Stop Doing
Business with Russia
Russia initiated aggression against Ukraine in 2014. On February 24, 2022, it started a full-scale military invasion to the Ukrainian territory. This brutal war and military crimes of Russian troops caused a humanitarian crisis in Ukraine with thousands civilians killed and millions becoming refuges. As a reaction to this act of aggression, many international companies decided to leave the Russian market, while some others continue doing business there as usual. We track such decisions of companies and urge them to stop funding the war.
Hold off investments: company postponing future planned investment/development/marketing while continuing substantive business
Pausing InvestmentsReducing Activities: company scaling back some business operations while continuing others
Scaling BackPause operations: company temporarily curtailing operations while keeping return options open
SuspensionClean Break: the company completely halting Russian engagements or exiting Russia
WithdrawalExit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exit Completed
The Group’s long-term contracts with Gazprom in 2021 represented approximately 20% of ENGIE’s overall gas sales and consumption worldwide. Should European sanctions affect Russian supplies – ENGIE would comply with such decision at all levels. At the beginning of the fourth quarter of 2022, Engie initiated arbitration proceedings against Gazprom Export LLC, seeking, in particular: recognition of Gazprom Export LLC's failure to fulfill its gas supply obligations under long-term gas supply contracts and payment of penalties, and as well as compensation for damages caused as a result of such non-performance.
Stopping all non-essential business in Russia and Belarus, while ensuring continued access to health and agriculture products. In this regard, the company decided to continue supplying agricultural products to Russian farmers. Bayer added that it expects Russian authorities to help protect the free flow of agricultural products, expressing the hope that they will not use the food to put pressure on other countries.
The company suspends non-essential business activity in the country, including all new investments, business development and advertising. So far, the only product (treatment of diabetes) left on the Russian market is the American Abbott.
Continuing business in Russia. Suspended new investments in Russia. Suspended operations in Ukraine. (World's biggest flooring manufacturer with ~$400M in Russian sales in 2021. Owns Russia's largest ceramic tile manufacturer)
Suspending new investments but still operating in Russia.
Stopped new investments
Begins a process aimed at transferring ownership of its Russia business. Strepsils maker Reckitt Benckiser said in April 2022 that it would transfer ownership of its Russian business to a third party or local employees, but so far has failed to do so. Trading data shows that Reckitt Benckiser Exports into Russia. Freeze capital investments, advertising, sponsorships and promotions in Russia. Began process of aimed at transferring Russian business.
Still operating plant in Russia. Aborted Russian project and halted new investments.
Suspended future investments with Russia. Continuing to supply medicines and vaccines. (No research or production facilities in Russia)
Continue operations with local staff. Aeroflot offered the lessor SMBC to buy out 17 leased aircraft for $644 million. The company also received an offer to “discuss potential solutions” from S7 and NordStar. Also, Japanese companies Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance will stop war risk insurance for ships passing through Russian waters from January 1, 2023.
Suspended future projects and investments in Russia. Maintaining operations in Russia. Statement condemning the Russian government’s invasion of Ukraine. (Nine facilities in Russia rendering 3% profits)
Alcon suspended all capital investments in Russia and have halted enrollment in clinical research there.
Suspend investments
Suspended business development and investment activities.
Decision to renew production in Russia despite previous announcements to halt production
The company decided to continue operations in Russia but pause investments in new projects
Red Bull suspended all marketing activities and new investments in Russia.
The company scales down operations in Russia that are not related to the production and transport of essential food commodities and ingredients. Crop Trader ADM Weighs Options to Exit Main Russian Business. Aston, one of the largest Russian grain traders, has two offices in Lausanne, including Aston Agro-Industrial which is responsible for international trade. Moreover, Aston operates a joint venture for corn processing with ADM, the world's second largest agricultural trader based in Canton Vaud.
Cease trading operations with Russia & Belarus; running plants in Russia
Continues to operate in Russia. Suspending new investments in Russia.
Ahlstrom-Munksjö has discontinued exports to Russia and Belarus.
The company is restricting imports and suspending all exports from Russia. It has stopped corporate marketing efforts and have cancelled planned capital and resource investments.
Suspend shipments into Russia but not sales
Received revenues in Russia in 2021-2023, there is no any official announcement. 29.11.2024: The legal entity status of JOHN CRANE RUS LLC has been changed to "In the process of liquidation". At the same time, John Crane Group continues to own 50% of the capital of JOHN CRANE-ISKRA LLC.
Selling down existing stocks in Russia
Boiron frozes investments, stopped advertising campaigns, canceled new product launches and stopped its clinical trial activities in Russia.
Promised to stop deliveries to Russia but continued at least till Feb 2023 despite.
Received revenues in Russia in 2021. The Hero Group has ceased virtually all investments and operations in Russia (sales of all products except baby milk). All proceeds from baby milk is being donated to organizations supporting Ukrainian refugees.
