The companies that made a move in the right direction

The List for Change

Memorializing recent history

“The List has been widely circulated across company boardrooms, government officials, and media outlets as the most authoritative and comprehensive record of this powerful, historic movement” cite

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To check the latest news headlines about The List, click here (updated hourly).

Yale Professor Jeffrey Sonnenfeld
Yale Professor Jeffrey Sonnenfeld

The brilliance of one professor, combined with the extraordinary talents of a small group of Yale University students, have created a force for peace unlike anything that has been seen before. This website is dedicated to memorializing their momentous efforts, even as the wheels are still in motion.

The Yale Research Categories

(In terms of the amount of business exposure in Russia)

Finalized March 31st, 2022:

Grade: A — Clean Break – Surgical Removal, Resection (Companies that are totally halting Russian engagements or completely exiting Russia.)

Grade: B — Keeping Options Open for Return (Companies that are temporarily curtailing most or nearly all operations while keeping their return options open.)

Grade: C — Reducing Current Operations  (Companies that are scaling back some significant business operations but continuing some others.)

Grade: D — Holding Off New Investments/Development (Companies that are postponing future planned investment/development/marketing while continuing substantive business.)

Grade: F — Defying Demands for Exit or Reduction of Activities  (Companies that are continuing business-as-usual in Russia.)

Since the invasion of Ukraine, many companies publicly announced they were voluntarily curtailing operations in Russia beyond the minimum legally required by international sanctions—but some companies continued to operate in Russia undeterred. A group at Yale University began tracking the responses of many corporations in Russia to give an authoritative and objective means to determine who had acted responsibly. They started out with a simple “withdraw” versus “remain” list. As the list grew, so did the categories. Their list now consists of five categories—graded on a school-style letter grade scale of “A” through “F” for the completeness of withdrawal. This dedicated group’s efforts have become a worldwide phenomenon and an entirely new mechanism for peace.

This is their story…

Thursday, February 24th, 2022, Russia invaded Ukraine.

Ukrainians need help–the USA responds

4 days later the list began. “When this list was first published the week of February 28, only several dozen companies had announced their departure.”

Professor Jeffrey Sonnenfeld: “We got involved because we saw the initial industries courageously take a moral position–and a dramatic one–to withdraw from Russia. Then there were a lot of pretenders because the companies that were not (leaving Russia) were the consumer goods companies, packaged goods companies, food companies, apparel, and fragrance companies that usually are on the leading edge of social change. They missed the moment. Their public relations spin-meisters used their various efforts to create a smokescreen that was very troubling. That was a problem. We thought we should be an authoritative source because we have no objective, and we have no involvement with any of these particular companies. We could describe who is really doing something and who is not. In that process we ended up creating a catalytic effect of saluting the people who were the first movers although we didn’t really intend to. This gave confidence to the next group that wanted to (leave Russia) but was looking around for peer approval, peer affirmation–and then the shaming of the last group of those who were digging in their heels and were refusing to make a change.Transcribed from an interview


On March 1st, an article appeared in Fortune Magazine discussing the Massachusetts Institute of Technology’s withdrawal from Russia. The article was entitled “MIT’s retreat from a Russian research partnership exposes a deeper U.S. security flaw” By Jeffrey Sonnenfeld, Anjani Jain and Steven Tian.

Then on March 2nd, 2022, the Financial Times in London came out…

Western brands flee Russia in unravelling of ‘capitalistic diplomacy’

Disney, Nike, Volkswagen and others curtail business while rouble’s plunge hits shoppers.

March 3rd, 2022: Articles began at a trickle at first (compared to a month later) but they were widely read.

The Yale Newspaper started to take notice very early. “Following the Russian invasion of Ukraine, Connecticut state pension funds divest $220 million dollars of Russian domiciled assets.” YASH ROY 12:55 AM, MAR 03, 2022

School of Management professor Jeffrey Sonnenfeld told the News that the state government was making the “correct and moral” decision by divesting and setting an example for other states as well as other investment funds. He added that he believes Yale should follow the state’s example and disclose as well as divest Russian assets that are held. 

The March 3rd, 2022 articles continue: ExxonMobil, BP and Shell are hurrying to dump Russian investments; Apple, Google and Facebook have curtailed their companies in the nation; Walt Disney and Stay Nation have scrapped movie launches and rock excursions; and clothes brands reminiscent of H&M and Nike have adopted carmakers together with Volkswagen, Toyota and Mercedes-Benz in suspending deliveries or operations.

The business world has also responded swiftly with over 100 companies having withdrawn from Russia in the past few days. Normally, fashion companies tend to lead the charge on societal issues, but in this instance, it is has been tech, entertainment, finance and heavy industry leading the way. Oil companies such as Shell and BP have severed their ties with Russian partners. Social media companies have demoted posts with links to Russian state media. Three studios (Warner Bros., Sony and Disney) have halted new film releases in Russia. Volvo and Jaguar Land Rover have also halted deliveries to Russia. Apple, whose annual net sales in Russia is more than $7 billion, is pausing the sale of products and has stopped exports into the country. Swiss banks have complied with orders from their government to disable withdrawals by Russian oligarchs. Imposition of U.S. export controls has caused HP to suspend PC shipments to Russia. Canadian miner Kinross Gold has suspended all its operations in Russia and Alcoa, the largest U.S. aluminum producer, announced it has put a halt on selling products to Russian companies and will stop the purchase of raw materials from Russia. (excerpt from the next article)


“Actions matter more than words. Companies are voting on Russia with their feet. CEOs don’t need to make public declarations; they need to get out of the market now.” Professor Sonnenfeld, 3/3/2022

Professor Jeffrey Sonnenfeld: “It is interesting how enthusiastically and rapidly certain companies responded. It was across industry sectors. I was surprised by who moved and in what sequence. The choreography has been surprising. To have big oil and energy companies on the frontiers of social change is not the normal pattern. And to have the controversial big tech companies engage so quickly….And to have the professional service firms who would usually want to jump off a cliff rather than engage in public conflict—actually get involved in controversy early. It was quite remarkable.

Transcribed from an interview

March 4th, 2022

NEWS AT THE TIME: On March 4th, the pressure was ramping up and companies began scrambling to decide how to respond…

The war hits ‘fast food’ in Russia: McDonald’s, Burger King, KFC and the owners of Tagliatella

The large fast-food multinationals assume the impact of the conflict on their business but, for the moment, keep their establishments open despite the sanctions against Russia— The uncertain effectiveness of sanctions on Russian oligarchs: friends of the Kremlin, football and petrorubles…At the moment, none of these multinationals is talking about ceasing their operations in Russia, as other companies linked to mass consumption have done today, such as Apple, Nike, Ikea or H&M, which are going to suspend, temporarily, its activity in that market. link to article

March 6th, 2022

Then on March 6th, 2022, the first list with 200 companies was published at Yale University.

The first published list


March 6th, 2022: The first Corporate List of Shame

It was picked up right away (March 6th, 2022) by Neal Fryman of the Morning Brew:

American companies still slinging burgers, pizza in Russia

McDonald’s in Russia

Monday, March 7:

Then an article in Fortune Magazine on March 7th, 2022 got the ball rolling by comparing this effort to the one that changed South Africa.

This effort is creating change in a way reminiscent of 1986 South Africa.


The Great Business Retreat matters in Russia today–just as it mattered in 1986 South Africa.

“If employers are concerned about the well-being of their employees. They would recognize that the average Russian citizen is in danger of being on the brink of World War Three. This is a way of making sure we’re not delivering bombs and bullets to these people but trying to use the last recourse of peaceful government change” Professor Jeffrey Sonnenfeld

Transcribed from an interview

EY Joins Other Big Accounting Firms Exiting Russia,” The New York Times

Rising Energy Prices Batter Markets,” New York Times DealBook

Three ways to watch corporate responses to the Ukraine conflict,” Financial Times

Yale’s Sonnenfeld makes the case for companies ceasing operations in Russia,” CNBC

Not all big U.S. brands are cutting ties in Russia,” CNN (via Twitter)

These companies exiting Russia have been going well beyond what’s required by sanctions,” Fortune

More firms remove Russian securities,” Investment Executive

The list is updated continuously by Jeffrey Sonnenfeld and his team of experts, research fellows, and students at the Yale Chief Executive Leadership Institute to reflect new announcements from companies in as close to real time as possible. 

Tuesday, March 8:

The spreadsheet, compiled by Yale University professor Jeffrey Sonnenfeld and his research team, has become a naughty-or-nice list of sorts, with CEOs trying their best to avoid being placed on the roster of “Companies That Remain in Russia With Significant Exposure.” Washington Post 3.8.22

Yale professor lists companies not boycotting Russia: McDonald’s, Starbucks and Coca-Cola,” The Washington Post

McDonald’s closes in Russia, citing “needless human suffering” in Ukraine,” CBS News

How a San Francisco tech company is supporting its 250-plus workers in Ukraine: ‘This is personal,’” MSN

Guerre en Ukraine : McDonald’s, Starbucks et d’autres grands groupes américains se retirent de Russie,” Le Figaro (France)

McDonald’s temporarily closes all its Russia locations, joining the corporate exodus,” NPR

Following pressure, McDonald’s, Starbucks join companies suspending business in Russia,” CBC News

McDonald’s closes Russia locations as public pressure builds against companies still holding out,” Daily Kos

McDonald’s finally bows to pressure and shuts all 850 stores in Russia,” The Independent (U.K.)

These Big Companies Have Chosen to Stay in Russia,” MSN

Der Westen und die Gewalt des Büffels,” Elbe-Jeetzel-Zeitung (Germany)

McDonald’s has closed hundreds of restaurants in Russia after social media criticism and investor warnings,” Fortune

McDonald’s caves to pressure on Russia,” Russia Today

“‘There Isn’t A Both Sides Anymore:’ With Russia, Customers And Employees Demand Action From Corporations,” Forbes

‘There Isn’t A Both Sides Anymore’: With Russia, Customers And Employees Demand Action From Corporations.

March 8, 2022: A new list from Yale University’s Chief Executive Leadership Institute that’s tracking business responses finds that more than 200 corporations have curtailed their operations in Russia—as well as that some three dozen companies with significant exposure in the country haven’t yet left. Forbes Article Link

Sanctions rarely succeed alone, they need the support of the business community….Businesses care about what other businesses think of them, they care about what investors think of them, they care about what employees think of them and they certainly think about what their consumers think of them.

