According to Yale University’s new report, while more than 1000 companies have said they voluntarily stopped operating in Russia more than 550 foreign companies, including many from the United States, continue to do business in the country. These companies still operating in Russia are doing so despite public pressure to leave the country after the invasion of Ukraine over a year ago.
These 25 companies include prominent firms including Carl’s Jr, Cloudflare, Match Group, Quicksilver, Sbarro Pizza, Tom Ford, and Valve. In addition to these 25, there are another 162 American companies postponing planned investment and business while still maintaining a substantive business presence. The 25 companies operating as normal are listed in the below chart:
American Companies Still Operating In Russia
|Aimbridge | Interstate Hotels||Still operating in Russia|
|Align Technology||Still operating in Russia|
|Carl’s Jr. | CLK||Still operating in Russia|
|Cloudflare||Continue sales & services in Russia|
|Fleetcor||Business as usual|
|Forever Living Products||Still operating in Russia|
|Huntsman Corporation||Still operating in Russia|
|International Paper||Still operating in Russia|
|IQVIA||Still operating and actively hiring|
|Kemin||Still operating in Russia; declined to comment|
|Lifestyle Production Group (LPG)||Continuing to hire Russian employees for editing|
|Match Group||Continue to operate in Russia including Tinder|
|Patreon||Still providing services to Russia|
|Quicksilver||Online sales still running|
|Riot Games||Still operating in and selling to Russia|
|Sbarro Pizza||Still operating in Russia and allowing placing online orders|
|Signet Armorite||Operating in Russia through a subsidiary|
|Stryker||Continue sales and imports to Russia|
|Tenneco||Still operating in Russia; deny comments|
|TGI Friday’s||Still operating in Russia|
|Titan International||Still operating in Russia|
|Tom Ford||Still operating in Russia; not disclosed publicly|
|Tupperware||Still operating and actively hiring in Russia|
|Valve||Still providing services to Russia|
|Zimmer Biomet||Continues sales in Russia|
European companies still operating in Russia total over 200 still operating including major firms from Italy (Boggi, Benetton, Calzedonia), France (Clarins, Etam, Lacoste), Germany (Siemens Healthineers, B. Braun), and the Netherlands (Philips).
China is by far the worst abuser with China State-Sponsered Organizations operating as normal and “private” businesses like Alibaba, Tencent, ZTE, and air passenger carriers like Emirates Airlines and Egyptair, Qatar Airways, and Turkish Airlines still operating. Only a handful of companies have scaled back, or suspended operations and no companies have withdrawn from the market
Since February 2022, an expert team at Yale University has been keeping track of corporate announcements.
The Yale database contains 1,389 companies from around the globe, divided into five categories.
- Digging into: 223 companies are still doing business as usual.
- Buying Time: 162 companies are postponing future planned investment/development/marketing while continuing substantive business.
- Scaling back: 170 businesses are scaling back some significant business operations.
- Suspension – 493 companies have temporarily halted most Russian operations.
- Clear break: 341 companies have totally halted operations in Russia.
There are many reputable firms from the United States that are in the “buying time” category. Among the companies still buying time are Abbott Laboratories, Domino’s Pizza, Hard Rock Café, Hilton, Hyatt, and Subway.
The companies that are being “scaled back” can be easily identified by names such as Adobe, Google’s parent firm Alphabet, Coca-Cola, General Electric, Goldman Sachs, JPMorgan, Microsoft, PepsiCo, Shutterstock, Sketchers, U.S. Polo Assn., and Whirlpool.
The Yale team found that 493 international companies remain in the “suspension” state, which means they have stopped or blocked most commercial activities, sales, and shipments to Russia. However, this does not mean that they have severed all ties with Russia.
Then there are 341 companies from all countries that have completely left Russia including Accenture (Ireland), Deloitte (US), Deutsche Bank (Germany), Ford (US), Equinor (Norway), Heineken (Netherlands), IBM (US), Lufthansa/Germany), McDonald’s (US), Netflix (US), Mercedes-Benz (Germany), Nike (US), Nissan (Japan), Nokia (Finland), Renault (France), and Vodafone (UK).
Interesting to note that many of these companies still operate in China which is supporting Russian war operations and detaining Uyghurs to re-educate them.