Received revenues in Russia in 2021. While remain committed to facilitating patient access to life-saving medicines in Russia, all non-essential business operations in the country have been suspended. Any profits made from the sale of medicines will be donated to the humanitarian efforts for Ukraine. The initiation of new clinical trial sites in Russia and Ukraine has been paused.
still operating plant in Togliatti, Russia
The company stops investments in the country, canceling its plans to support the growth of that market. All money flows between its HQ and its Russian subsidiary are interrupted. BlaBlaCar will maintain the current service, but isolate its Russian activity from the rest of the company, and stop all development plans.
Continuing sales in Russia. Promised to stop busisness. In process of selling subsidaries (pending approval from the country's authorities). But revenue and assets increased in 2023 vs 2022 and in 2022 vs 2021. Fluidra continued business with Russia and even increased RUB revenue in 2023. The company continues to do business in Russia and is increasing its presence, expanding sales, increasing assets through its own legal entity (JSC Astral CIS CEO is Italian citizen Nicola Minervini), as well as through the affected legal entity LLC RONDA, CEO Andrey Korotkov.
Suspend new contracts; cotinue supporting current customers
Still operating and actively hiring in Russia; restrict transactions.
Temporarily shut stores in Russia (Three stores; one owned by a franchisee). Suspended shipments to Russia. Burberry is still being sold in Russia. Revenue in RUB increased by 12% in 2023 vs 2022.
Continue operations on an unspecified "lower" level & postpone investments
According to press, the company suspends new investments/development in Russia. The chief executive of Accor, the French owner of the Orient Express and Novotel hotels, has claimed pulling out of Russia is “not an option” unless he is forced to by more stringent sanctions.
Suspend supply of parts and deliveries/servicing, but continue substantial titanium purchases from Russia. Airbus Chief Executive Officer Guillaume Faury said on Feb. 16 that company data show Russian airlines flew his company’s jets more in the second half of 2022 than they did before the pandemic. Although Faury added that the company isn’t in contact with airlines in Russia, Airbus is starting to hear about difficulties keeping planes flying as they struggle to replace missing components. Between the start of the war and March 2023, Airbus imported at least $22.8 million worth of titanium from Russia; a fourfold increase in value and tonnes compared to the previous 13 months. Court accepts bankruptcy request for Airbus ex-Russia branch. French President Emmanuel Macron personally intervened to persuade Canadian Prime Minister Justin Trudeau to give Airbus and other aerospace firms relief from sanctions on Russian titanium. In Russia, every second Airbus neo has stopped flying due to technical reasons. Airbus Defence and Space has replaced a Russian corporation in a European project to search for signs of life on Mars. A huge number of parts from the world's largest aircraft manufacturers, Airbus and Boeing, are falling into the hands of Russians despite sanctions, even as the companies claim to be complying with the sanctions regime.
Ameriabank CJSC from Armenia actively helped foreign companies and international investors who hastened to leave Russia to exchange their rubles for dollars, making good money on this.
The company will cease any new business initiatives in Russia while completing support of existing clinical trials and continuing distribution of pharmaceutical products.
Investigate if Russian customers are subject to European sanctions
The representative office of Anritz Separation in Moscow continues its activities
Continued relations with Russia. BT has been forced to continue its relationship with Russia's state-backed telecoms operator despite attempts to join a corporate boycott over the war in Ukraine. The British telecoms giant is understood to have explored whether it could sever ties with Rostelecom as part of backlash over Vladimir Putin's invasion. However, BT has pulled back from taking such action because it would mean people in the UK would no longer be able to make calls to Russia.
Online orders unavailable but still advertising; no information about on-site sales. The American clothing and accessories brand Michael Kors is leaving the Russian market.
Discontinuation of associated Russia activities.
Investigate if Russian customers are subject to European sanctions
The company suspended investments in Russia, but local cheese factories will continue to operate. Profits from the local Russian business will be used for humanitarian purposes until further notice.
Has 4 master franchises and 195 partner cafes that still operate in Russia.
No new investments in Russia or Belarus in sovereign or corporate debt, or public or private equity. Will not be creating new shares for their FTSE Russia ETF.
Seeks new oil supplier to replace Russian oil
Suspended development activities and closed corporate offices in Russia while continuing to operate hotels
Blocks government propaganda. The service is restricted in Russia. The income of Russian bloggers on blocked Instagram grew by 35% over the year.
Amid this humanitarian tragedy and aligned with our values, IFF will limit the production and supply of ingredients in and to Russia to only those that meet the essential needs of people, including food, hygiene, and medicine. In tandem, IFF is suspending all production and supply of ingredients for products not critical to basic necessities.
Continues oil & gas exploration partnerships. Japan's Inpex selling stake in Russian oil project to Itochu. Ceased new projects and reduced investments.
Paused distribution
Such banks as Halyk Savings Bank of Kazakhstan JSC, First Heartland Jusan Bank JSC and Kaspi.kz JSC in Kazakhstan actively helped foreign companies and international investors who hastened to leave Russia to exchange their rubles for dollars, making good money on this actively helped foreign companies and international investors who hastened to leave Russia to exchange their rubles for dollars, making good money on this.