Professor Sonnenfeld, 3.8.22

Wednesday, March 9:

SOM professor tracks company withdrawals from Russia,” Yale Daily News

Russia Is Becoming an Economic Pariah Amid Ukraine War,” New York Times DealBook

McDonald’s leads fresh exodus of brands from Russia,” The Financial Times

Ukraine war news: U.S. companies on Yale list suspend Russia business,” CNBC

A Yale professor’s list of companies staying in Russia has put the business world on notice,” Philadelphia Inquirer

Vanguard stopped buying Russian stocks. AmerisourceBergen said it’s still supporting patients in drug trials there,” Philadelphia Inquirer

IBM Joins Expanding List of Business Titans Cutting Ties With Russia,” Newsweek

Yale Professor Shares ‘Naughty or Nice’ List — Where Companies Stand on Russia,” Market Realist

Major US companies leave Russia in droves amid Ukraine conflict,” The Hill

Russians are fleeing their home country as Putin’s war results in ‘devastating’ economic blowback,” Raw Story

Vanguard stopped buying Russian stocks. AmerisourceBergen said it’s still supporting patients in drug trials there,” The Sacramento Bee

A new iron curtain descends on Russia amid its invasion of Ukraine, MSN

Yale Professor Behind Corporate ‘Naughty-Or-Nice List’ Lauds U.S. Brands’ Decision to Pause Russia Business,” NBC

Column: To ease pump pain, Lake County should freeze gas tax hike,” Chicago Tribune

Wednesday’s Good News Roundup,” Daily Kos

Russia becomes the world’s most sanctioned country, surpassing Iran and North Korea,” ABC News

 “McDonald’s, Starbucks, Coke and Pepsi all halt sales in Russia,” Daily Mirror

Here Are the Major Companies That Have Not Pulled Out of Russia,” Business Insider

Yale professor creates list of businesses still operating in Russia,” FOX8

Yale professor lists companies not boycotting Russia,”

McDonald’s, Coca-Cola, PepsiCo and Starbucks join a corporate exodus from Russia,” Georgia Public Broadcasting

From Hilton To Mars To Uniqlo, These Major Companies Are Continuing To Do Business In Russia,” Forbes

Investors are playing a crucial frontline role in Russia-Ukraine war,” The National

The Golden Arches Theory Is Being Reconsidered,” Adweek

Coca-Cola and PepsiCo suspend Russia business, point to ‘events in Ukraine,’” CBS News

As McDonald’s and Coca-Cola’s Russian exits show, superpower conflict is now constricting global business,” Fortune

These are the companies still doing business in Russia,” The New York Post 

Adidas, Calvin Klein owner suspend Russian retail,” Sourcing Journal 

Yale researchers release running list of companies still operating in Russia,” The Hill 

Forbes CxO Newsletter, Editors’ Pick,” Forbes 

McDonald’s, icon of post-Soviet era, to close all restaurants in Russia,” The Standard Hong Kong 

Yale Professor releases list of companies staying in Russia as pressure mounts on Western companies,” The Independent 

A Yale professor’s list of companies staying in Russia has put the business world on notice,” Yahoo News 

A list of companies still doing business in Russia circulated. McDonald’s, Coca-Cola and Starbucks soon pulled out,” The Washington Post

PepsiCo ‘reluctant’ to pull out of Russia but exploring options amid mounting pressure, says report,” The Independent 

Yale professor creates list of businesses still operating in Russia,” KGET News 

McDonald’s joins US firms shutting down Russia operations,” Al Jazeera 

Connecticut companies join thunderous exit from Russia, Yale report shows,” CT Insider 

Russia’s Boardrooms face exodus of Western directors,” The Wall Street Journal 

These big companies have chosen to stay in Russia,” TheStreet 

For global brands, pulling out of Russia is not a yes-or-no question,” The Marketplace with Kristin Schwab 

McDonald’s closing all its stores in Russia is a big deal, even if it’s a little late,” Fast Company 

McDonald’s and Coca-Cola boycott calls grow over Russia,” BBC 

McDonald’s and PepsiCo still open for business in Russia,” CBS News 

McDonald’s has closed hundreds of restaurants in Russia after social media criticism and investor warnings | Fortune

“‘There Isn’t A Both Sides Anymore:’ With Russia, Customers And Employees Demand Action From Corporations,” Forbes

Ukraine: As It’s Happening,” The Moscow Times 

More than 200 major companies have pulled out of Russia so far,” The Huffington Post 

These Big Companies Have Chosen to Stay in Russia, MSN

McDonald’s closes Russia locations as public pressure builds against companies still holding out,” Daily Kos

Nestle, Sony and Caterpillar join Russia exodus as pressure mounts on Western firms to act,” The Independent (U.K.)

Goldman Sachs becomes first Wall Street bank to leave Russia,” The Independent(U.K.)

Stay or go? Western consumer brands wrestle with Russian dilemma,” Financial Times

Russia considers nationalizing foreign businesses that fled over Ukraine invasion,” The Washington Post

Opinion | Businesses Waited Too Long to Boycott Russia,” Newsweek

Connecticut’s Subway keeps Russia restaurants open as other fast-food giants pull back,” CT Insider

Here’s how Central Ohio public companies are handling operations in Russia,” NBC4 WCMH-TV

Which Companies Aren’t Exiting Russia? Big Pharma,” Kaiser Health News

The World’s Most-Sanctioned Country,” Jewish Business News

Numerous American companies still doing business in Russia,” ABC

Russia considers nationalizing Western businesses that have closed over Ukraine invasion,” Stars and Stripes

Yale professor is keeping tabs on companies still operating in Russia despite Ukraine invasion — and many are now pulling out,” Dow Jones

More than 330 Western companies and corporations have so far withdrawn from Russia. Moscow, ready to nationalize some foreign companies,” Romania Journal (Romania)

Pourquoi Uniqlo et d’autres marques asiatiques hésitent à quitter la Russie,” Les Echos (France)

Adiós, McDonald’s; hola, Guerra Fría: la fuga de las marcas que anticipa la desglobalización,” La Opinión de A Coruña (Spain)

Here are the companies still doing business in Russia undeterred,” Yahoo Finance

Burger King latest brand to halt business in Russia,” The Hill

Companies Still Doing Business With Russia Despite Public Pressure, Market Realist

Ucraina: perché le società occidentali stanno abbandonando la Russia senza troppi problem,” L’Indro (Italy)

Is Fortinet Stock a Buy Now?” The Motley Fool

Friday, March 11:

How a Yale professor’s viral list pressured companies to pull out of Russia,” The Washington Post

“‘The end of an era’: Ikea, Russia’s middle class and the new cold war,” Financial Times

U.S. pharma companies are staying in Russia as other industries exit,” Philadelphia Inquirer

Companies with CT ties reduce operations in Russia following Ukraine invasion,” CT Post

MSNBC Reports with Chris Jansing: More than 300 companies have halted business in Russia,” MSNBC

11th Hour with Stephanie Ruhle: More major companies cut ties with Russia,” MSNBC

Dunkin’, Baskin-Robbins latest to halt investments in Russia,” WBUR News

Weggaan of toch in Rusland blijven, dat is het dilemma,” NRC (Netherlands)

Dunkin’ Donuts is the latest consumer favorite to take stand on Russia,” Yahoo Finance

Who’s Still Doing Business with Putin’s Russia?,” Daily Kos

Advertising Agencies Haven’t Left Russia and Employees Are Asking Why,” Business Insider

Cargill scales back in Russia, continues food operations,” Minneapolis Star-Tribune

Buying Bitcoin Comes Under Fire In Russia-Ukraine Crisis,” Investor’s Business Daily

Abbott Laboratories (NYSE:ABT), General Mills, Inc. (NYSE:GIS) – 10 More Major US Corporations Still Doing Business In Russia,” Benzinga

La tech mondiale isole la Russie,” MSN (France)

Yale professor is keeping tabs on companies still operating in Russia despite Ukraine invasion — and many have now pulled out,” Morningstar

Breakdown: The companies that have exited Russia,” Mail & Guardian (South Africa)

List reveals businesses still operating in Russia,” ABC4 Utah

The Full List of Travel Companies Retreating From Russia,” Skift

Amid War in Ukraine, Should Ordinary Russians Be Banned From Trading Crypto?,” CNET

Here are the major companies that have not pulled out of Russia following its invasion of Ukraine,” Business Insider India

DuckDuckGo ‘down ranks’ websites linked to Russian disinformation, CEO says,” Fox 5

Big Pharma won’t pull out of Russia despite Ukraine war,” New York Post

The cost of war on the food front,” Bakery and Snacks

Pfizer will not make future investments in Russia but stops short of severing all business ties, Bourla says,” Endpoints News


Can the world pressure Putin by crippling Russia’s economy?

Even before the U.S. moved on Friday to sever normal trade with Russia, sanctions were far-reaching, and the ruble’s value has plunged as a result. One estimate suggested the Russian economy may fall so steeply it will wipe out growth from the last two decades, as more companies walk away from doing business there. Jeffrey Sonnenfeld, of the Yale School of Management, joins Amna Nawaz to discuss. 03/11/2022 

Monday, March 14, 2022

Marina Ovsyannikova stormed the live broadcast of Russia’s flagship news program on March 14, 2022, to protest Vladimir Putin’s invasion of Ukraine.

Can business blockades and sanctions pressure Putin by crippling Russia’s economy?,” PBS NewsHour

Russian Prosecutors Warn Western Companies of Arrests, Asset Seizures,” The Wall Street Journal

Russia considers nationalizing foreign businesses that fled over Ukraine invasion,” The Washington Post

Will the Russian Boycott Last?” City Journal

As Corporations Pull Out of Russia, Koch Industries Pushes On,” Newsweek

US Companies Exited Russia Amid Behind-the-Scenes Pressure from Their Employees, Time

Yale professor is keeping tabs on companies still operating in Russia despite Ukraine invasion — and many have now pulled out,” Morningstar

Exiting Russia is a challenge for franchise companies like Dunkin’,” WGBH

Corporations and Big Tech Find Ways to Help Ukraine,” Voice of America

Mass exodus: Behind corporate America’s unprecedented show of force against Putin’s invasion,” Salon

Western Democracy is Stronger than We Thought: Saturday’s Good News,” Daily Kos

Charles Koch isn’t going to let a little thing like Putin threatening WWIII stop his profit-making,” Daily Kos

Which companies aren’t exiting Russia? Big pharma,” Pittsburgh Post-Gazette

The growing list of companies boycotting Russia,” Evening Standard (U.K.)

