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. 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. “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.” 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: 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 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 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 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
