These are the companies still doing business in Russia – New York Post

A Yale University professor has compiled a list of companies that are still doing business in Russia even as many firms head for the exits after Vladimir Putin’s invasion of Ukraine.

Jeffrey Sonnenfeld, who heads the nonprofit Chief Executive Leadership Institute at Yale, put together the list, which has now grown to 280 western companies that have scaled back their ties to Russia — along with those that remain.

Coca-Cola, McDonald’s and Starbucks on Tuesday became the latest major US corporations to downgrade business ties in Russia.

The Golden Arches came under intense pressure on social media to boycott the country. Finally, it relented on Tuesday when it announced that it would temporarily shutter its 850 restaurants in Russia.

Coca-Cola, the Atlanta-based soft drink behemoth, announced that it, too, would suspend business in Russia. “The Coca-Cola Company announced today that it is suspending its business in Russia,” the company said in a statement on Tuesday.

“Our hearts are with the people who are enduring unconscionable effects from these tragic events in Ukraine. We will continue to monitor and assess the situation as circumstances evolve,” the Coke statement said.

Starbucks also said on Tuesday it is suspending all business activity in Russia, including shipment of its products and cafes run by a license.

Starbucks said on Tuesday it is suspending all business activity in Russia, including shipment of its products and cafes run by a license.
SOPA Images

Other major brands, including Pepsi, have come under growing pressure to cut business ties with Russia as social media users continue to express outrage over Putin’s invasion of Ukraine.

Pepsi said late Tuesday — after Coke’s announcement — that it, too, would suspend business in Russia.

The hashtags #BoycottMcDonalds, #BoycottPizzaHut, and #BoycottCocaCola were trending on Twitter over the weekend as public opinion has remained overwhelmingly opposed to Russia’s military assault against its neighbor to the west.

Marriott, the hotel chain which operates at least 10 locations in Russia, has yet to announce a boycott.
Marriott, the hotel chain which operates at least 10 locations in Russia, has yet to announce a boycott.
SOPA Images

“McDonald’s and Pizza Hut (which is owned by PepsiCo) say they will continue to do business in Russia,” tweeted one Twitter user. “Their immoral choice, and they should face boycotts at home!”

The Twitter user added: “Drive past, and #BoycottMcDonalds #boycottpizzahut.”

“Despite the cost of abandoning major investments and the loss of business, there is a strong reputational incentive to withdraw [from Russia],” Sonnenfeld wrote in Fortune.

“Companies that fail to withdraw face a wave of US public resentment far greater than what they face on climate change, voting rights, gun safety, immigration reform, or border security.”

Coca-Cola on Tuesday was the latest US multinational corporation that announced it was suspending its business in Russia.
Coca-Cola on Tuesday was the latest US multinational corporation that announced it was suspending its business in Russia.
SOPA Images

Sonnenfeld cited a Morning Consult survey which found that 75% of Americans want corporations to cut business ties with Russia over its invasion of Ukraine.

COMPANIES STILL DOING BUSINESS IN RUSSIA

Here are the companies that are still doing business in Russia as of Tuesday even as many firms across the world have pulled up stakes, according to the Yale tally. The list is changing by the hour as more and more companies decide to exit the country.

Accor: 55 locations in Russia

AmerisourceBergen: research depots in Russia

Arconic: 9.4% of its revenue from Russia, or approximately $535 million

Bridgestone Tire: manufacturing plants in Russia

Bunge: 2.6% of revenue from Russia, or approximately $2.6 billion

Caterpillar generates an estimated $4 billion in annual revenue through its Russia operations.
Caterpillar generates an estimated $4 billion in annual revenue through its Russia operations.
SOPA Images

Cargill: Company has 1,500 employees and $1.1 billion in revenue from Russia

Caterpillar: Firm generates 8% of revenue, or approximately $4 billion from Russia

Citi: Global bank has $9.8 billion in net exposure to Russia

Coty: 3% of revenue from Russia, or approximately $150 million

Deere: its business in Russia hasn’t been disclosed

Fast Retailing/Uniqlo: Parent company of Uniqlo, which has at least 50 stores in Russia

Ferragamo: 1% of revenue from Russia, or approximately $10 million

Herbalife: 3% of revenue from Russia, or approximately $150 million

Hilton: 29 locations in Russia

Honeywell: 1% of revenue from Russia, or approximately $400 million

Hyatt: 6 locations in Russia

Bridgestone Tire operates several manufacturing plants in Russia.
Bridgestone Tire operates several manufacturing plants in Russia.
Chesnot

Intercontinental Hotels: 1 location in Russia

Kellogg: Operates several plants in Russia

Kimberly-Clark: 3% of revenue from Russia, or approximately $600 million

Kraft Heinz: employs 1,500 people in Russia

Marriott: at least 10 locations in Russia

Mars: over $2 billion invested in Russia

Mohawk Industries: 4.3% of revenue from Russia, or approximately $400 million

Mondelez: 3.5% of revenue from Russia, or approximately $1 billion

Nestle: 2.3% of its revenue is from Russia, or approximately $1.7 billion

Otis Worldwide: joint ventures and partnerships in Russia

Nestle reported $1.7 billion in revenues from its Russia-based businesses.
Nestle reported $1.7 billion in revenues from its Russia-based businesses.
Anadolu Agency

Papa John’s: 185 locations in Russia

Philip Morris: 8% of its revenue is from Russia, or approximately $2.5 billion

Pirelli: 10% of tires manufactured in Russia

Timken: joint venture with United Wagon in Russia

Whirlpool: not disclosed

With Post wires

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