Westerse bedrijven worstelen in Rusland: blijven en weggaan zijn allebei heel riskant,” Trouw (Netherlands)

Business exodus from Russia has limited impact on Japan’s economy,” Japan Today

Connecticut elevator and escalator maker Otis scales back Russia operations,” CT Insider

Russia-Ukraine war: Shunning Russia is the new morality of doing business,” Australian Financial Review

Fonterra should walk away from Russia, says Federated Farmers,” Stuff (New Zealand)

Why Apple, Disney, IKEA and Hundreds of Other Western Companies Are Abandoning Russia with Barely a Shrug,” City Biz

Le aziende estere ancora attive in Russia,” Notizie Oggi (Italy)

Spontanément ou sous la pression, ces entreprises ont décidé de quitter la Russie,” Yahoo Finance (France)

James Brooke: Russia sanctions grow faster, larger than South Africa sanctions in 1980s,” Berkshire Eagle

Vanguard stopped buying Russian stocks. AmerisourceBergen said it’s still supporting patients in drug trials there,” The Conservative Investor Daily

Unearned Suffering: Critics contend that Big Pharma is supporting Putin’s regime by staying in Russia,” The Milwaukee Independent

Yale professor tracks retail ‘naughty,’ ‘nice’ relating to Russia business operations,” Retail Customer Experience

Cargill, ADM downsize operations in Russia, but food and feed operations to continue,” Feed Navigator

‘The end of an era’: Ikea, Russia’s middle class and the new Cold War,” The Straits Times

Russland-Geschäft gefährdet den guten Ruf,” (Germany)

La rassegna stampa estera di oggi 14 marzo 2022,” Economy Magazine (Italy)

Crisi ucraina e sanzioni contro Mosca, ma alcune aziende estere sono ancora attive in Russia. Ecco quali e perché,” Borsa Italiana (Italy)

Withdrawal Symptoms: Employees & The Russia Exodus,” ZeroHedge

Komisarze w miejsce zachodnich dyrektorów w Rosji?,” Rzeczpospolita (Poland)

Russia warns of arrests, assets seizure of withdrawing Western companies over Ukraine war,” India Today

Mosca minaccia multinazionali occidentali:sequestro marchi,” Periodico Daily (Italy)

Tuesday, March 15:

Companies Rush Out Of Russia Over Backlash, But A Few Remain, International Business Times

“U.S. Companies Remain in Russia as World Ramps Up Pressure on Putin,” Newsweek

China, Eyeing Taiwan, Sees Lessons in Russia’s Reckless Ukraine War,” Newsweek

Yale biz school’s ‘Russia list’ draws international attention, spotlights Subway,” New Haven BIZ

Franchise Brands Cut Ties with Russia, Join Ukraine Relief Efforts,” Franchising

McDonald’s and Independents Getting Into NFTs — Foodable Network

“ロシア事業継続にリスク 「ウィンウィンはあり得ない」: 日本経済新聞,”Nikkei

ロシア撤退・縮小、主要企業200社超 侵攻の制裁に呼応: 日本経済新聞,”Nikkei

One runs for life, another for livelihood: How commoners in Russia, Ukraine are coping with war,” India Today

List reveals businesses still operating in Russia,” CBS 17

“’Lista wstydu’. Oto firmy, które wciąż działają w Rosji,” Forsal (Poland)

Amway joins growing list of Michigan companies pulling out of Russia,” Marietta Daily Journal

Seattle entrepreneur creates list of corporations boycotting Russia, and those that are not,” GeekWire

“¿Durará el aislamiento de Rusia? – En Segundos (Panama)

Kremlin drafts bill to seize the assets of multinational companies that withdraw from Russia,” ITV News

每日椽真:黑天鵝事件無礙網通升級動能?如何回應國際社會的「點名」?”DigiTimes (Taiwan)

俄烏大戰台廠掃到颱風尾?品牌遭點名不能說的秘密,”DigiTimes (Taiwan)

EDITORIAL: In wartime, ESG movement flexes its muscle,” Delaware Business Times

Wednesday, March 16:

List: Companies That Have Left — And Stayed — in Russia,” NBC4 Washington

Koch Industries stays in Russia, backs groups opposing U.S. sanctions,” CBS News

US Companies Exited Russia Amid Behind-the-Scenes Pressure from Their Employees,” Time

What did Ukraine President Zelensky ask for during his call with Congress?” PBS NewsHour

More air defense, more sanctions: A look at Ukraine’s requests to Congress during Volodymyr Zelensky’s address,” The Boston Globe

More air defense, more sanctions: A look at Ukraine’s asks,” Associated Press

Cerca de 350 empresas han salido o acotado operaciones en Rusia: Yale School of Management,” El Economista (Mexico)

Kremlin drafts bill to seize the assets of multinational companies that withdraw from Russia,” ITV News

The Expectation for Western Brands, Agencies to Leave Russia,” Adweek

Ucrania, Rusia & el Storytelling. O cuando la manipulación tiene patas cortas,” IPMARK

Russia-Ukraine war impacting world economy, especially IT industry, says Canalys,” Digitiimes Asia

Real-time list of companies that are refusing Russian money if Ukrainian freedom is the price,” Jewish Business News

Más defensa aérea, más sanciones: una mirada a las peticiones de Ucrania,” Noticias por el Mundo

Właściciel sieci Makro nadal działa w Rosji. Mamy odpowiedź firmy,” Money (Poland)

Zelensky pleads for American businesses to leave Russia – What say you, Papa John?,” HotAir

Some Racine-based manufacturers join world in cutting off Russia | ‘It’s the right thing to do,’” |The Journal Times

More air defense, more sanctions: A look at Ukraine’s asks,” Tacoma News Tribune

Big Alcohol’s Actions in Russia After Putin’s Invasion of Ukraine,” Movendi International

“”Deeply Affected” Bridgestone Halts Russia Manufacturing and Export Over Ukraine War,” Auto Evolution

Cerca de 350 empresas han salido o acotado operaciones en Rusia: Yale School of Management,” El Economista

More big brands join list of 300 companies boycotting Russia alongside Spotify, Coke, Netflix and McDonald’s,” Examiner Live

Industry roundup: 16 March,” CTMfile

Thursday, March 17:

(400 Companies on The List)


The categories evolved from “Naughty” (Remain in Russia) or “Nice” (Curtailed Russian Operations) to this second but NOT final category list:

1) Withdrawing all business: 150 companies completely halting Russian engagement. 

2) Suspending Operations: 178 companies temporarily curtailing Russian operations while keeping return options open. 

3) Reducing Activities: 74 companies scaling back some but not all operations and/or delaying investments.

4) Economic Collaboration: 34 companies digging in, defying demands for exit or reduction of activities. 

(from Fortune, published 3/16/2022)

Jeffrey Sonnenfeld and Steven Tian, A list of companies leaving Russia is holding those who stay accountable | Fortune

33 Companies Still Involved in Business in Russia. Yale’s Jeffrey Sonnenfeld on the “Hall of Shame.” The Smerconish Podcast, Sirius XM

A list of companies leaving Russia is holding those who stay accountable,” Fortune

CEOs turn to foreign policy experts to navigate Ukraine conflict,” Axios

Cybersecurity: 3 areas of pressing concern for CFOs,” Fortune

Hiltzik: The companies choosing not to leave Russia,” Los Angeles Times

Koch Industries Convinced That Leaving Russia Over Ukraine Invasion Will ‘Do More Harm Than Good,’” International Business Times

Opinion: Koch, Halliburton, Subway, others fund Putin’s Ukraine war. Boycott them.” Washington Post

Russia’s war is creating corporate winners and losers,” The Economist

Will Inflation Fix Itself?” Dealbook: New York Times

Friday, March 18:

Air Products continuing to do business in Russia despite war in Ukraine,” The Morning Call

Analysis: Western companies wrestle with Russia ‘half-exits,’” Reuters

Big Pharma’s Ethical Dilemma: Should They Keep Selling to Russia?” WIRED

Boycott Subway Calls Grow as Company Continues Doing Business in Russia,” Newsweek

Charles Koch Is Keeping His Business in Russia, Despite Zelenskyy’s Pleas,” Vanity Fair

Koch Industries breaks silence on Russia operations — and says it will continue to operate its two glass factories there,”  Morningstar

Koch to continue operating in Russia,” Axios

Rapid corporate exodus from Russia is seen as a lesson for ESG investors, regulators,” Kansas City Star

Russia’s Central Bank Chief Puts a Brave Face on the Struggling Economy,” Wall Street Journal

Should Colorado punish American businesses that continue to work in Russia? One state lawmaker calls for action,”  Colorado Public Radio

Some big-name firms are balking at shunning Russia, despite Ukraine invasion,” NBC News

Top Senate Democrats mull bill to nix credits for companies paying Russian taxes,” The Hill

Ukraine CEOs On How U.S. Business Leaders Can Really Help Their Country,” Chief Executive Magazine

Which companies are still operating in Russia? Koch Industries and Subway on list of 27 businesses defying exit,” Fortune

Will Companies Enact Courageous ESG Policies Only When It Does Not Hurt?” Forbes

Monday, March 21:

Video: US franchise owners fear boycott as other franchises continue operations in Russia,” CNN

Hiltzik: The companies choosing not to leave Russia,” Los Angeles Times

The Consequences of the Unprecedented Rush of Companies Leaving Russia,” The New Yorker

7 Ukraine Flashpoints Require CFOs’ Attention,” Forbes

Russia faces smartphone shortage as Apple, Samsung, Chinese brands retreat,” Fortune

Baker Hughes Joins Oil Rivals in Pausing Russian Operations,” US News & World Report

Companies staying in Russia have to pay | Editorial,” Herald-Review

Called out by Volodymyr Zelenskyy, Nestle defends its Russia business,” CBS News

Schlumberger, Halliburton suspend Russia operations,” KVUE

Baker Hughes joins Halliburton and Schlumberger in pausing Russian operations,” WHYY

Which companies are still operating in Russia? Koch Industries, AstraZeneca, SC Johnson, and Subway on list of 36 businesses defying exit,” Fortune

Editorial: Companies that won’t pull out of Russia should be made to pay by Americans,” St. Louis Post-Dispatch

Leaving Russia: the key questions facing multinationals,” AFR

Nestlé justifies staying in Russia as criticism mounts,” Irish Times

Guerre en Ukraine : partir ou rester, le dilemme des entreprises françaises en Russie,” La Croix (France)

Commentary: Boycott companies that support Russian war machine,” Palm Beach Post

Which companies aren’t exiting Russia? Big pharma,” ABS-CBN News

Companies still doing business in ‘inhumane’ Russia blasted in scathing editorial,” Raw Story

Air Products will give up its industrial gas operation in Russia, CEO says,” Lehigh Valley Live

A comprehensive list of companies that have left Russia and those that remain,” Democratic Underground

