iStock Editorial via Getty Images
Live Nation Entertainment
> Action: Suspending all operations
> Industry: Information technology
> Market cap, May 13: $20.81 billion
Source: Public Domain / Wikimedia Commons
Ball Corporation
> Action: Leaving Russia completely
> Industry: Materials
> Market cap, May 13: $22.29 billion
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Source: Scott Olson / Getty Images News via Getty Images
Delta Air Lines
> Action: Suspending agreement with Aeroflot
> Industry: Industrials
> Market cap, May 13: $24.57 billion
State Street
> Action: Curtailing Russian access to capital markets
> Industry: Financials
> Market cap, May 13: $25.41 billion
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Source: JHVEPhoto / iStock Editorial via Getty Images
eBay
> Action: Suspend all shipments to Russia
> Industry: Consumer discretionary
> Market cap, May 13: $26.12 billion
Source: Public Domain / Wikimedia Commons
Ametek
> Action: Closing TPM Russia subsidiary
> Industry: Industrials
> Market cap, May 13: $27.93 billion
Global Foundries
> Action: Suspending all shipments
> Industry: Information technology
> Market cap, May 13: $28.07 billion
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Source: 61252770@N06 / Flickr / Public Domain
Cummins
> Action: Exiting Russian operations
> Industry: Industrials
> Market cap, May 13: $28.39 billion
MSCI
> Action: Curtailing Russian access to capital markets
> Industry: Financials
> Market cap, May 13: $33.17 billion
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Source: jetcityimage / iStock Editorial via Getty Images
Parker Hannifin
> Action: Closing Moscow office and warehouse facility and exiting Russian operations
> Industry: Industrials
> Market cap, May 13: $34.06 billion
Source: Sundry Photography / iStock Editorial via Getty Images
Electronic Arts
> Action: Suspending operations
> Industry: Communication services
> Market cap, May 13: $35.14 billion
Source: JHVEPhoto / iStock Editorial via Getty Images
Autodesk
> Action: Suspending operations
> Industry: Information technology
> Market cap, May 13: $42.87 billion
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Source: hapabapa / iStock Editorial via Getty Images
Fortinet
> Action: Suspending operations
> Industry: Information technology
> Market cap, May 13: $45.20 billion
Source: 5./15 WEST / iStock Unreleased via Getty Images
Uber
> Action: Divesting from partnership with Yandex
> Industry: Information technology
> Market cap, May 13: $47.89 billion
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Source: Courtesy of Air Products
Air Products
> Action: Full divestiture from Russia
> Industry: Materials
> Market cap, May 13: $51.81 billion
Source: SeanShot / iStock Unreleased via Getty Images
Moody’s
> Action: Suspending operations
> Industry: Financials
> Market cap, May 13: $53.31 billion
Source: Intercontinental Exchange / Public Domain / / Wikimedia Commons
Intercontinental Exchange
> Action: Curtailing Russian access to capital markets
> Industry: Financials
> Market cap, May 13: $54.86 billion
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Source: Mario Tama / Getty Images
Activision Blizzard
> Action: Suspending all sales
> Industry: Communication services
> Market cap, May 13: $60.78 billion
Source: jetcityimage / iStock Editorial via Getty Images
TJ Maxx
> Action: Divesting Familia subsidiary
> Industry: Consumer discretionary
> Market cap, May 13: $67.17 billion
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Source: stockcam / iStock Unreleased via Getty Images
Airbnb
> Action: Suspending bookings
> Industry: Consumer discretionary
> Market cap, May 13: $78.42 billion
Source: JHVEPhoto / iStock Editorial via Getty Images
Marsh McLennan
> Action: Exiting operations
> Industry: Financials
> Market cap, May 13: $80.28 billion
Source: kasinv / iStock Editorial via Getty Images
Netflix
> Action: Suspending operations
> Industry: Communication Services
> Market cap, May 13: $83.36 billion
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Source: Public Domain / Wikimedia Commons
Booking
> Action: Suspending bookings
> Industry: Consumer Discretionary
> Market cap, May 13: $85.39 billion
Source: hapabapa / iStock Editorial via Getty Images
BlackRock
> Action: Curtailing Russian access to capital markets
> Industry: Financials
> Market cap, May 13: $93.36 billion
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Source: mixmotive / iStock Editorial via Getty Images
S&P
> Action: Curtailing Russian access to capital markets
> Industry: Financials
> Market cap, May 13: $114.50 billion
Source: Public Domain / Wikimedia Commons
AMD
> Action: Suspending all sales
> Industry: Information technology
> Market cap, May 13: $154.14 billion
Source: JasonDoiy / iStock Unreleased via Getty Images
Salesforce
> Action: Suspending operations
> Industry: Information technology
> Market cap, May 13: $165.90 billion
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Source: zodebala / iStock Unreleased via Getty Images
Exxon
> Action: Exiting Rosneft partnership
> Industry: Energy
> Market cap, May 13: $376.20 billion
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