These are the companies still doing business in Russia
A Yale University professor has compiled a list of companies that are still doing business in Russia even as many firms head for the exits after Vladimir Putin’s invasion of Ukraine.
Jeffrey Sonnenfeld, who heads the nonprofit Chief Executive Leadership Institute at Yale, , which has now grown to 280 western companies that have scaled ba𒉰ck their ties to Russia — along with those that remain.
Coca-Cola, McDonald’s and Starbucks on Tuesday became the latest major US corporations to downgrade business ties in Russia.
The Golden Arches came under intense pressure on social media to boycott the country. Finally, it relented on Tuesday when it announced that it would te🃏mporarily shutter its 850 restaurants in 💟Russia.
Coca-Cola, the Atlanta-based soft drink behemoth, announced that it, too, would suspend business in Russia. “The Coca-Cola Company announced today that it is suspending its business in Russia,” the company said in a statement on Tuesday.
“Our hearts are with the people who are enduring unconscionable effects from these tragic events in Ukraine. We will continue to monitor and assess the situation as circumstances evolve,” the Coke statement said.
Starbucks also said on Tuesday it is suspending all business activit🐠y in Russia, including shipment of its products and cafes run by a license.
Other major brandಌs, including Pepsi, have come under growing pressure to cut business ties with Russia as social media users continue to express outrage over Putin’s invasion of Ukraine.
Pepsi said late Tuesday — after Coke’s announcement — that it, too, would suspend business in Russia.
The hashtags #BoycottMcDonalds, #BoycottPizzaHut, and #BoycottCo♛caCola were trending on Twitter over the weekend as public opinion has remained overwhelmingly opposed to Russia’s military assault against its neighbor to the west.
“McDonald’s and Pizza Hut (which is owned by PepsiCo) say they will continue to do business in Russia,” tweeted one Twitter user. “Their immoral choice, and they shoღu🔴ld face boycotts at home!”
The Twitterꦦ user ꦏadded: “Drive past, and #BoycottMcDonalds #boycottpizzahut.”
“Despite the cost of abandoning major investments and the loss of business, there is a strong reputational incentive to withdraw [from Russia],” .
“Companies that fail to withdraw face a wave of US public resentment far greater than what they face on climate change, voting rights, gun safety, immigration reform, or border security.”
Sonnenfeld cited a Morning Consult survey which found that 75% of Americans want corporations to cut business ties with Russia over its inv🍎asion of Ukraine.
COMPANIES STILL DOING BUSINESS IN RUSSIA
Here are the companies that are still doing business in Russia as of Tuesday even as many firms across the world have pulled up 🉐stakes, The list is changing by the hour as more and more compani𝔍es decide to exit the country.
Accor: 55 locations in Russia
AmerisourceBergen: research depots in Russia
Arconic: 9.4% of ♎its revenue from Russia, or approximately $535 million
Bridgestone Tire: manufacturing plants in Russia
Bunge: 2.6% of revenue from Russia, or approximately🐼 $2.6 billion
Cargill🐷: Company has 1,500 employees and $1.1 billion in revenue from Russia
Caterpillar: Firm genera✤tes 8% of revenue, or ap🐓proximately $4 billion from Russia
Citi: Global bank has $9🎉.8 billion in net exposurꦍe to Russia
Coty: 3% of revenue from🌳 Russia, or approximately $150 million
Deere: its business in Russia hasn’t been disclosed
Fast Retailing/Uniqlo: Parent com🥀paꦦny of Uniqlo, which has at least 50 stores in Russia
Ferragamo: 1% of revenue from Russ♛ia, or approximately $10 million
Herbalife: 3% of re♛venue from Russia, or approximately $150 million
Hilton: 29 locations in Russia
Honeywell: 1% of revenue from💝 Russia, or 🐷approximately $400 million
Hyatt: 6 locations in Russia
Intercontinental Hotels: 1 location in Russia
Kellogg: Operates several plants in Russia
Kimberly-Clark: 3% of revenue fr🦩om Russia, or approximately $600 million
Kraft Heinz: employs 1,500 people in Russia, said late Tuesday it will sus🍰pend Russian investments, imports and exports♉
Marriott: at least 10 locations in Russia
Mars: over $2 billion invested in Russia
Mohawk Industries: 4.3% of revenue from Russia, or approximatel꧅y $400 millio✱n
Mondelez: 3.5% of revenu🎶e from Russia, or🦄 approximately $1 billion
Nestle: 2.3% of its revenue is🎐 from Russia, or approximately $1.7 bi🅘llion
Otis Worldwide: joint ventures and partnerships in Russia
Papa John’s: 185 locations in Russia
Philip Morris: 8% of its r��evenue is from Rus𓆏sia, or approximately $2.5 billion
Pirelli: 10% of tires manufactured in Russia
Timken: joint venture with United Wagon in Russia
Whirlpool: not disclosed
With Post wires