Fonterra should walk away from Russia, says Federated Farmers,” The Bullvine

Burger King Russia: Alexander Kolobov blocking restaurant closures,” Fortune

Connecticut’s Subway suspends new Russia investments, keeps restaurants open,” Darien Times

Halliburton, Schlumberger suspend operations in Russia,” British Herald

Huawei may support Russia, other Chinese companies chose to remain silent,” The BL

Western companies wrestle with Russia ‘half-exits,’” Financial Post

Brands leaving Russia are on the right side of history,” Independent (Ireland)

U.S. business would have to disclose ties to Russia under new bill,” New York Daily News

Russia-Ukraine War Updates: Australia Bans Exports Of Alumina, Aluminum Ores To Moscow,” Forbes Middle East

Sanctions on Russia akin to ‘economic weapons of mass destruction’, says Raghuram Rajan,” MSN

Where does the FTSE 100 stand on Russia?” Management Today

How sanctions on Russia impact Western defense companies,” Yahoo News

Halliburton US Oil Giant Stops Operations In Russia,”

Tuesday, March 22:

Many U.S. restaurant brands still operate in Russia,” Axios

Hundreds of Western companies quickly exited Russia. Why didn’t Putin see that coming?” The Washington Post

Russland und die USA: Warum sich nicht alle US-Konzerne aus dem Land zurückziehen,” Der Spiegel (Germany)

Honorarkonsul Nikolaus Knauf tritt zurück – doch der Gips-Konzern macht in Russland weiter,” Main Post (Germany)

33 Is the Loneliest Number,” The Good in Us (Mary L. Trump Substack)

Subway vows no new eateries in Russia, earns D on new Yale list,” New Haven BIZ

Should Americans boycott companies that won’t exit Russia?” CNN

Can The Russia Holdout Companies Be Shamed?” Above the Law

Civil society organisations call on exposed commercial banks to pull out of Russia,” BankTrack

Vestlige ledere viser sosial samvittighet,” NHH (Norwegian School of Economics)

Nokian si aggiunge alla lista di aziende che restano in Russia,” Milano Finanza (Italy)

Internet sanctions against Russia pose risks, challenges for businesses,” CSO Online

Leroy Merlin non lascia la Russia. Il governo ucraino: ‘Avidità disumana,’” Forbes(Italy)

Yale-professor har laget Russland-liste – 33 selskaper i ‘hall of shame,’” Finansavisen(Norway)

By March 23rd, 2022, the list had over 450 companies on it.

Wednesday, March 23:

Lush CEO Expects Its Russian Business to Run Out of Stock, Wind Down,” Wall Street Journal

Foreign businesses in China need to heed the lessons of Russian exodus,” Financial Times

Nestlé to halt sales of most brands in Russia,” Financial Times

Ukraine War and Pandemic Force Nations to Retreat From Globalization,” The New York Times

S.E.C. Climate Proposal is ‘Very Significant’ for Business,” New York Times DealBook

Editorial: Boycotting companies that keep operating in Russia is the right thing to do,” Los Angeles Times (read on Yahoo)

How Can the Business Community Help Ukraine?” USC Marshall School of Business (video)

Digitale Bomben: Der Cyberkrieg von Anonymous,” Die Presse (Germany)

Yale professor’s list sheds light on Conn. companies still in Russia,” WTNH

More Aerospace Businesses Alter Relationships With Russia,” FLYING Magazine

Ukraine-Russia War Pushes Big Pharma Into Mixed Response,” HealthLeaders  Media

What is “Good Corporate Citizenship” For Companies Operating in Russia?” Governance & Accountability Institute Inc.

Nestle Anonymous leak: Food giant denies hack, saying it accidentally dumped data itself,” Fortune

Ukraine, Disney, and the modern CEO dilemma: When to take a public stand,” Fortune

Ogromna krytyka. Nestle blokuje dodawanie komentarzy – (Poland)

Ukraine-Krieg: Diese Schweizer Firmen wollen Russland-Geschäft retten,” Watson (Switzerland)

China roept eigen bedrijven op te investeren in Rusland,” MSN (Netherlands)

Barilla kolejną firmą, która nie zamierza wycofać się z Rosji. „Jesteśmy zdruzgotani” – Zboża oleiste,” Portal Spozywczy (Poland)

Thursday, March 24:

Opinion | The Corporations Passing — and Failing — the Ukraine Morality Test,” The New York Times

Russia Remainers Say Leaving Would Hand Putin an Easy Win,” Bloomberg

The Hill’s 12:30 Report – US intensifies Russian sanctions, accepts 100K Ukrainian refugees,” The Hill

Multinationals find quickly exiting Russia isn’t so easy,” The Hill

Chinese Companies in Dilemma Over Russia,” Voice of America

From Koch to Dunkin to Halliburton: Naming and Shaming Those Still Doing Business in Russia,” The Brad Blog

Via dalla Russia? Sì, per un po’. Anzi no. Cosa fanno le società secondo Yale,” Startmagazine (Italy)

More corporations exit Russia after Yale list gains attention,” Food Business News

Russia, un mese di sanzioni occidentali. Ma il rublo si rafforza e recupera,” TG24 (Italy)

Astra Zeneca på omskriven lista – fortsatt verksamhet i Ryssland,” Realtid (Sweden

Lista marilor companii care au rămas în Rusia, deşi peste 450 s-au retras,” Adevarul (Romania)

Sanctions fatigue? US campaign leaves Western Europe cold, China hostile and India unmoved,” News9

Calhoun, Georgia-based Mohawk Industries suspends new Russian investments,” Chattanooga Times Free Press

7 Stocks to Buy Giving Russia the Cold Shoulder,” InvestorPlace

Ukraine-News: Professor teilt „Liste der Schande“ – Diese Firmen ziehen sich nicht aus Russland zurück,” Wirtschaft (Germany)

La Renault ferma la produzione in Russia, secondo mercato europeo,” Informazione (Italy)

There are some people who sympathetically say ‘the Russian general population has filtered information.’ Well, every Russian knows that too… They should be questioning the truth of what they’re being told, and if they don’t, they are willingly ignorant.

When ceasefires are openly violated by the Russians or when you have children’s hospitals being bombed, there’s no middle ground here.

Friday, March 25:

Yale professor monitoring companies still doing business in Russia ups the ante by highlighting those that are now ‘digging in,’” MarketWatch

Can The Russia Holdout Companies Be Shamed?” Dealbreaker

These Companies Haven’t Left Russia. Behind Their Decisions to Stay,” Barron’s

Coping with the Possibility of a Recession,” Advisorpedia

Guerrero, Maseca, and Mission Tortilla Brands Are ‘Defying Demands For Exit’ By Continuing to Sell in Russia,” L.A. TACO

Dilema Companiilor Occidentale. Împărțite între siguranța propriilor angajați și sancționarea Rusiei,” Capital (Romania)

Sanktionen gegen Russland: Wenn öffentlicher Druck ansteckend wirkt,” (Germany)

Wer aus Deutschland dabei ist: Grafik zeigt Rückzug: So viele Unternehmen verlassen Russland,” Nachrichten aus Rostock und Umgebung (Germany)

To familiekoncerner står isolerede i modstanden mod russisk exit,” FINANS (Denmark)

Derusyfikacja” musztardy. “Rosyjska” zniknie z półek,” (Poland)

Bojkot firm, które nie wycofały się z Rosji. Lista wstydu spowoduje, że marki stracą klientów i wizerunek?” Głos Wielkopolski (Poland)

Monday, March 28:

“We hear every day from companies that are furious (about being on the list). They’ll send us examples of threats that they’re getting from international hacker groups like Anonymous. Well, that’s not our problem. This is a choice they’ve made. And if there’s backlash from the community, they should change their position.”

Why over 450 companies have withdrawn from Russia, and why some haven’t,” Marketplace

Russian Traders File Knockoff Names After Brands Quit Russia: ‘Nezpresso,’” Newsweek

SOM professor updates viral list of Russia-affiliated companies,” Yale Daily News

Many companies cut ties with Russia,” Pensions & Investments

Credit Suisse Russia exposure: Congress opens probe into bank request to shred docs possibly related to oligarchs,” Fortune

General strike in India,” BBC Sounds (podcast interview, U.K.)

The ESG dilemma exposed by the Russia-Ukraine crisis,” Wealth Professional(Canada)

TotalEnergies, Leroy Merlin… La ‘liste noire’ qui fait trembler les entreprises en Russie,” L’Express L’Expansion (France)

ASUS boss quietly acknowledges shipments to Russia have stopped,” Taiwan News 

Guerra de Ucrania: finales posibles,” Newsweek en Espanol

Her er de virksomheder, der trækker sig ud af Rusland, nedskalerer eller sætter aktiviteter på pause,” Politiken (Denmark)

Analyse: Yale University giver Carlsberg topkarakter for at trække sig ud af Rusland, Borsen (Denmark)

Invasão da Ucrânia trouxe consequências inesperadas à Rússia. Quais foram? – Executive Digest (Portugal)

Desde Marriott Mars: grandes empresas siguen haciendo negocios Rusia,” Forbes Centroamerica

Hall of Shame: Die Firmen auf dieser Liste machen weiter Geschäfte in Russland,” Handelszeitung (Switzerland)

Why Ukraine is major moment for business, not just politics,” The Korea Times

Spotlight of Shame on Companies Sticking With Russia,” The Moscow Times

Sonnenfeld believes that the tougher daily life is for Russian citizens, the more motivated they will be to turn against President Vladimir Putin….It’s disgusting that any of these companies (that stay in Russia) try for some humanitarian or paternalistic employer arguments. It’s just because of their own greed. They should be called out and shamed for it…Companies staying “undermines the whole purpose of the economic sanctions and these voluntary business blockades. Which is not to bring comfort to the Russian population and allow them to continue to be complacent. It is to make them uncomfortable; it is to increase the sense of stress in Russian society so that they question their leadership.

Tuesday, March 29:

Why over 450 companies have withdrawn from Russia, and why some haven’t,” Marketplace

Russian Traders File Knockoff Names After Brands Quit Russia: ‘Nezpresso,’” Newsweek

SOM professor updates viral list of Russia-affiliated companies,” Yale Daily News

Many companies cut ties with Russia,” Pensions & Investments

Credit Suisse Russia exposure: Congress opens probe into bank request to shred docs possibly related to oligarchs,” Fortune

General strike in India,” BBC Sounds (podcast interview, U.K.)

