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.
Click here to see companies that have suspended all operations in Russia
Source: jetcityimage / iStock Editorial via Getty Images
31. Avery Dennison
> Action: Exit Russian operations
> Industry: Materials
> Annual revenue: $8.41 billion
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Source: jetcityimage / iStock Editorial via Getty Images
30. Owens Corning
> Action: Expedite exit from Russia
> Industry: Industrials
> Annual revenue: $8.50 billion
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Source: Wachiwit / iStock Editorial via Getty Images
29. Expedia
> Action: Suspend bookings in Russia
> Industry: Consumer discretionary
> Annual revenue: $8.60 billion
Source: Courtesy of Intercontinental Exchange
28. Intercontinental Exchange
> Action: Curtail Russian access to capital markets
> Industry: Financials
> Annual revenue: $9.17 billion
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27. Interpublic Group
> Action: Exit Russian operations
> Industry: Communication services
> Annual revenue: $10.24 billion
Source: schulzhattingen / iStock Editorial via Getty Images
26. Air Products
> Action: Full divestiture from Russia
> Industry: Materials
> Annual revenue: $10.32 billion
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Source: SARINYAPINNGAM / iStock via Getty Images
25. State Street
> Action: Curtail Russian access to capital markets
> Industry: Financials
> Annual revenue: $12.03 billion
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Source: JHVEPhoto / iStock Editorial via Getty Images
24. Alcoa
> Action: Cease buying raw materials from, or selling our products to, Russian businesses
> Industry: Materials
> Annual revenue: $12.15 billion
Source: Public Domain / Wikimedia Commons
23. Ball Corporation
> Action: Leave Russia completely
> Industry: Materials
> Annual revenue: $13.81 billion
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Source: Raysonho @ Open Grid Scheduler / Grid Engine / Wikimedia Commons / Public Domain
22. AECOM
> Action: Exit Russia operations
> Industry: Industrials
> Annual revenue: $14.11 billion
Source: Courtesy of Omnicom Media Group
21. Omnicom Media Group
> Action: Exit Russian operations
> Industry: Communication services
> Annual revenue: $14.29 billion
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Source: JHVEPhoto / iStock Editorial via Getty Images
20. Parker Hannifin
> Action: Closed our office and warehouse facility in Moscow and no longer do business in this country
> Industry: Industrials
> Annual revenue: $14.35 billion
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Source: o / iStock Editorial via Getty Images
19. Stanley Black & Decker
> Action: Shut down Russian business
> Industry: Industrials
> Annual revenue: $17.25 billion
Source: 5./15 WEST / iStock Unreleased via Getty Images
18. Uber
> Action: Divest from partnership with Yandex
> Industry: Information technology
> Annual revenue: $17.45 billion
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Source: Chris Graythen / Getty Images
17. DXC Technology
> Action: Leaving Russia completely
> Industry: Information technology
> Annual revenue: $17.73 billion
Source: Piotr Wytrazek / iStock via Getty Images
16. Emerson Electric
> Action: Exit Russian business
> Industry: Industrials
> Annual revenue: $18.24 billion
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Source: hapabapa / iStock Editorial via Getty Images
15. BlackRock
> Action: Curtail Russian access to capital markets
> Industry: Financials
> Annual revenue: $19.37 billion
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Source: JHVEPhoto / iStock Editorial via Getty Images
14. Marsh McLennan
> Action: Exit operations in Russia
> Industry: Financials
> Annual revenue: $19.82 billion
Source: RiverNorthPhotography / iStock Unreleased via Getty Images
13. McDonald’s
> Action: Leave the Russian market & sell Russian business
> Industry: Consumer discretionary
> Annual revenue: $23.22 billion
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Source: 61252770@N06 / Flickr / Public Domain
12. Cummins
> Action: Exit Russian operations
> Industry: Industrials
> Annual revenue: $24.02 billion
Source: JasonDoiy / iStock Unreleased via Getty Images
11. Salesforce
> Action: Exit business relationships in Russia
> Industry: Industrials
> Annual revenue: $26.49 billion
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Source: Wachiwit / iStock Editorial via Getty Images
10. Starbucks
> Action: Exit and no longer have a brand presence in Russia
> Industry: Consumer discretionary
> Annual revenue: $29.06 billion
Source: Public Domain / Wikimedia Commons
9. Jabil
> Action: Closed its site in Russia
> Industry: Information technology
> Annual revenue: $29.29 billion
Source: kasinv / iStock Editorial via Getty Images
8. Netflix
> Action: Suspend service in Russia
> Industry: Communication services
> Annual revenue: $29.70 billion
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Source: Scott Olson / Getty Images News via Getty Images
7. Delta Air Lines
> Action: Withdraw codeshare services with Aeroflot
> Industry: Industrials
> Annual revenue: $29.90 billion
Source: Natalie Behring / Getty Images News via Getty Images
6. Nike
> Action: Exit Russia
> Industry: Consumer discretionary
> Annual revenue: $44.54 billion
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Source: jetcityimage / iStock Editorial via Getty Images
5. TJ Maxx
> Action: Divest Familia subsidiary
> Industry: Consumer discretionary
> Annual revenue: $48.55 billion
Source: raisbeckfoto / iStock Unreleased via Getty Images
4. Cisco
> Action: Orderly wind down Russian operations
> Industry: Information technology
> Annual revenue: $49.82 billion
Source: LPS.1 / Wikimedia Commons / Public Domain
3. HP Inc.
> Action: Shut down business in Russia
> Industry: Information technology
> Annual revenue: $63.49 billion
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Source: Sundry Photography / iStock Editorial via Getty Images
2. IBM
> Action: Wind down business in Russia
> Industry: Information technology
> Annual revenue: $72.34 billion
Source: zodebala / iStock Unreleased via Getty Images
1. Exxon
> Action: Exit Rosneft partnership
> Industry: Energy
> Annual revenue: $285.64 billion
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