Shortly after Russia launched its invasion of Ukraine, the U.S. government imposed severe economic sanctions designed to isolate Russia economically. In the months since, many major U.S. companies have also taken action by ceasing all business within the country – shuttering stores, offices, and warehouses.
According to a report compiled by researchers at the Yale School of Management, as of late June, 109 American companies were in the process of ending or have ended all business in Russia. The latest to join their ranks are the Silicon Valley tech giant Cisco and the Oregon-based sportswear brand, Nike.
The rate at which multinational companies are shuttering operations in Russia has increased in recent days ahead of a new law that may go into effect in the coming weeks. The law will allow Moscow to seize assets and impose penalties on foreign companies. (Here is a look at the most corrupt countries in the world).
As more companies exit the Russian market, 24/7 Wall St. compiled a list of the 31 U.S.-based Fortune 500 companies that are halting Russian engagements or completely exiting Russia, as of June 28, 2022. Companies are listed in order of annual revenue.
While the companies on this list have decided that severing business ties with Russia is in their best interests, many major U.S. companies have not come to the same conclusion. There are dozens of American firms that are still going about business as usual in Russia or scaling back operations only slightly. Here is a look at the companies refusing to leave Russia.
Sponsored: Tips for Investing
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.