Companies that ceased operations in Russia in mid-May – 24/7 Wall St.
Since Russia’s invasion of Ukraine in late February, companies doing business with the world’s largest country have faced the decision to stop doing business in Russia, scale back operations or continue to operate there.
Jeffrey Sonnenfeld, senior associate dean for leadership studies at the Yale School of Management, and a team of experts, researchers, and students from the Yale Chief Executive Leadership Institute have curated a list of companies doing (or not not doing) business with Russia. (Russia is on the list of the most corrupt countries in the world.)
To identify companies that are leaving Russia altogether, 24/7 Wall St. reviewed the report “More than 450 companies have pulled out of Russia – but some are staying” updated May 13, 2022 by researchers at the Yale School of Management. Of the 337 entities categorized in the Yale report under the “Withdrawal” heading, 125 are U.S. companies and organizations. We’ve selected the 50 largest public companies by market capitalization that took the toughest stance in mid-May 2022, ranked by market capitalization on May 13, from smallest to largest.
All of the public companies on this list have a market capitalization of $7 billion or more. Half of them fall into one of two categories: information technology and industrial. Other categories where companies have suspended operations include financial services, consumer discretionary and communication services.
For many companies choosing to suspend or even permanently end their operations in Russia, the decision follows decades of attempts to establish a relationship with that country after the collapse of the Soviet Union in 1991. These companies include Pepsi and McDonald’s.
Many companies, after initially taking temporary measures, have revised their plans and opted to leave Russia altogether, under pressure from their shareholders and consumers.
Some of the notable companies taking these steps include cruise line Carnival, airline carriers Delta and United, Uber, Netflix, eBay and Live Nation Entertainment.
Click here to see companies that closed or suspended operations in Russia in mid-May
According to the Yale study, 26 US-based companies appear to be doing business as usual in Russia. These include Amgen, Hard Rock Café, Koch Industries, Sbarro and Stryker Corporation. (As of March 30, this was companies refusing to leave Russia.)