A Yale University professor has compiled a list of companies still doing business in Russia even as many companies head for the exit after Vladimir Putin’s invasion of Ukraine.
Jeffrey Sonnenfeld, who directs the nonprofit Chief Executive Leadership Institute at Yale, listwhich now has 280 Western companies that have cut ties with Russia – as well as those that remain.
Coca-Cola, McDonald’s and Starbucks on Tuesday became the latest major US companies to downgrade their business ties in Russia.
The Golden Arches have come under intense pressure on social media to boycott the country. Finally, he gave in on Tuesday by announcing that he would temporarily close his 850 restaurants in Russia.
Coca-Cola, the Atlanta-based soft drink giant, has announced that it will also suspend operations in Russia. “The Coca-Cola Company today announced that it is suspending operations in Russia,” the company said in a statement Tuesday.
“Our hearts are with those who are suffering the unacceptable effects of these tragic events in Ukraine. We will continue to monitor and assess the situation as circumstances evolve,” Coke’s statement read.
Starbucks also announced on Tuesday that it was suspending all business activity in Russia, including shipping its products and licensed coffees.
Other big brands, including Pepsi, are under increasing pressure to sever business ties with Russia as social media users continue to express outrage over Putin’s invasion of Ukraine.
Pepsi said Tuesday night – after Coke’s announcement – it would also suspend operations in Russia.
The hashtags #BoycottMcDonalds, #BoycottPizzaHut and #BoycottCocaCola were trending on Twitter over the weekend as public opinion remained overwhelmingly opposed to Russia’s military assault on its western neighbour.
“McDonald’s and Pizza Hut (owned by PepsiCo) say they will continue to do business in Russia,” one Twitter user tweeted. “Their immoral choice, and they should face boycotts at home!”
The Twitter user added, “Walk past and #BoycottMcDonalds #boycottpizzahut.”
“Despite the cost of abandoning major investments and loss of business, there is a strong reputational incentive to exit [from Russia]”, Sonnenfeld wrote in Fortune.
“Companies that don’t walk away face a far greater outpouring of resentment from the American public than they face on climate change, voting rights, gun safety, security reform. immigration or border security.”
Sonnenfeld cited a Morning Consult survey that found 75% of Americans want companies to sever business ties with Russia following its invasion of Ukraine.
COMPANIES STILL DOING BUSINESS IN RUSSIA
Here are the companies still doing business in Russia on Tuesday, even though many companies around the world took stakes, according to Yale’s tally. The list is changing hour by hour as more companies decide to leave the country.
Accor: 55 sites in Russia
AmerisourceBergen: research repositories in Russia
arconic: 9.4% of its revenue comes from Russia, or about $535 million
Bridgestone tire: manufacturing plants in Russia
Bunge: 2.6% of turnover achieved in Russia, i.e. around 2.6 billion dollars
Cargill: The company has 1,500 employees and $1.1 billion in revenue in Russia
Caterpillar: The company generates 8% of its revenue, or about $4 billion, from Russia
Town : A global bank has a net exposure of $9.8 billion to Russia
Quoted: 3% of turnover achieved in Russia, i.e. around 150 million dollars
Deere: his activity in Russia was not disclosed
Quick Distribution/Uniqlo: Parent company of Uniqlo, which has at least 50 stores in Russia
Ferragamo: 1% of revenue from Russia, or about $10 million
Herbalife: 3% of revenue from Russia, or approximately $150 million
Hilton: 29 locations in Russia
Honeywell: 1% of revenue from Russia, or approximately $400 million
Hotel: 6 locations in Russia
Intercontinental Hotels: 1 location in Russia
Kellogg: Operates several factories in Russia
Kimberly Clark: 3% of turnover achieved in Russia, i.e. around 600 million dollars
Kraft Heinz: employs 1,500 people in Russia
Marriott: at least 10 sites in Russia
March: more than 2 billion dollars invested in Russia
Mohawk industries: 4.3% of turnover achieved in Russia, i.e. around 400 million dollars
Mondelez: 3.5% of turnover generated in Russia, i.e. around 1 billion dollars
Nestle: 2.3% of its revenue comes from Russia, or about $1.7 billion
Otis in the world: joint ventures and partnerships in Russia
Daddy Johns: 185 locations in Russia
Philip Morris: 8% of its revenue comes from Russia, or about $2.5 billion
Pirelli: 10% of tires made in Russia
Timken: joint venture with United Wagon in Russia
Tourbillon: not disclosed
With post wires