Business

The companies that are not boycotting Russia

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.

Starbucks said Tuesday it is suspending all business activities in Russia, including shipping its products and cafes operating under a license.
SOPA images

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.

Marriott, the hotel chain that operates at least 10 locations in Russia, has yet to announce a boycott.
Marriott, the hotel chain that operates at least 10 locations 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 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.”

Coca-Cola on Tuesday became the latest US multinational to announce it will be ceasing operations in Russia.
Coca-Cola on Tuesday became the latest US multinational to announce it will be ceasing operations in Russia.
SOPA images

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

Caterpillar has estimated annual sales of $4 billion from its operations in Russia.
Caterpillar has estimated annual sales of $4 billion from its operations in Russia.
SOPA images

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

Bridgestone Tire operates several production facilities in Russia.
Bridgestone Tire operates several production facilities in Russia.
Chesnot

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

Nestle reported $1.7 billion in revenue from its Russia-based operations.
Nestle reported $1.7 billion in revenue from its Russia-based operations.
Agency Anadolu

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

DUSTIN JONES

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