The ESG dilemma exposed by the Russia-Ukraine crisis,” Wealth Professional(Canada)

TotalEnergies, Leroy Merlin… La ‘liste noire’ qui fait trembler les entreprises en Russie,” L’Express L’Expansion (France)

ASUS boss quietly acknowledges shipments to Russia have stopped,” Taiwan News 

Guerra de Ucrania: finales posibles,” Newsweek en Espanol

Her er de virksomheder, der trækker sig ud af Rusland, nedskalerer eller sætter aktiviteter på pause,” Politiken (Denmark)

Analyse: Yale University giver Carlsberg topkarakter for at trække sig ud af Rusland, Borsen (Denmark)

Invasão da Ucrânia trouxe consequências inesperadas à Rússia. Quais foram? – Executive Digest (Portugal)

“«Hall of Shame»: Die Firmen auf dieser Liste machen weiter Geschäfte in Russland,” Handelszeitung (Switzerland)

Why Ukraine is major moment for business, not just politics,” The Korea Times

Wednesday, March 30:

(Almost 500 Companies on The List)

Opinion | Koch Industries’ valentine to Vladimir Putin.,” The Washington Post

Opinion | Ukraine Made Big Tech Pick a Side — But Who Are the Losers?” The Argument, The New York Times (podcast)

FM Global, Allianz receive poor grades for Russia response,” Business Insurance

Entreprises : le casse-tête russe,” Les Echos (France)

Mit Big Data gegen Putins Krieg,” Klein Report (Switzerland)

To protect the planet, we must put the economy in its rightful place,” The Record (Canada)

Wird Corporate Activism jetzt Mainstream?” DUP UNTERNEHMER (Germany)

Tayvanlı elektronik devi Asus, Rusya’ya ürün tedarikini durdurdu,” Haber Global (Turkey)

Rusia: aprendizaje autoritario y estampida de empresas internacionales,” Opinion y Noticias (Venezuela)

Thursday, March 31:, 2022 



The Yale Research Categories (in terms of the amount of business exposure in Russia):

Grade: A — Clean Break – Surgical Removal, Resection (Companies that are totally halting Russian engagements or completely exiting Russia.)

Grade: B — Keeping Options Open for Return (Companies that are temporarily curtailing most or nearly all operations while keeping their return options open.)

Grade: C — Reducing Current Operations  (Companies that are scaling back some significant business operations but continuing some others.)

Grade: D — Holding Off New Investments/Development (Companies that are postponing future planned investment/development/marketing while continuing substantive business.)

Grade: F — Defying Demands for Exit or Reduction of Activities  (Companies that are continuing business-as-usual in Russia.)

Jeffrey Sonnenfeld, “Is cancel culture coming to free trade?,” The Economist

Friday, April 1: 

(Almost 500 companies on The List)

Russia’s Manufacturing Activity Shrinks as Sanctions Over Ukraine Bite,” Wall Street Journal

Emmanuel Faber’s ISSB releases sustainability guidelines,” Financial Times

Viewpoint: Time for action on ESG,” Business Insurance

Household & Personal Products Industry Joins The War Effort In Ukraine,” HAPPI

Companies graded on Ukraine response by Yale researchers,” Fashion United

Anonymous’ next cyber target: Western companies still doing business in Russia,” Trend Fool

Bosak zaatakował Zalewską. Poszło o firmę Cersanit,” wPolityce (Poland)

appearance on Ohayo Nippon (Good Morning Japan), NHK | Japan Broadcasting Corporation

Sukhoi Superjet 100 остават без техническо обслужване и ремонт,” dnesplus (Bulgaria)

Big Pharma Grapples With Russia Boycott Push,” The Moscow Times

Zapadne tvrtke kojima su Anonymousi zaprijetili: Već smo se povukli iz Rusije,” Index (Hungary)

Ostatnia polska firma znika z rosyjskiej listy wstydu. Cersanit częściowo zrehabilitowany,” Śląski Biznes (Poland)

April 3, 2022

Yale Website April 3rd, 2022
The Corporate Wall of Shame

April 3rd, 2022: A new website appears supporting this list that provides the email contact information of the corporate executives who refuse to leave Russia: Similar to the image on the Yale webpage that features the companies that made varying efforts to leave left Russia (categories A-D), this site showcases the Corporate Wall of Shame showing the logos of the companies digging in and refusing to leave Russia (category F).

Monday, April 4:

Companies face ethical and logistical challenges to stay in Russia,” Financial Times

EU moves closer to boycott of Russian energy,” Financial Times

Why Political Risk Coverage Is Needed Now,” Insurance Journal

One Month Into War: The Economic Impact Of Ukraine-Russia War In Numbers,” Forbes Middle East

Are sanctions working?,” The Spectator (U.K.)

NET Stock Walks a Tight Line With Its Decision to Remain in Russia,” InvestorPlace

Can Russia recover from Putin’s Ukraine folly?”

Egger na liście Yale – firm, które zostały w Rosji – Debata,” Regionalny Portal Olsztyna (Poland)

Companies are paying a high price to stay in Russia,” Trend Fool

Honest advice from Ukraine to the international businesses still in Russia,”

A gyógyszer-frontján is dúl az oroszok háborúja,” (Hungary)

Cztery polskie firmy zniknęły z rosyjskiej listy wstydu,” Business Insider (Poland)

Les entreprises occidentales luttent contre les ‘demi-sorties’ de la Russie Par Reuters,” Bruxelles Marketing (Belgium)

Economists bemoan Nigeria’s insecurity level, effects on foreign investors, domestic investment,” Punch Newspapers

War in Ukraine and decoupling of globalisation,” The Royal Gazette

Xi Jinping jak Putin? Inwestycje w Chinach w cieniu wojny w Ukrainie,” WNP (Poland)

Handel w Zielonej Górze. Czy wycofanie się sieci z Rosji ma wpływ na decyzję klientów o zakupach? Tłumów nie ma, ale pustek też nie,” Gazeta Lubuska (Poland)

Wyższy podatek dla Auchan i Leroy Merlin. Ukraina wprowadziła nowe prawo,” (Poland)

Le aziende estere ancora attive in Russia,” Notizie Oggi (Italy)

Emmanuel Faber’s ISSB releases sustainability guidelines,” Reporter Wings

“’Lista wstydu’. Wśród firm nadal działających w Rosji są także te dobrze znane w Polsce,” Polskie Radio 24 (Poland)

Tuesday, April 5:

Amid Sanctions, Putin Reminds the World of His Own Economic Weapons,” The New York Times

Collaborating companies: why international business stays in Russia and how to change it” (by Yaroslav Zheleznyak, Member of Ukrainian Parliament),

Five Questions Boards Should Ask About the War in Ukraine,” Harvard Law School Forum on Corporate Governance

No hay respuestas fáciles: la guerra de Ucrania plantea dilemas sociales y éticos a empresas e inversores,” Funds Society (Spain)

Explaining Decisions on Russia: Begin with Why and Don’t Over-Communicate,” PRNEWS (PDF)

Lenovo, Acer, Asus Flout U.S. Sanctions Against Russia: Yale Report,” CRN

Cersanit ostatecznie zamyka interesy w Rosji. “Sprzedajemy aktywa, nie chcemy być kojarzeni,” Slaskibiznes (Poland)

Ucraina ultime notizie. Zelensky all’Onu: prove certe su massacro a Bucha. Mosca: nazisti in Ucraina uccidono russi e civili,” Il Sole 24 ORE (Italy)

Some Chemical Firms Continue Business as Usual in Russia,” Powder & Bulk Solids

Famous Brands Could Face Trademark Infringement in Russia,” The Epoch Times

Dalle multinazionali, alle grandi banche: quel pezzo di Francia (e di Italia) che non vuole mollare la Russia,” City Milano News (Italy)

Wednesday, April 6:

USA TODAY April 6th, 2022 updated from March 3rd, 2022 (The March 3rd article version did not mention the list.)

Where US, allies have targeted the hundreds of sanctions against Russia

The U.S. has issued nine rounds of sanctions intended to inflict economic pain against Russia for invading Ukraine in late February.

More than 600 companies have also shut down their Russian business operations – some after facing pressure from a list created by Yale management professor Jeffrey Sonnenfeld

Glaxo to Curb Drugstore Staples in Russia as It Walks Ethical Tightrope,” Wall Street Journal

What About the Western Brands Still Operating in Russia?” AdWeek

Nearly One in Five Firms Plan to Take No Stand on Russian War,” Bloomberg

Report: One of Triangle’s largest employers still operating in Russia,” Triangle Business Journal

Russian export controls tightened,” Taipei Times

Firma z Poznania przez pomyłkę trafiła na ‘listę wstydu’. Elektromontaż musiał interweniować w USA,” Poznan (Poland)

Sanktionen: Warum große Holzkonzerne Russland bislang treu bleiben,” Die Welt (Germany)

Intel Condemns + Leaves Russia Over Invasion Of Ukraine,” Tech ARP

Vállalkozás: Megfenyegette a Molt az Anonymus, mert nem távoznak Oroszországból,” HVG (Hungary)

Peste 600 de companii s-au retras din Rusia, dar atrag atenţia giganţii care rămân, printre care Auchan, Leroy Merlin, Metro şi Raiffeisen,” Spotmedia (Romania)

“‘Shooting oneself in the foot’: $4.2bn LNG project suspended in Russia’s Far East,” Global Construction Review

Las 20 grandes empresas españolas que siguen en Rusia pese a la invasión de Ucrania – Faro de Vigo (Spain)

Lenovo, Acer, et Asus continuent de commercer en Russie,” Distributique (France)

Risk Mitigation in the Age of Sanctions,” CommPRO

Le multinazionali e l’uscita dalla Russia- scelta obbligata?” (Italy)

NY Times April 7th, 2022

Thursday, April 7:

Opinion | Some of the Biggest Brands Are Leaving Russia. Others Just Can’t Quit Putin. Here’s a List,” The New York Times

A month into the war, these companies still struggle to exit Russia,” The Washington Post

Shell says exiting Russia has already cost it as much as $5 billion,” CBS News

Number of firms quitting Russia soars by the hour: Prof. Sonnenfeld,” TVP World

More companies pull out of Russia, but do these boycotts actually work? – KCBS Radio

In Russia, Gruma suspends expansion plans, marketing expenses,” Food Business News

Läkemedelsbolag kan sluta leverera till Ryssland,” Dagens PS (Sweden)

Въпреки ситуацията в Украйна: 20 големи испански компании са останали в Русия (Bulgaria)

Ce opțiuni mai are Occidentul pentru a opri barbarismele lui Putin,” (Romania)

Corning Inc. to close Russia offices, move employees,” The Leader

“„Hall of Shame“ bewertet Unternehmen nach ihrer Reaktion auf russischen Angriffskrieg in der Ukraine,” Fashion United (Germany)

