Business

Companies that do not boycott Russia

Companies that do not boycott Russia

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.

Starbucks announced on Tuesday that it was suspending all business activity in Russia, including shipping its products and licensed coffees.
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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.

Marriott, the hotel chain that operates at least 10 properties in Russia, has yet to announce a boycott.
Marriott, the hotel chain that operates at least 10 properties in Russia, has yet to announce a boycott.
SOPA Images

“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.”

Coca-Cola was the latest American multinational to announce on Tuesday that it was suspending its activities in Russia.
Coca-Cola was the latest American multinational to announce on Tuesday that it was suspending its activities in Russia.
SOPA Images

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

Caterpillar generates an estimated annual revenue of $4 billion from its operations in Russia.
Caterpillar generates an estimated annual revenue of $4 billion from its operations in Russia.
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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

Bridgestone Tire operates several manufacturing plants in Russia.
Bridgestone Tire operates several manufacturing plants in Russia.
Chesnot

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

Nestlé reported $1.7 billion in revenue from its Russia-based business.
Nestlé reported $1.7 billion in revenue from its Russia-based business.
Anadolu Agency

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