Such banks as Halyk Savings Bank of Kazakhstan JSC, First Heartland Jusan Bank JSC and Kaspi.kz JSC in Kazakhstan actively helped foreign companies and international investors who hastened to leave Russia to exchange their rubles for dollars, making good money on this actively helped foreign companies and international investors who hastened to leave Russia to exchange their rubles for dollars, making good money on this.
See Mahindra Group, business as usual (according to Yale SOM List) but CEO seems to be supportive of Ukraine.
Scaling down but still in numerous projects across Russia
Stop advertisement and new investments; continue operating plant in Russia
Made statement about investments in Russia.
Curtail operations in Russia and Belarus, including restricting further investment. Supply chain disruptions and sanctions have made doing business in these countries very difficult or impossible.
Novelis is still buying some aluminium from Rusal under contracts agreed before Russia invaded Ukraine, but since the war started last year it has shunned new deals with the Russian firm.
Difficulty in transacting with Russian counter-parties due to SWIFT issues etc
Still imports Russian oil, made efforts to diversify, Manages Polish pipelines and storage units that receive oil from Russia. The Polish operator PERN, the Russian Transneft and the German PCK Schwedt agreed to resolve problems with payment for the transit of Kazakh oil to Germany.
Sees "an opportunity to buy from Russia at a good price". Indonesian state-controlled refiner Pertamina has added Russian oil grades to its tender lists to buy September crude.
PIMCO‘s largest investment fund bought Russia government international bonds and hedged its position through credit default swaps (CDS) in the second quarter
March 28, 2022: Polpharma have decided to stop all new investments in Russia. Shipments to Russia only include essential drugs. Prior to March 28, sold pediatric products and products used for treatment of acute or chornic medical conditions. Donating medications to Ukraine. Does not import any medicines, active ingredients, or raw materials for production from Russia or Belarus. (Akrikhin, a Russian pharmaceutical company, is listed as an asset. Poland's largest drug maker).
Stopped investment, all our Radisson Hotel Group properties in Russia are owned by third parties and we continue to operate in some capacity as we play a key role in supporting employees and local communities. Suspended new partnerships and new investments in Russia. Still operate 38 hotels.
Russia distribution through LLC "Alisa Toys" and LLC "OCTAVA".
Rolls-Royce Motor Cars has new cars for sale in Russia and claim they don't know how. Cars from British manufacturers, including Rolls-Royce and Bentley, are still coming to Russia despite sanctions imposed over the war in Ukraine. Elite cars are imported, bypassing restrictions, through third countries, mainly through Azerbaijan.
Halt new investments, Saipem in Talks to End Its Arctic LNG 2 Projects in Russia
Continues to operate manufacturing in Russia. SC J stated they have scaled back production, however did not provide details. They still produce Duck toilet-bowl cleaner, Mr. Muscle glass cleaner, and Glade air freshener. No new investments in current Russian operations and has suspended advertising. Donated over $700K, offering employee matched funds, to Save the Children, Red Cross, UNICEF, and others.
Smith&Nephew says the company does not ship directly from Russia, but continues to supply essential products
An investment firm has promised to ditch its shareholdings in Russian companies,
Cancel investments in a brand new factory in Russia; but maintain other activities
Chinese brand Sprandi may return to the Russian market.
Standard Chartered restricts transactions with covered areas (targeting so-called Donetsk People’s Republic and Luhansk People’s Republic of invaded regions of Ukraine)
Oriental Regent Ltd, a subsidiary of Hong Kong-listed Summit Ascent Holdings Ltd, is set to sell its gaming and hotel operations in Russia. The wholly-owned subsidiary, G1 Entertainment LLC, is being sold to Russian entity Dalnevostochniy Aktiv LLC for a price consideration of $116 million. Summit Ascent expects to record a profit of US$5 million in FY24 on improved performance at its Russian casinos. The performance improvement was driven by a 12% increase in gaming and hotel revenue to HK$414.5 million (US$51.8 million) at its Russian integrated resort, Tigre de Cristal.
Have ceased all marketing and advertising.
Still providing services to Russia. Valve says sanctions are blocking payments to Steam game devs in Ukraine, Russia The developer of the Steam software distribution platform and the Half-Life, Counter-Strike, Portal, Day of Defeat, Team Fortress, Left 4 Dead and Dota franchises. xBCxRangers works for Epic Games.
Suspend investment and withdraw from Russian market. Hundreds of POS from several distributors in Russia even today. The company position was always "it's not us exporting our products to Russia, it's either dishonest distributors/parallel import or some old leftovers or whatnot". As of December 2022 they marked their cans with a small contour of Ukraine and ♥️ in order to "discourage purchase and parallel import" and "consider the matter closed".
A Chinese drone manufacturer has denied it has any commercial dealings with Russia, following a report claiming it was negotiating with the country’s military over the mass production of “kamikaze” drones.
Pledge to suspend new business investment, all sales of European warehoused products, capital investments, opening of regional offices, marketing activities, offline training, and all events in Russia. Restricting brand partners’ work with unregistered customers.