Companies That Have Ended Operations in Russia as of Mid-May

Since Russia’s invasion of Ukraine in late February, companies with commercial relationships with the world’s largest nation have been confronted with the decision of whether to stop doing business in Russia, cut back operations, or continue to operate there. 

Jeffrey Sonnenfeld, senior associate dean for leadership studies at Yale School of Management, and a team of experts, research fellows, and students at the Yale Chief Executive Leadership Institute have been updating a list of companies doing (or not doing) business with Russia. (Russia is on the list of the most corrupt countries in the world.)

To identify the companies exiting Russia completely, 24/7 Wall St. reviewed the report “Over 450 Companies Have Withdrawn from Russia – But Some Remain” updated May 13, 2022 by researchers at the Yale School of Management. Of the 337 entities categorized in the Yale report under “Withdrawing,” 125 are U.S. companies and organizations. We selected the 50 largest public companies by market capitalization that have taken the strongest stance as of mid-May 2022, ordered by market cap on May 13, from smaller to larger. 

All the public companies on this list have a market cap of $7 billion or above. Half of them fall into one of two categories: Information technology and industrials. Other categories where companies have suspended operations include financials, consumer discretionary, and communications services.

For many businesses choosing to suspend or even permanently end business in Russia, the decision follows decades of attempting to build a relationship with that country after the collapse of the Soviet Union in 1991. Those companies include Pepsi and McDonald’s.

Many companies, after at first taking temporary measures, have revised their plans and chose to exit Russia completely, under pressure from their shareholders and consumers.

Some of the notable companies taking these actions are the cruise-line company Carnival, the air carriers Delta and United, Uber, Netflix, eBay, and Live Nation Entertainment.

Click here to see companies that have ended or suspended operations in Russia as of mid-May

According to the Yale study, 26 U.S.-based firms 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, these were the companies refusing to leave Russia.)

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