One of the most significant effects of Russia’s invasion of Ukraine, outside the warzone, is the series of sanctions the United States, United Kingdom, European Union, and other nations have imposed on the invader. The sanctions have hurt Russia’s economy and will likely drive it into a deep recession in the months, and probably years, ahead. (Russia is on the list of the most corrupt countries in the world.)
In addition to governments’ sanctions, a large number of international companies have pulled out of Russia completely — many of them at great loss. Some have left significant assets there or have broken global partnerships with Russian companies. BP gave up its ownership percentage of Russian oil giant Rosneft. The decision could cost it as much as $25 billion in write-offs.
Other corporate decisions have been highly visible but will not cause much financial damage to the companies’ revenue or profits. McDonald’s pulled out of Russia. Its locations there are a tiny fraction of its global total.
Among the most visible U.S. companies that have decided to keep most of its Russian operations intact is Koch Industries. The company is helmed by Charles Koch, the leader of one of America’s richest families and one of the best-known American conservatives.
CNBC reported that over 24 U.S. lawmakers received campaign contributions from Koch Industries in the weeks leading up to Russia’s attack on Ukraine. This money, CNBC reports, “some ethics lawyers say should be returned given the company’s decision to maintain operations in Russia.” (These are America’s most hated companies.)
A highly visible leader of one of America’s best-known business schools has decided to track which companies have left Russia and which have stayed. Jeffrey Sonnenfeld, professor and senior associate dean at Lester Crown in the Practice of Management at Yale School of Management, has been one of the best-known business academics for decades.
To identify the companies that refuse to leave Russia, 24/7 Wall St. reviewed the report “Over 450 Companies Have Withdrawn from Russia – But Some Remain” updated March 28, 2022 by researchers at the Yale school of management. The companies on this list represent all entities listed in the Yale report under the category “Defying Demands for Exit or Reduction of Activities (43 Companies) (Grade: F),” pulled on March 28, 2022.
Sonnenfeld also commented on the results in an opinion piece in The New York Times, “The Corporations Passing-And Failing-The Ukraine Morality Test.” He argues that there is absolutely no reason companies should continue operations in Russia. So far, over 450 companies have withdrawn from their operations there. One reason for the list is to put pressure on the companies that have not left.
Click here to see these are the companies refusing to leave Russia
Aalberts
> Action: Still operating in Russia
> Magnitude of Russian operations: Less than 11% of revenue from Russia
> Industry: Misc. fabricated products
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Acer
> Action: Still operating in Russia
> Magnitude of Russian operations: Not disclosed publicly, but significant market share
> Industry: Computer hardware
24/7 Wall St.
Alibaba
> Action: Still operating in Russia
> Magnitude of Russian operations: AliExpress joint venture and stake in VK
> Industry: Retail (catalog & mail order)
Align Technology
> Action: Still operating in Russia
> Magnitude of Russian operations: Moscow office and sourcing
> Industry: Medical equipment & supplies
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Asus
> Action: Citing conditions for effective standstill in Russian operations without actually suspending operations
> Magnitude of Russian operations: Not disclosed publicly
> Industry: Computer hardware
Auchan-Retail
> Action: Still operating in Russia
> Magnitude of Russian operations: $3.5 billion in revenue from Russia
> Industry: Retail
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Ball Corporation
> Action: Still operating in Russia
> Magnitude of Russian operations: 3 plants in Russia
> Industry: Containers & packaging
24/7 Wall St.
Calfrac Well Services
> Action: Still operating in Russia
> Magnitude of Russian operations: 11% of revenues from Russia
> Industry: Oil well services & equipment
Cersanit
> Action: Still operating in Russia
> Magnitude of Russian operations: Sanitation equipment exports
> Industry: Wholesale building materials
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Cloudflare
> Action: Continue sales & services in Russia
> Magnitude of Russian operations: Not disclosed publicly
> Industry: Computer services
Credit Suisse
> Action: Reviewing Russian operations but still operating
> Magnitude of Russian operations: $1 billion in net exposure to Russia
> Industry: Regional banks
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Decathlon
> Action: Still operating in Russia
> Magnitude of Russian operations: At least 50 stores in Russia, $300MM revenue
> Industry: Apparel & accessories retailers
Didi
> Action: Explicitly reversed decision to exit Russia
> Magnitude of Russian operations: Not disclosed publicly
> Industry: Software & programming
dōTerra
> Action: Still operating in Russia
> Magnitude of Russian operations: Not disclosed publicly
> Industry: Personal & household prods.
