Shortly after Russia launched its invasion of Ukraine, the U.S. government imposed severe economic sanctions designed to isolate Russia economically. In the months since, many major U.S. companies have also taken action by ceasing all business within the country – shuttering stores, offices, and warehouses.
According to a report compiled by researchers at the Yale School of Management, as of late June, 109 American companies were in the process of ending or have ended all business in Russia. The latest to join their ranks are the Silicon Valley tech giant Cisco and the Oregon-based sportswear brand, Nike.
The rate at which multinational companies are shuttering operations in Russia has increased in recent days ahead of a new law that may go into effect in the coming weeks. The law will allow Moscow to seize assets and impose penalties on foreign companies. (Here is a look at the most corrupt countries in the world).
As more companies exit the Russian market, 24/7 Wall St. compiled a list of the 31 U.S.-based Fortune 500 companies that are halting Russian engagements or completely exiting Russia, as of June 28, 2022. Companies are listed in order of annual revenue.
While the companies on this list have decided that severing business ties with Russia is in their best interests, many major U.S. companies have not come to the same conclusion. There are dozens of American firms that are still going about business as usual in Russia or scaling back operations only slightly. Here is a look at the companies refusing to leave Russia.
Click here to see companies that have suspended all operations in Russia
31. Avery Dennison
> Action: Exit Russian operations
> Industry: Materials
> Annual revenue: $8.41 billion
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30. Owens Corning
> Action: Expedite exit from Russia
> Industry: Industrials
> Annual revenue: $8.50 billion
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29. Expedia
> Action: Suspend bookings in Russia
> Industry: Consumer discretionary
> Annual revenue: $8.60 billion
28. Intercontinental Exchange
> Action: Curtail Russian access to capital markets
> Industry: Financials
> Annual revenue: $9.17 billion
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27. Interpublic Group
> Action: Exit Russian operations
> Industry: Communication services
> Annual revenue: $10.24 billion
26. Air Products
> Action: Full divestiture from Russia
> Industry: Materials
> Annual revenue: $10.32 billion
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25. State Street
> Action: Curtail Russian access to capital markets
> Industry: Financials
> Annual revenue: $12.03 billion
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24. Alcoa
> Action: Cease buying raw materials from, or selling our products to, Russian businesses
> Industry: Materials
> Annual revenue: $12.15 billion
23. Ball Corporation
> Action: Leave Russia completely
> Industry: Materials
> Annual revenue: $13.81 billion
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22. AECOM
> Action: Exit Russia operations
> Industry: Industrials
> Annual revenue: $14.11 billion
21. Omnicom Media Group
> Action: Exit Russian operations
> Industry: Communication services
> Annual revenue: $14.29 billion
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20. Parker Hannifin
> Action: Closed our office and warehouse facility in Moscow and no longer do business in this country
> Industry: Industrials
> Annual revenue: $14.35 billion
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19. Stanley Black & Decker
> Action: Shut down Russian business
> Industry: Industrials
> Annual revenue: $17.25 billion
18. Uber
> Action: Divest from partnership with Yandex
> Industry: Information technology
> Annual revenue: $17.45 billion
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17. DXC Technology
> Action: Leaving Russia completely
> Industry: Information technology
> Annual revenue: $17.73 billion
16. Emerson Electric
> Action: Exit Russian business
> Industry: Industrials
> Annual revenue: $18.24 billion
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15. BlackRock
> Action: Curtail Russian access to capital markets
> Industry: Financials
> Annual revenue: $19.37 billion
14. Marsh McLennan
> Action: Exit operations in Russia
> Industry: Financials
> Annual revenue: $19.82 billion
13. McDonald’s
> Action: Leave the Russian market & sell Russian business
> Industry: Consumer discretionary
> Annual revenue: $23.22 billion
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12. Cummins
> Action: Exit Russian operations
> Industry: Industrials
> Annual revenue: $24.02 billion
11. Salesforce
> Action: Exit business relationships in Russia
> Industry: Industrials
> Annual revenue: $26.49 billion
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10. Starbucks
> Action: Exit and no longer have a brand presence in Russia
> Industry: Consumer discretionary
> Annual revenue: $29.06 billion
9. Jabil
> Action: Closed its site in Russia
> Industry: Information technology
> Annual revenue: $29.29 billion
8. Netflix
> Action: Suspend service in Russia
> Industry: Communication services
> Annual revenue: $29.70 billion
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7. Delta Air Lines
> Action: Withdraw codeshare services with Aeroflot
> Industry: Industrials
> Annual revenue: $29.90 billion
6. Nike
> Action: Exit Russia
> Industry: Consumer discretionary
> Annual revenue: $44.54 billion
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5. TJ Maxx
> Action: Divest Familia subsidiary
> Industry: Consumer discretionary
> Annual revenue: $48.55 billion
4. Cisco
> Action: Orderly wind down Russian operations
> Industry: Information technology
> Annual revenue: $49.82 billion
3. HP Inc.
> Action: Shut down business in Russia
> Industry: Information technology
> Annual revenue: $63.49 billion
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2. IBM
> Action: Wind down business in Russia
> Industry: Information technology
> Annual revenue: $72.34 billion
1. Exxon
> Action: Exit Rosneft partnership
> Industry: Energy
> Annual revenue: $285.64 billion
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