As Russia continues its aggressive invasion of Ukraine, more companies, governments and other organizations have begun moving their businesses out of Russia. Now one expert has compiled an exhaustive list of companies that remain in the country.
Jeffrey Sonnenfeld and his research team at the Yale Institute of Senior Executives have compiled a comprehensive list of all companies that continue to operate in Russia today. Sonnenfeld’s team is constantly updating their list to reflect changes as companies evaluate their performance in the country. Just Tuesday, McDonald’s, Starbucks, Coca-Cola and PepsiCo announced they were suspending all their operations in Russia.
Sonnenfeld appeared on CNBC’s “Squawk on the Street” on Monday and explained that companies continuing to operate in Russia are contrary to the sanctions the US government has placed on the country, saying “the idea of these sanctions is to hurt the economy, we’re not trying to figure out how to advance the Russian economy right now.”
According to Sonnenfeld’s latest list, there are currently 29 companies still operating in Russia, including Nestle, Hilton, Marriott, Papa John’s Pizza and Kraft-Heinz.
At the same time, more than 200 companies left Russia, including Apple, Airbnb, Disney, General Motors, IKEA and Netflix.
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New York State Comptroller Thomas DiNapoli sent a letter to several companies, including McDonald’s, PepsiCo and cosmetics brand Estée Lauder, urging them to rethink their business in Russia. DiNapoli has barred any new investment in Russian companies on behalf of the state’s General Pension Fund and has ordered a review of the fund’s investments to determine if any financial risks justify not investing.
“We believe that companies that continue to operate in Russia and invest in Russian assets face significant and growing legal, regulatory, operational, human rights, human resources and reputational risks,” DiNapoli said. in his letter.
The loudest call to leave Russia was Ukrainian Foreign Minister Dmytro Kuleba, who told CNN that “all Western companies should leave Russia” for humanitarian reasons.
Kuleba said continuing to work in Russia “simply goes against the basic moral principles of continuing to work in Russia and make money there.” This money is saturated with Ukrainian blood.”
For some brands, there is no clear and immediate way to end business in Russia, such as Yum! Brands, which owns Pizza Hut, KFC and Taco Bell. The company said in a statement that it operates about 1,000 KFC restaurants and 50 Pizza Huts in Russia, almost all of which are operated by independent owners through licensing or franchising agreements.
However, Hume! Brands has suspended all investment and restaurant development in Russia and is diverting all profits from its operations in Russia to humanitarian causes.
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