More companies exiting Russia

Incredives

24 May 2022

After Russia's invasion of Ukraine on Feb. 24, multinational companies have been forced to re-examine their ties with Russia. Some, like McDonald’s, PepsiCo and Shell, had built relationships with the country over decades and were faced with untangling complicated deals.


Yale University has recently published a list with a total of more than 600 companies that left Russia. However, there is still a large number of companies from the West which continue tο operate normally.


Under pressure from investors and consumers, many Western companies have started to unwind their investments, close stores and pause sales in Russia. Some, after at first taking temporary measures, have revised their plans and decided to exit the country completely. And some that have begun the process of withdrawing from Russia have revealed the financial cost to their businesses.


A total number of 297 companies received an “A” rating which means that totally halted Russian engagements or completely exited Russia. Such companies are Accenture (exited Russia completely), Airbnb (suspended bookings in Russia), Aldi (removed products from Russia), American Airlines (decided no flying over Russian airspace/ suspension of Russian partnerships), BBDO (exited Russian operations), BlackRock (curtailed Russian access to capital markets), Booking (suspended bookings in Russia), BP (suspended operations/ divested from 20% Rosneft stake), Carlsberg (exited Russia completely) and Deloitte (left Russia completely).