Mark Ritson: Staying in Russia is a statement of support for Putin,” Marketing Week

Acerinox, Grupo Fuertes, Maxam…: la Universidad de Yale señala a las empresas españolas que siguen operando en Rusia,” Lamarea (Spain)

Zawieszenie działalności, warwashing, business as usual. Globalne korporacje w Rosji,” Klub Jagielloński (Poland)

A month into the war, dozens of companies haven’t left Russia,” Stars and Stripes

Friday, April 8:

Acerinox, Grupo Fuertes, Maxam…: la Universidad de Yale señala a las empresas españolas que siguen operando en Rusia,” La Marea (Spain)

Yale upgrades Trelleborg’s Russia response to B,” Tyrepress

Lenovo, Acer, Asus ignorano le sanzioni economiche degli Stati Uniti e continuano a vendere computer in Russia,” NotebookCheck (Italy)

Συνεχίζουν να συνεργάζονται με τη Ρωσία 149 διεθνείς εταιρείες – Ανακάμπτει το ρούβλι,” (Greece)

149 international companies continue operations with Russia,”

Bakoma przez pomyłkę znalazła się na ‘liście wstydu,’” Mleko sery (Poland)

Πόλεμος στην Ουκρανία: Ποιοι κολοσσοί εγκατέλειψαν τη Ρωσία και ποιοι όχι, Η ΚΑΘΗΜΕΡΙΝΗ,” Kathimerini (Greece)

Lista Companiilor Care încă Activează în Rusia, Realizată De Cercetători De La Yale. „Clienții Trebuie Să știe Dacă Ele Vor Sau Nu Să Oprească Atrocitățile Lui Putin,” Libertatea (Romania)

Monday, April 11: 

Over 20% of Japan’s major firms halt Russian businesses: survey,” Japan Today

No Business with the Aggressor [OPINION],” Wyborcza (Poland)

McDonald’s, icône de l’ère post-soviétique, ferme tous ses restaurants en Russie Par Reuters,” Bruxelles.Marketing

Dlaczego Bakoma znalazła się na liście wstydu? “Nie handlujemy z Rosją” – Mleko sery,” Portalspozywczy (Poland)

Civil group tells Taiwan’s ASUS, MSI not to be accomplices of Russia,” Taiwan News

Le taïwanais Acer suspend ses activités en Russie,” L’Economiste Maghrébin (Tunisia)

PC maker Acer suspends Russia business,” CRN Australia

Acer réalise un premier trimestre record et suspend ses activités en Russie,” Distributique (France)

Acer schort activiteiten in Rusland op,” Executive People (Netherlands)

Trelleborg cancella i piani d’investimento in Russia,” (Italy)

Saar-Unternehmen Globus landet auf ‘Liste der Schande,’” (Germany)

Sanzioni alla Russia: i dati rivelano la debolezza della strategia occidentale nei confronti di Putin,” The Social Post (Italy)

L’impegno delle Tech Company per l’Ucraina,” Digital360 (Italy)

Sieci handlowe, które zostały w Rosji tracą. Jest jednak jeden wyjątek,” (Poland)

Le aziende estere ancora attive in Russia,” Notizie Oggi (Italy)

Ce urmează după ce Moldova va completa chestionarul de aderare la UE,” (Moldova)

These Texas companies are pulling out of Russia — Here’s how far they’re going,” Day by Day

Tuesday, April 12:

Steven Tian on Greater Boston, April 12th, 2022

Steven Tian (CELI), “Which U.S. corporations have cut ties with Russia?” WGBH

Sanctions bite Russia, hard,” Financial Times

Russia Advances Law on Nationalizing Assets of Foreign Companies,” Wall Street Journal

Steven Tian (CELI), “Watch Bloomberg Markets: Triple Take (04/11/2022),” Bloomberg

Cremonini, Buzzi, Campari. Le italiane restano in Russia,” Benzinga Italia

Acer annonce un T1 2022 record mais suspend ses activités en Russie,” Le Monde Informatique (France)

Wegen Geschäften in Russland: Globus in "Halle der Schande" aufgenommen,” Volksfreund (Germany)

La timida fuga delle aziende italiane dalla Russia: la metà prende tempo, EU News (Italy)

Nokia joins list of tech companies leaving Russia,” Tech Monitor

Wednesday, April 13:

Jeffrey Sonnenfeld and CELI researchers, “Who’s behind the School of Management’s viral corporations in Russia list?” Yale Daily News

Some 600 companies have withdrawn from Russia to some degree, Yale researchers say,” NPR

The Russian Invasion of Ukraine Has Put a Spotlight on Brand Activism,” ANA

Nokia joins list of tech companies leaving Russia,” Fuentitech

Nokia: ‘Clear’ it could not continue to operate in Russian market,” PR Week

Krieg in der Ukraine: Darf man jetzt immer noch in Russland Geschäfte machen?” Augsburger Allgemeine (Germany)

Russia, 600 aziende hanno lasciato il Paese: ecco quali sono, da Adidas alle multinazionali del petrolio,” Il Mattino (Italy)

Doen uw leveranciers nog steeds zaken in Rusland?” Executive People (Netherlands)

Tutti i difetti in e sanzioni contr’à a Russia. Rapportu Ispi,” Rivista Principià (Italy)

Expert: Sancțiunile vor încetini mașina de război, dar nu o vor distruge,” (Macedonia)

Thursday, April 14:

The congressman who took Zelensky’s plea to heart,” The Early 202 (Washington Post)

Beauty firm L’Occitane keeps Russian stores open,” BBC News

Google, JPMorgan, Other U.S. Firms Flee Russia for Dubai,” Wall Street Journal

Russian investments stop at Barry Callebaut,” Food Business News

The legal fallout from Russian aggression,” fDi Intelligence

Analysis: Russian workers face new reality as Ukraine war sanctions sap job prospects,” Reuters

Mixed Actions of Lube Suppliers in Russia,” Lubes’N’Greases

Turkish brands keen to move into Russian malls,” Hurriyet Daily News (Turkey)

Yang Lain Cabut, Ritel Kosmetik Prancis Ini Tetap Kukuh Buka Toko di Rusia,” Finance Detik (Indonesia)

Wiele firm nie chce wycofać się z Rosji! To nie tylko Leroy Merlin czy Auchan. Sprawdź, jakie marki wciąż znajdują się na liście wstydu,” Głos Szczeciński (Poland)

Le aziende estere ancora attive in Russia,” Notizie Oggi (Italy)

Immer mehr japanische Firmen gegen Putin,” Pressetex (Germany)

Monday, April 18:

Investors’ voices are missing in corporate flight from Russia,” Financial Times

Companies Size Up Their Losses on Russian Operations,” Wall Street Journal

Lack of Access Could Hinder Audits of Companies With Ties to Russia,” Wall Street Journal

L’Occitane close doors of all Russian shops in U-turn decision,” Evening Standard (U.K.)

Revealed: Hundreds of millions in UK taxpayers’ money handed to companies still operating in Russia,” Independent (U.K.)

La Universitat de Yale assenyala a dues empreses catalanes que no han abandonat Rússia,” El Gerió Digital (Spain/Catalonia)

Closed Shops, Zs, Green Ribbons: Russia’s Post-Invasion Reality,” The Moscow Times (Russia)

L’Occitane closes all shops in Russia following backlash,” The Independent (U.K.)

Ukraine war: L’Occitane U-turn as it closes Russian shops,” BBC News (U.K.)

Spy games: expulsion of diplomats shines light on Russian espionage,” The Guardian (U.K.)

Companies that refuse to exit Russia, and the evil of war,” The Straits Times” (Singapore)

Retailers keep watch on the impact from the Ukraine-Russia war,” 

Beauty chain L’Occitane in U-turn on Russian shops,” MSN

US healthcare companies are still operating in Russia — others have left altogether,” Becker’s Hospital Review

Danske Welltec kommer fri af Yales sorte Ruslands-liste,” Borsen (Germany)

Ucraina: anche le imprese ‘fanno la guerra’?” L’Indro (Italy)

Welltec kommer af med bundkarakter på global Rusland-liste,” Energiwatch (Germany)

Ukraine war: L’Occitane U-turn as it closes Russian shops,” The Frontier Post

Noile sancţiuni impuse Rusiei vor viza petrolul şi Sberbank,” Stiri (Macedonia)

Analyse-Les travailleurs russes font face à une nouvelle réalité alors que les sanctions de la guerre en Ukraine sapent les perspectives d’emploi,” Bruxelles.Marketing (Belgium)

As sanções contra a Rússia realmente funcionam?” Exame (Portugal)

FM Global stops reinsuring business in Russia,” Business Insurance

AB InBev earns ‘F’ for response to Russian invasion,” St. Louis Today

200,000 could lose their jobs as Western companies withdraw, Moscow mayor says,” NPR

Companies evaluate their financial losses as they boycott Russia,” KCBS

O cancelamento da Rússia pelo Ocidente é inédito. Será que tudo faz sentido?” Época (Portugal)

Ukraine, Call For Consumers To Stop Buying Lenovo PC’s Or Flying On Emirates,” Channel News (Australia)

Tuesday, April 19: 

German Technology Giant SAP, Previously Criticized By Zelensky, Announces Russian Exit,” Forbes

Despite Putin’s claims that the West’s ‘economic blitzkrieg strategy didn’t work,’ Moscow’s mayor says the city is about to lose 200,000 jobs,” Business Insider

Jeffrey Sonnenfeld – 4/18/22,” The Lisa Wexler Show (podcast)

Am Pranger: Welche österreichischen Unternehmen Russland nicht verlassen,” derStandard (Austria)

Yale-Liste: Welche deutschen Firmen noch in Russland aktiv sind,” Handelsblatt (Germany)

Ís­lensk fé­lög á svörtum lista,” Viðskiptablaðið (Iceland)

Russia has renewed offensive operations, says US official; Mariupol defenders hold out,” Daily Maverick (South Africa)

Russia/World: “List of Shame’ is led by AB InBev,” Inside Beer (Germany)

Global HR headlines: Russia jobless rate increases, edtech startup downsizes,” CHRO South Africa

Prefeito de Moscou estima que a cidade vai perder 200 mil empregos,” Época Negócios (Portugal)

Saarländisches Unternehmen ‘Dr. Theiss Naturwaren’ jetzt in ‘Liste der Schande,’” Sol (Germany)

Kryebashkiaku i Moskës: Qyteti është gati të humbasë rreth 200,000 vende pune,” SCAN (Albania)

Kommer af den sorte liste: Welltec drosler ned i Rusland,” Electronic Supply (Denmark)

Moskou ziet verlies 200.000 banen, terwijl Poetin zegt dat sancties fallen,” Business Insider (Netherlands)

