The international companies refusing to leave Russia

The international companies refusing to leave Russia
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Vladimir Putin’s invasion of Ukraine triggered an unprecedented exodus of companies out of Russia.

Nearly 1,000 corporations have left the country, according to Yale University’s extensive database. However, that data show more than 400 major companies remain in the Russian market.

Here’s a peek at some well-known international brands operating in Russia.

International food chains still serving Russia

Fast-food giant McDonald’s announced in May it would leave Russia, selling off all 850 locations in the country. Starbucks also exited Russia, closing its 130 cafes. Not everyone has followed suit; a number of international food chains continue to do business in the country, including:

International clothing companies still in Russia

You won’t see a Zara, a Uniqlo, or an H&M in Russia anymore. However, a number of fashion and footwear brands have decided to stay, like Capri Holdings, the parent company of Versace, Michael Kors, and Jimmy Choo. Others include:

Which airlines are still flying to Russia?

There are 11 airlines still flying to Russia, according to the Yale dataset. They include:

Other airlines, like United and Qantas, have committed to no longer flying over Russian airspace.

International food companies still selling in Russia

Early in the conflict, beer giants Heineken and Carlsberg pulled out of their operations in Russia. For Carlsberg, it meant giving up 10% of its total revenue. Canada’s McCain Foods has also suspended sales in the country. However, many other international food and drink brands remain available, including:

Which tech companies continue to operate in Russia?

Tech giant IBM has pulled out of Russia, laying off hundreds of employees in the process. IBM suspended operations earlier in the conflict, but kept staff on payroll until recently. Apple has also left, and Microsoft is scaling back. Tech companies still in the Russian market include:

International banks still operating in Russia

A number of financial institutions have stuck by their Russian business. This includes US-based Patreon and Netherlands’ Aegon. As for banks still operating there, the list includes HSBC, one of the UK’s “big four” banks.

Companies operating in Russia face growing uncertainty about Russia’s economic prospects as the conflict draws on. For firms no longer there, leaving has proved to be a good financial choice, according to a study on the Yale database released last month. Despite concerns over lost revenue and asset write-downs, equity gains have, for most companies, far surpassed the cost of exiting Russia.