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Russia faces exodus of major firms as war in Ukraine continues
By Ishika Dangayach - Apr 07, 2022, 05:17 PM ET
Last Updated - Feb 22, 2024, 10:11 AM EST
list of companies discontinuing business in Russia is growing due to sanctions imposed by countries worldwide. This has an impact on every sector of the economy, from energy to automobiles, banking, retail, entertainment, and food & beverages
• More than 600 international companies have declared Russia's exit
• Around 155 enterprises have resisted calls to withdraw or curtail Russian operations
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Many global businesses and brands have suspended operations in or with Russia as war in Ukraine continues.
The list of companies discontinuing business in Russia is growing due to sanctions imposed by countries worldwide. This has an impact on every sector of the economy, from energy to automobiles, banking, retail, entertainment, and food & beverages.
More than 600 international enterprises plan to leave Russia voluntarily, making the country less appealing to those who choose to stay. According to Jeffrey Sonnenfeld, a Yale professor who tracks business interests in Russia, at least 155 corporations have resisted the calls to withdraw or curtail operations there, while another 96 are deferring new investments or trying to buy time.
These exits from Russia would cost the country tens of thousands of jobs.
While many of these corporations do not want to contravene Western sanctions, outrage across the world over the atrocities by the occupying Russians against the civilian population is also driving the corporate exit.
Due to possible damage to their reputation, if they continued business in Russia, the companies are exiting.
Here's a list of some of the most notable exits:
Technology:
• Amazon
• Airbnb
• Apple
• Samsung
• IMB
• Intel
• Microsoft
Digital platforms:
• YouTube
• Spotify
Autos:
• General Motors
• Toyota
• Ford
• Nissan
• Volkswagen
Consulting
• KPMG International
• Ernst & Young
• Deloitte
• PricewaterhouseCoopers
Finance
• PayPal
• Visa
• Mastercard
• Citigroup
• Goldman Sachs
• JP Morgan Chase
• Western Union
Media
• Netflix
• Disney
• DirectTV
• Warner Media
Food & Beverages
• Burger king
• Coca-Cola
• AB InBev
• Heineken
• McDonald’s
• Starbucks
• PepsiCo
• Nestle
Energy
• Equinor
• Exxon
• BP
• Shell
• TotalEnergies
• Rio Tinto
Retail
• H&M
• Ikea
• Procter & Gamble
• Crocs
• Mothercare
• Unilever
Hospitality
• Hyatt
• InterContinental
• Hilton
• Marriott
Picture Credits: GoNewsIndia
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