Business Transformation

Which giant companies left Russia because of the current situation in Ukraine

Red square, Moscow, Russia

The list of multinational companies leaving Russia after the invasion in Ukraine is quite large. The phenomenon is quite unpleasant since in recent decades there has been an accumulation of foreign investments in Russia. 

Yale University has recently published a list with a total of more than 600 companies that left Russia. However, there is still a large number of companies from the West which continue tο operate normally. 

It is worth mentioning that except from the companies that left Russia, there is a number of more than 1000 companies which expressed their reactions, criticizing the Russian invasion. 

Yale University ranked businesses according to the degree of abandonment of their activities. Thus, companies such as Heineken and Netflix have received an “A” rating for their level of disengagement from Russia. In contrast, companies such as Emirates Airlines and Chinese e-commerce company are rated with an “F” as they continue to “business as usual”.

A total number of 297 companies received an “A” rating which means that totally halted Russian engagements or completely exited Russia. Such companies are Accenture (exited Russia completely), Airbnb (suspended bookings in Russia), Aldi (removed products from Russia), American Airlines (decided no flying over Russian airspace/ suspension of Russian partnerships), BBDO (exited Russian operations), BlackRock (curtailed Russian access to capital markets), Booking (suspended bookings in Russia), BP (suspended operations/ divested from 20% Rosneft stake), Carlsberg (exited Russia completely) and Deloitte (left Russia completely). 

The Spanish fashion retailer Inditex has suspended its commercial operations in Russia, closing its 502 stores and shutting down online sales. The clothing company H&M Group, which has 168 stores in Russia, has decided to temporarily close its stores in Russia. Ikea has 17 stores in Russia. The company decided to stop all production and retail activities in Russia, as well as any trade with its ally Belarus.

Volkswagen has also announced that it is suspending operations in Russia due to the conflict in Ukraine. Toyota Motor has announced that its vehicle exports to Russia have stopped indefinitely. 

A total number of 361 companies were ranked with a “B” which means that they temporarily curtailed most or nearly all operations while keeping return options open. Such companies are Acer (suspended its business in Russia), Adidas (suspended operations in Russia), Adobe (suspended all sales in Russia), Airbus (suspended supply of parts to Aeroflot), Alphabet (suspended all operations in Russia), Amazon (suspended operations in Russia), Apple (suspended all sales), Aston Martin (suspended all shipments to Russia), Burberry (suspended all shipments to Russia) and Citi (expanded the scope of the exit process). 

A total number of 109 companies were ranked with a “D” which means that they have decided to reduce their current operations in Russia. Such companies are Allianz (meaningfully reduced exposure to Russia), Amadeus IT Group (suspended partnership with Aeroflot), Bacardi (paused exports to Russia but not domestic operations), Bosch (suspended some shipments and plants but not all), Caterpillar (suspended minor Russian manufacturing facilities but not import sales), Continental (resumed local production after having previously suspended Russian factory), Ferrero (suspended non- essential business activity), General Mills (suspended sales of global brands in its JV), Goldman Sachs (winded down business in Russia but bought Russian debt) and Herbalife (suspended sales and shipments to Russia but independent sellers remain operational).

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Maria Gourtsilidou
Maria Gourtsilidou is Senior Editor of Research and Data Analytics at the CEOWORLD magazine. She is responsible for driving thought leadership, using data analytics to showcase the company’s products and services, and fostering knowledge sharing between CEOWORLD magazine and client organizations. She studied Public Administration (Economics Of The Public Sector) in Greece and holds a Bachelor’s in Public Administration from the Panteion University of Political & Social Studies. Follow Maria Gourtsilidou on Twitter. Write at