La cancel culture s’attaque au libre-échange,” Le nouvel Economiste (France)

Sergey Sobyanin: Yüzbinlerce kişiyi bekleyen tehlike…,” Bursa Hakimiyet (Turkey)

Wednesday, April 20, 2022:

Listen to the Professor explain the list and why it makes a difference. (Boston Public Radio April 20, 2022)

At least 188,000 workers in Russia are still being paid by big Western companies, analysis finds,” Business Insider

Insurers are scrambling to update the definition of war,” Financial Times

Netflix Reels From Russia And Competition,” Forbes 

Commentary: In the crackdown on Russia, capitalism has a key role to play,” Times Union

So that Happened: Who’s Staying in Russia? Weed for Tires, STEM Challenges,” IndustryWeek

Russia-Ukraine Latest News: April 18, 2022,” Bloomberg

Netflix Reels From Russia And Competition,” Forbes

Former Top Chinese Communist Party Official Linked to Jack Ma’s Ant Group Indicted on Bribery Charges,” Lawfare

The Ukraine war reflects a new national security paradigm,” The Japan Times

Kryebashkiaku i Moskës: Qyteti është gati të humbasë 200,000 vende pune,” Fraksion (Albania)

“„Hall of Shame“: Yale-Professor bewertet Unternehmen nach Verhalten gegenüber Russland,” Wirtschaft (Germany)

Thursday, April 21: 

What the exodus of Western brands means for Russian workers,” Slate

COMMENTARY: Sabre’s Continuing Relationship With Aeroflot Should End,” Aviation Week Network

McDowell: ‘Oh, Oh Freedom, Oh, Oh Freedom,’” The Roanoke Times

Russia Response to Western Sanctions – Nationalization,” JDSupra

US Companies Reel Away from Russia and Competition,” MoneyShow

The Return of Geopolitics to Corporate Governance,” Lawson Lundell’s Business Law Blog

Russia, il 70% delle imprese italiane ha deciso di restare, Today (Italy)

Nämä jättiyhtiöt ovat keskeyttäneet toiminnan Venäjällä” (Finland)

Fürth: Simba-Dickie landet auf “Liste der Schande” – und fordert sofortige Entfernung,” inFranken (Germany)

Friday, April 22:

Budweiser Brewer Pulls Out of Russia as Multinational Companies Weigh Options,” Wall Street Journal

Koch Industries reverses course and says it will stop doing business in Russia,” CBS News

Opinion: An ‘irrational exuberance’ indicator shows the stock market is off the charts compared with the top of the internet bubble,” MarketWatch

More than 750 foreign companies left Russia,” The Saxon

More than 75% of foreign companies have closed down in Russia, but there are some that continue to operate as if nothing had happened,” SUNDRIES

Michigan plans to divest from Russia. It’s not that simple,” Fox 17

AB InBev exits Russia,” PR Week

“„Hall of Shame“: Yale-Professor verteilt Schulnoten an Unternehmen für Verhalten gegenüber Russland | Wirtschaft,” BW24 (Germany)

Njemačke tvrtke i dalje rade u Rusiji: “Dali smo obećanje svojim ruskim kupcima,” (Hungary)

Globus in der ‘Halle der Schande’ aufgenommen: So reagiert die Supermarkt-Kette,” Saarbruecker-zeitung (Germany)

Njemačke tvrtke i dalje rade u Rusiji: “Dali smo obećanje svojim ruskim kupcima,” (Bosnia)

Deutsche Unternehmen : “Business as usual” in Russland?” (Germany)

Monday, April 25:

Russia was Pepsi’s second-largest international market. What happens next now that it’s pulled out?,” CNBC

European banks face tough choice as they weigh Russia pullback,” S&P Global Market Intelligence

Which giant companies left Russia because of the current situation in Ukraine,” CEO World

Condé Nast Closes Russian Franchise and Ceases Vogue Russia Publishing,” 1851 Franchise

Handel mit Russland: Yale veröffentlicht ‘Liste der Schande,’” Frankfurter Allgemeine (Germany)

Ukraine-Krieg: Deutsche Exporte nach Russland stark eingebrochen,” Frankfurter Allgemeine (Germany)

MARK-TO-MARKET: Russia’s invasion fallout hits global economy,” Asian Polyglot View

Why Russia’s economy is holding on,” The Business Standard(Bangladesh)

Calzedonia, Cremonini, De Cecco, Geox: i 7 gruppi italiani che fanno ancora affari in Russia,” Yahoo Finance (Italy)

Война России — как санкции ломают экономику России — последние новости,” НВ (Russia)

Enginn annar kostur en að slíta við­skiptum í ljósi að­gerða Rússa,” Vísir (Iceland)

Guerra in Ucraina, da Cremonini a De Cecco, Geox, Menarini e Unicredit: ecco i gruppi che continuano a fare affari in Russia,” Il Fatto Quotidiano (Italy)

Le griffe via da Mosca: poche vetrine aperte nella città del lusso,” la Repubblica (Italy)

Krieg in der Ukraine: 7 deutsche Firmen, die weiter in Russland aktiv sind,” Basic Thinking (Germany)

Zwei Saar-Unternehmen weiter auf amerikanischer ‘Liste der Schande,’” (Germany)

La lista di proscrizione di chi fa ancora affari in Russia, aziende italiane comprese,” Editoriale Domani (Italy)

Storlandbrug i Rusland vil sætte aktiver til salg,” LandbrugsAvisen (Denmark)

Danske storbønder, der bliver i Rusland, kaldes grådige, arrogante og naïve,” Politiken (Denmark)

RUmainers: the western companies still in Russia,” bne IntelliNews (U.K.)

Tuesday, April 26:

Jeffrey Sonnenfeld, Steven Tian, and Steven Zaslavsky, “Opinion | Businesses that refuse to leave Russia are experiencing the greatest costs,” The Washington Post

Eurasian firms see Russia sanctions as big biz chance,” MENAFN

Western brands are quitting Russia but will it weaken Putin or just hurt Russian people?,” Creativepool

Russia sanctions: Yale professor denounces companies that cling to Russia business,” die Welt (Germany)

LISTA Ce companii au decis să rămână în Rusia,” (Romania)

Il 70% delle aziende italiane presenti non intende lasciare la Russia – Economia e Finanza,” la Repubblica (Italy)

Le sei aziende italiane che sfidano le sanzioni e restano a fare affari in Russia,” Notizie (Italy)

Angriff auf die Kornkammer,” Lebensmittel-Industrie (Germany)

Nach Kritik an Russland-Geschäft – Globus-Mitarbeiter radeln für die Ukraine,” Saarbrücker Zeitung (Germany)

APS Energia dba o bezpieczeństwo elektrowni atomowych w Rosji. Co z sankcjami?,” (Poland)

April 27, 2022

Jeffrey Sonnenfeld, Steven Tian, and Steven Zaslavsky, “Opinion | Businesses that refuse to leave Russia are experiencing the greatest costs,” The Washington Post
Eurasian firms see Russia sanctions as big biz chance,” MENAFN
Western brands are quitting Russia but will it weaken Putin or just hurt Russian people?,” Creativepool
Russia sanctions: Yale professor denounces companies that cling to Russia business,” die Welt (Germany)
LISTA Ce companii au decis să rămână în Rusia,” (Romania)
Il 70% delle aziende italiane presenti non intende lasciare la Russia – Economia e Finanza,” la Repubblica (Italy)
Le sei aziende italiane che sfidano le sanzioni e restano a fare affari in Russia,” Notizie (Italy)
Angriff auf die Kornkammer,” Lebensmittel-Industrie (Germany)
Nach Kritik an Russland-Geschäft – Globus-Mitarbeiter radeln für die Ukraine,” Saarbrücker Zeitung (Germany)
APS Energia dba o bezpieczeństwo elektrowni atomowych w Rosji. Co z sankcjami?,” (Poland)

April 28, 2022

Chinese drone maker DJI halts Russia and Ukraine operations,” Financial Times

 “Elon Musk as owner is a long-feared reality for Twitter employees,” The Washington Post
Rachat de Twitter par Elon Musk: vers une vague de départs des salariés?,” MSN (France)
How Disney became a target for Florida lawmakers,” The New York Times

Five Chinese Companies Have Suspended Business in Russia,” Newsweek
Renault to offload its stake in Lada maker for one rouble, Russia says,” Reuters
The Impact Of McDonald’s Pulling Out Of Russia,” CNBC
Western Employees Are Playing a Role in Companies’ Exit from Russia,” The Fashion Law
Renault will transfer AvtoVAZ stake to Russian science institute, Russia says,” Automotive News Europe
Hungarian companies doing business in Russia put on Yale’s shame list,” Daily News Hungary
‘Great resignation’ appears to be hastening the exodus of US and other Western companies from Russia,” The Conversation
The impact of the war in Ukraine has strained global semiconductor and car part chains,” IPS Journal
The Challenge of Deglobalizing Russia,” The Conference Board
DJI Stops Russian Sales to Keep Drones From Combat in Ukraine,” Gizmodo
Lista niemieckich firm działających w Rosji,” Polski Obserwator (Germany)
La comunicación ESG, valor clave en los procesos de restructuración financiera,” Merca2 (Spain)
Renault stößt Beteiligung an Lada-Hersteller Avtovaz für einen Rubel ab,” Fundscene (Germany)
Für einen Rubel verkauft: Renault stößt Anteil an Lada-Hersteller ab,” Tagesschau (Germany)
Schneider Electric wychodzi z Rosji,” CRN (Poland)
UniCredit & banche europee in balìa guerra Russia-Ucraina, l’analisi di S&P e Moody’s,” Borse (Italy)
Renault stößt Beteiligung an Lada-Hersteller Avtovaz für einen Rubel ab,” MarketScreener

April 29, 2022

Sierra Leone’s Election Conducted on Blockchain – Could This Technology Have Prevented ‘Bush v. Gore’ in 2000?,” Africazine

Jeffrey Sonnenfeld, Steven Tian, and Steven ZaslavskyCELI, “Businesses Staying in Russia Are Underperforming the Market,” Yale Insights

