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Which Companies Have Ceased Business with Russia? Part I 

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Russian invasion of Ukraine, nearly 1000 companies have announced they are voluntarily ceasing operations in Russia on some level

Since the Russian invasion of Ukraine, nearly 1000 companies have announced they are voluntarily ceasing operations in Russia on some level.

Here is a list of companies that have boycotted Russia and the actions they have taken:

 Retail and Goods in Russia

  • Adidas: They declared they would suspend sales. As a result, this means that they cut off 1 percent from their projected revenue growth this year.
  • British American Tobacco: They exited their business with Russia. More specifically, cigarette maker Philip Morris has suspended planned investments and will be minimizing manufacturing in Russia.
  • Canada Goose: They are stopping wholesale and e-commerce sales to Russia.
  • Uniqlo: They said they would suspend their operations in Russia. However, the company first came under fire after its chief executive, Tadashi Yanai, told an interviewer that they would continue to sell clothing in Russia.
  • H&M: They paused sales, which had approximately 170 stores.

Read more: Ways to Help LGBTQ+ Folks in Ukraine.

  • Ikea: They suspended their imports and exports; however, they said they would continue to operate their major shopping centers in Russia so that customers have access to essentials.
  • Nestlé: They will suspend sales of most of their prewar volume of products in Russia. Nestlé had already stopped “nonessential” imports and exports from coming into and out of Russia and advertising and capital investment.
  • Nike: they said they would temporarily close about 116 stores in March.
  • TJX (the owner of T.J. Maxx and Marshalls): promised to divest their equity ownership in Familia, an off-price retailer with more than 400 stores in Russia.
  • Unilever (which owns brands like Dove and Sunsilk): they have suspended all imports and exports.

Energy in Russia

  • B.P.: they claimed they would sell about 20 percent of their stake in Rosneft, the Russian state-controlled oil company. They also wrote off about $25.5 billion on their nearly 20 percent holding in Rosneft and other ventures in the country. However, according to analysts, that charge is only considered a paper loss, with not much relevance to continuing performance.
  • Exxon Mobil said it would end its involvement in a significant oil and natural gas project.
  • Shell: they planned to exit their joint ventures with Gazprom, a natural gas giant in Russia. The company’s decision to leave Russia would cost $4 billion to $5 billion in the first quarter.

Finance

  • American Express: they ceased all operations in Russia and Belarus.
  • Bank of America claimed their direct exposure to Russia was minimal after they limited their business there for more than a decade. However, this potential exposure could still reach $700 million due to loans to nine Russian companies.
  • BNY Mellon: they have stopped any new business with Russia and “suspended Russian securities investment management purchases.” 
  • Citigroup: they currently have approximately 3,000 employees in Russia and said they would “expand the scope” of their exit from Russia after stating before that they would “assess” the operations they currently have there.
  • Deutsche Bank: they stated they were “in the process of winding down our remaining business” and starting to help their clients minimize operations there. 
  • Goldman Sachs: they claimed they were “winding down its business in Russia in compliance with regulatory and licensing requirements.” In addition, they were the first prominent American bank to exit Russia, with about $300 million in first-quarter losses related to the invasion. 

Read more: How the Russian Takeover of Ukraine Will Impact LGBTQ+ People.

  • JPMorgan Chase stated that the bank would slow down and cease operations in Russia, leading to a loss of $1 billion over time. 
  • Mastercard: they will stop cards issued by Russian banks from working in other countries. In addition, they will block people with cards issued in different places from purchasing goods and services from any company in Russia.
  • Société Générale: They claimed they would sell their controlling stake in Rosbank, a lender based in Moscow, losing 3.1 billion euros (USD 3.3 billion). 
  • Visa: they said they would “cease” all Visa transactions in Russia and that “this war and the ongoing threat to peace and stability demand we respond in line with our values.”
  • Western Union: they claimed they would suspend all their operations in Russia and Belarus.
  • Zurich Insurance Group: They stated that they had sold their Russian unit to team members in the country and would operate the business independently with a new rebranding. Their Russian division had insurance premiums worth $34 million back in 2021.

Food

  • Carlsberg: they had stopped investments in Russia and decided to stop selling their flagship beer brand in Russia before eventually fully divesting from the country. This charge results in about $1.4 billion. 
  • Heineken: they said they would leave Russia, costing them over $400 million. 
  • Little Caesars: they decided to suspend all operations at Russian stores.
  • Mars: they halted any new investments they made in Russia. 
  • McDonald’s: they claimed they would sell their Russian business to a local licensee, including 850 restaurants. This loss will result in a write-off of $1.2 billion to $1.4 billion.
  • PepsiCo said they would stop selling soda in Russia but still produce dairy and baby food products there, referring to it as a “humanitarian” effort.
  • Restaurant Brands International is stopping corporate support for about 800 locations operated by local franchisees in Russia. In addition, they will not approve any more investments or expansions in the country.
  • Starbucks said they would close their 130 stores in Russia, which contained around 2,000 employees.
  • Yum Brands stated they would close 70 KFC restaurants and all 50 of their Pizza Hut restaurants.

In Summary

Many businesses have continued to halt any business interaction they have with Russia. Check out the second part of our article, which discusses media, professional services, tech, travel and logistics, and manufacturing companies that will no longer be doing business in Russia. 

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Which Companies Have Ceased Business with Russia? Part II