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Egon Zehnder
> Action: Still operating in Russia
> Magnitude of Russian operations: Not disclosed publicly
> Industry: Employment services
Emirates Airlines
> Action: Still flying to Russia
> Magnitude of Russian operations: Not disclosed publicly
> Industry: Airlines
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FM Global
> Action: Continuing Russian relationships
> Magnitude of Russian operations: Deep relationship with Ingosstrakh
> Industry: Water transportation
Glencore
> Action: Reviewing Russian holdings but holding significant Russian equity stakes
> Magnitude of Russian operations: Equity investments in Rosneft and others
> Industry: Metal mining
Greif
> Action: Still operating in Russia
> Magnitude of Russian operations: 9 plants in Russia
> Industry: Containers & packaging
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Gruma
> Action: Still operating in Russia
> Magnitude of Russian operations: 9 plants in Russia, Greif Perm and Greif Vologda in Russia
> Industry: Food processing
Huawei
> Action: Still operating in Russia
> Magnitude of Russian operations: Leading telecom-equipment vendor in Russia
> Industry: Communications equipment
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ID Logistics
> Action: Still operating in Russia
> Magnitude of Russian operations: Significant Russian subsidiary
> Industry: Trucking
Ingka
> Action: Still operating in Russia
> Magnitude of Russian operations: 14 shopping malls in Russia
> Industry: Home furnishing
International Paper
> Action: Still operating in Russia
> Magnitude of Russian operations: Significant stake in Ilim
> Industry: Paper & paper products
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IPG Photonics
> Action: Still operating in Russia
> Magnitude of Russian operations: High power laser sales in Russia
> Industry: Semiconductors
Koch Industries
> Action: Still operating in Russia
> Magnitude of Russian operations: Several business lines in Russia
> Industry: Multicompany
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Korn Ferry
> Action: Still operating in Russia
> Magnitude of Russian operations: Not disclosed publicly
> Industry: Business services
Lenovo
> Action: Still operating in Russia
> Magnitude of Russian operations: Not disclosed publicly, but significant market share
> Industry: Computer hardware
Leroy Merlin
> Action: Still operating in Russia
> Magnitude of Russian operations: $4 billion in revenue from Russia
> Industry: Retail
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Manitowoc
> Action: Still maintaining office in Russia
> Magnitude of Russian operations: Less than 5% of revenue from Russia and ~20 employees
> Industry: Constr. & agric. machinery
Metro
> Action: Still operating in Russia
> Magnitude of Russian operations: $3 billion in revenue
> Industry: Retail (grocery)
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MOLGroup
> Action: Still operating in Russia
> Magnitude of Russian operations: Development and operation of Baitugan field
> Industry: Oil & gas
MSI
> Action: Still operating in Russia
> Magnitude of Russian operations: Not disclosed publicly, but significant market share
> Industry: Communications equipment
Naspers
> Action: Still operating in Russia and platform hosts military-linked classified ads
> Magnitude of Russian operations: Not disclosed publicly
> Industry: Computer services
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Polpharma
> Action: Still operating in Russia
> Magnitude of Russian operations: Investment in Akrikhin
> Industry: Pharmaceuticals
Raiffeisen Bank International
> Action: Still operating in Russia
> Magnitude of Russian operations: $25 billion in net exposure to Russia
> Industry: Regional banks
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Societe Generale
> Action: Still operating in Russia
> Magnitude of Russian operations: $20 billion in net exposure to Russia and 2.8% of income
> Industry: Regional banks
Tencent
> Action: Still operating in Russia
> Magnitude of Russian operations: Major investment in VK
> Industry: Computer services
Titan International
> Action: Still operating in Russia
> Magnitude of Russian operations: 6% of revenues from Russia
> Industry: Auto & truck parts
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Turkish Airlines
> Action: Still flying to Russia
> Magnitude of Russian operations: Not disclosed publicly
> Industry: Airlines
Xiaomi
> Action: Still operating in Russia
> Magnitude of Russian operations: #2 in phone sales in Russia
> Industry: Communications equipment
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Wex Inc.
> Action: Continuing relationship with Lukoil and subsidiaries
> Magnitude of Russian operations: Top fuel payment processing service
> Industry: Business services
24/7 Wall St.
Young Living
> Action: Still operating in Russia
> Magnitude of Russian operations: Distributors in Russia
> Industry: Personal & household prods.
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