A Yale University professor has compiled a list of companies that still do business in Russia, although many firms are poised to flee after Vladimir Putin’s invasion of Ukraine.
Jeffrey Sonnenfeld, director of the nonprofit Chief Executive Leadership Institute at Yale, compile the listwhich has now grown to 280 Western companies, which have reduced their ties to Russia – along with those who remain.
Coca-Cola, McDonald’s and Starbucks were the latest major US corporations to downgrade their business ties in Russia on Tuesday.
The Golden Arches came under intense pressure on social media to boycott the country. Finally, it relented Tuesday when it announced it would temporarily close its 850 restaurants in Russia.
Coca-Cola, the Atlanta-based soft drink giant, has announced that it will also be ending business in Russia. “The Coca-Cola Company announced today that it is ceasing its business in Russia,” the company said in a statement Tuesday.
“Our hearts go out to the people who are suffering the unacceptable impact of these tragic events in Ukraine. We will continue to monitor and assess the situation as circumstances evolve,” the Coke statement said.
Starbucks also said Tuesday it is ceasing all business activities in Russia, including shipping its products and cafes, which operate under a license.
Other big brands, including Pepsi, are coming under increasing pressure to sever ties with Russia as social media users continue to express outrage at Putin’s invasion of Ukraine.
Pepsi said late Tuesday – after Coke’s announcement – that business in Russia would also be discontinued.
The hashtags #BoycottMcDonalds, #BoycottPizzaHut and #BoycottCocaCola trended on Twitter over the weekend as public opinion remains overwhelmingly opposed to Russia’s military attack on its western neighbor.
“McDonald’s and Pizza Hut (owned by PepsiCo) say they will continue to do business in Russia,” one Twitter user tweeted. “Their immoral decision and they should be boycotted at home!”
The Twitter user added, “Drive by and #BoycottMcDonalds #boycottpizzahut.”
“Despite the cost of forgoing major investments and losing business, there is a strong reputational incentive to back out [from Russia]” Sonnenfeld wrote in Fortune.
“Companies that don’t back down face a wave of public resentment in the US far greater than what they’re experiencing on climate change, voting rights, gun safety, immigration reform, or border security.”
Sonnenfeld cited a Morning Consult poll showing that 75% of Americans want companies to sever ties with Russia over its invasion of Ukraine.
COMPANIES THAT STILL DO BUSINESS IN RUSSIA
Here are the companies still doing business in Russia on Tuesday, although many firms around the world have withdrawn shares. according to the Yale balance sheet. The list changes every hour as more companies decide to leave the country.
accord: 55 locations in Russia
AmericasourceBergen: Research depots in Russia
Arkonian: 9.4% of its sales from Russia, or about $535 million
Bridgestone tires: Production facilities in Russia
bungee: 2.6% of revenue from Russia, or about $2.6 billion
cargill: The company has 1,500 employees and $1.1 billion in revenue from Russia
Caterpillar: The company generates 8% of sales, or about $4 billion, in Russia
City: The global bank has $9.8 billion in net exposure to Russia
coty: 3% of revenue from Russia or about $150 million
deer: his business in Russia was not disclosed
Fast Retail/Uniqlo: Uniqlo’s parent company, 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 about $150 million
Hilton: 29 locations in Russia
honeywell: 1% of revenue from Russia or about $400 million
Hyatt: 6 locations in Russia
Intercontinental hotels: 1 location in Russia
Kellogg: Operates several plants in Russia
Kimberley Clark: 3% of revenue from Russia or about $600 million
Kraft Heinz: employs 1,500 people in Russia
Marriott: at least 10 locations in Russia
Mars: over $2 billion invested in Russia
Mohawk Industries: 4.3% of revenue from Russia, or about $400 million
Mondelez: 3.5% of revenue from Russia, or about $1 billion
Nestle: 2.3% of sales come from Russia, or about $1.7 billion
Otis worldwide: Joint ventures and partnerships in Russia
Papa Johns: 185 locations in Russia
Phillip Morris: 8% of sales come from Russia, which corresponds to about 2.5 billion US dollars
Pirelli: 10% of tires manufactured in Russia
Timken: Joint venture with United Wagon in Russia
jacuzzi: not disclosed
With mail wires
https://nypost.com/2022/03/08/the-companies-that-are-not-boycotting-russia/ The companies that are not boycotting Russia