Showing how businesses staying in Russia are doing worse

Connecticut businesses are cutting ties with Russia. Can corporate governance impact Russian leadership?,” Where We Live (Connecticut Public Radio)
When a CEO becomes a war criminal,” Tampa Bay Times
What McDonald’s closures in Russia could mean for the country,” CNBC
China’s UnionPay shuns Russian banks as sanctions force caution,” Nikkei Asia
Emerging Domains of Conflict in the 21st Century,” Observer Research Foundation
Millennial pressure pushing corporates out of Russia,” Asia Times
Eurasian firms see Russia sanctions as big biz chance,” Asia Times
Chinese drone company halts sales to Russia and Ukraine,”
Russia Employment: 600,000 Jobs at Risk on Foreign Exodus, Tass Reports,” Bloomberg (also at Bloomberg Quint)
Industry Voice: Ukraine war raises social and ethical dilemmas,” Investment Week (U.K.)
Are These Global Companies On The Right Side Of History?,” Benzinga
La estrategia occidental: debilitar a Putin para que acepte un acuerdo razonable,” El País (Spain)
Renault offloads AvtoVAZ,” GoAuto (Australia)
El Grupo Renault venderá AutoVAZ a Rusia por un céntimo de euro,” Neomotor (Spain)
Ρωσία: Κίνδυνος να χαθούν 600.000 θέσεις εργασίας από τη μαζική έξοδο των εταιρειών της Δύσης | Ειδήσεις για την Οικονομία,” Newmoney (Greece)
Renault abre mão de participação na Lada por valor simbólico,” UOL Carros (Brazil)
Fürth: US-Uni stuft Simba-Dickie neu ein – nach Beschwerde zu ’Liste der Schande,’” inFranken (Germany)
Ukraine-News: Henkel, Thyssen-Krupp, Gea: Diese deutschen Unternehmen halten an Russland-Geschäft fest,” Merkur (Germany)
Guerre en Ukraine : Le leader mondial des drones quitte la Russie,” Radio Classique (France)
Ukraine war: why Russia’s economy is holding on, despite US and EU sanctions,” Australian Financial Review (Australia)
Deutsche Unternehmen : ‘Business as usual’ in Russland?,” Tagesschau (Germany)
Fürth: US-Uni stuft Simba-Dickie neu ein – nach Beschwerde zu ‘Liste der Schande,’” Infranken (Germany)
Firmy, które wciąż działają w Rosji, są jak przyjaciel, który zawiódł nasze zaufanie. ‘Konsekwencje będą poważne, nie tylko wizerunkowe,’” Wyborcza (Poland)
Ce companii își continuă activitatea în Rusia ca și cum nimic nu s-ar fi întâmplat,” (Romania)
Lista niemieckich firm działających w Rosji,” Polskiobserwator (Germany)
Wie halten Sie es mit den Sanktionen gegen Russland?,” SVZ (Germany)
Ukraine kann deutsche Waffen einkaufen,” WEKA (Germany)

Hungarian companies doing business in Russia put on Yale’s shame list,” Daily News Hungary

Ukraine-Krieg: Putin droht Ukraine mit ‘blitzschnellen’ Schlägen,” (Germany)

May 2, 2022

Romance Between Business and the Republican Party Hits the Rocks,” U.S. News & World Report
As Western social media apps leave Russia, Snap’s Zenly hangs on,” Rest of World
Mais de 750 empresas já abandonaram ou reduziram as operações na Rússia, mas algumas permanecem,” Executive Digest
Ecco le aziende italiane che lavorano a Mosca,” Il Foglio (Italy)
Stötta Ukraina genom att välja rätt läkemedel,” Läkartidningen (Sweden)
Co to jest warwashing? Wojna w Ukrainie zrodziła nowe zjawisko,” Spider’s Web (Poland)
Renault est-il en train de céder gratuitement au gouvernement de Poutine tous ses actifs en Russie (Avtovaz, Avtoframos)?,” La Tribune (France)

May 3, 2022

The Great Global Retreat,” Chief Executive

Disney’s Florida Fight Shows Why Corporate Progressivism Can’t Win,” Bloomberg

Twitter workers face a reality they’ve long feared: Elon Musk as owner,” Pittsburgh Post-Gazette

Companies trying to exit Russia have to ‘dance with the devil,’” Financial Times
Eutelsat ignores the moral compass and continues to operate in Russia,” Communications Today
Foreign automakers press pause in Russia amid sanctions and supply shortages,” CBC News (Canada)
The fifth Chinese company to withdraw from the Russian market,” Asume Tech
Yale School Of Management: Air Serbia End Ups On The ‘List Of Shame,’” Rich TVX News
Consumers urge boycott of companies still doing business with Russia,” Euromaidan Press
Russia Ukraine war: Northland man says donating directly, avoiding Russian-affiliated companies can help,” New Zealand Herald
Ukraine-Krieg: Warum westliche Konzerne die Flucht aus Russland scheuen,” DER SPIEGEL (Germany)
Para salir de Rusia las empresas deben bailar con el diablo,” Grupo Milenio
Marki technologiczne, które wycofały się z Rosji po rozpoczęciu wojny w Ukrainie,” Benchmark (Poland)
Store danskejede landbrug vil ud af Rusland,” LandbrugsAvisen (Denmark)
Aziende italiane in Russia a rischio confische: Volodin all’attacco,” Economy Magazine (Italy)
Quali aziende globali sono dalla parte giusta della storia?,” Benzinga Italia (Italy)
I badge sono ancora in Russia nonostante la Guerra,” Technosuper (Italy)
“「撤退したくてもできない!」グローバル企業が直面したロシア撤退の現実|au Webポータル経済・,” Au One (Japan)
Occidente y su conflicto de objetivos,” Rebelion (Spain)
Slik gjør Russland det vanskelig for selskaper å forlate landet,” E24 (Norway)

May 4, 2022

Ukrainian President Volodymyr Zelensky said companies that retain ties to the Russian economy are directly supporting that country’s “war machine” and called on them to exit, citing the business risks of operating there.

May 4th, 2022

The only ethical thing to do is pull out of Russia entirely. 
Jeffrey Sonnenfeld, a Yale University management professor, says that anything short of that will fail to cripple the economy and doesn’t truly condemn Russia “as a rogue nation.”
WSJ May 4, 2022

BP Takes $25.5 Billion Hit From Russia Exit,” Wall Street Journal
Hard Rock finds itself between a rock and a hard place with Russian cafes in operation,” Chicago Tribune
Who Are the Companies Operating in Russia?,” Vox Ukraine
Compliance and ethics in the age of Russian aggression,” Society of Corporate Compliance and Ethics
Holcim löst sich von Fusionspartner Lafarge,” Zentralplus (Switzerland)
Корпоративна соціальна відповідальність та війна в Україні,” Громадський Простір (Ukraine)
Krigen i Ukraine: 212 internationale firmaer sortlistet,” Danwatch (Denmark)
Di listar: Största nedskrivningarna på grund av sanktionerna,” Dagens industry (Sweden)

The E.U. proposed a total ban on Russian oil, its biggest step toward supporting Ukraine and reducing reliance on Russia.
Wednesday, May 4, 2022 3:14 AM ET

May 5th, 2022

(Almost 1000 companies on The List)

The Securities and Exchange Commission has begun questioning U.S. public companies on how Russia’s war on Ukraine has affected their finances. The regulator on Tuesday urged companies to provide detailed disclosure on their exposure to Russia, Belarus and Ukraine, from business relationships to supply-chain disruptions to their investments. The SEC published a list of requests that its staff has been sending to corporate executives, an effort to compel them to provide more information to their investors. 

WSJ May 4th, 2022

Zelensky urges firms to exit Russia; British army chief criticizes Kremlin campaign,” TheWashington Post
Oil giants hit with multibillion-dollar charges for leaving Russia,” The Washington Post
How Do Companies Leaving Russia Completely Rank on the Best-Managed List?,” The Wall Street Journal
U.S. regulator asks companies about exposure to Russia’s invasion,” Reuters
Match Group defied calls to abandon Russia amid invasion. Now it’s paying,” Dallas Morning News
SEC asks companies about Russia exposure,” Business Insurance
What sanctions are being imposed on Russia over Ukraine invasion?,” BBC News (U.K.)
The Russia-Ukraine Conflict and De-globalization,” Islamabad Post (Pakistan)
Aktien: Renault-Aktie: Jetzt ist das Russland-Desaster perfekt!,” Investor Verlag (Germany)
Holder oversikt over hvilke internasjonale selskaper som ennå er aktive i Russland,” (Norway)
Még mindig több mint kétszáz cég tevékenykedik Oroszországban, köztük több magyar is,” (Hungary)

May 6th, 2022

SEC Questions Companies About Financial Impact of Russian War on Ukraine,” The Wall Street Journal

Still Doing Business in Russia? Good Luck Renewing Your Insurance,” The Wall Street Journal
Hundreds of companies have pulled out of Russia. Here’s why a rock-and-roll legend refuses to close his factory there,” Fortune
Veolia denies supporting Russian war effort,” Herts Advertiser
Russische Wirtschaft: Alles so normal hier,” Zeit Online (Germany)
La Universidad de Yale dice que Acerinox, Borges, El Pozo o Fluidra siguen haciendo negocio en Rusia,” OKdiario (Spain)
’Putyinnal szemben 22 évig csak az oroszok álltak ellen, most mégis minket tesznek felelőssé a háborúért,’” Mérce (Hungary)

May 8th, 2022

News: The Group of Seven leaders said in a joint statement on Sunday that they will reinforce Russia’s economic isolation and “elevate” a campaign against Russian elites who support President Vladimir Putin.

Link to G7 statement from the US White House

May 9th, 2022

The Cost of NOT withdrawing (The Economist, May 9th, 2022)

Ukraine War, Inflation and Covid-19 Keep CFOs on Their Toes Over Forecasts,” Wall Street Journal

How companies exiting Russia are faring,” The Economist

Fact Sheet: US and Partners Impose Severe Costs for Putin’s War Against Ukraine,” The White House 

How every investor can use their influence to drive positive change,” The CEO Magazine
Potential economic effects of an Allied trade embargo on Russia,” VOX, CEPR Policy Portal
Mavenir under fire over role in Russia,” Light Reading
Guerre en Ukraine: quelles entreprises françaises ont maintenu ou arrêté leurs activités en Russie?,” Libération (France)
Ukraine-Krieg: Warum deutsche Firmen trotzdem in Russland bleiben,” Neue Zürcher Zeitung (Switzerland)

May 10, 2022

Fund That Thrived With Founder in Russian Jail Can’t Escape War,” Bloomberg
New UK sanctions for Russia and Belarus,” BBC News
Google forced to end Play Store app sales in Russia,” Ars Technica
Russia-Ukraine conflict: Two months on, how are investors responding?,” Talkmarkets
International Law Recourse for Potential Expropriation of Foreign Assets by Russia,” Lexology
Decathlon nadrabia wizerunkowe straty. Otwiera sklep w Kijowie, w Rosji wciąż zamknięty,” Business Insider (Poland)

May 11th, 2022

Expanding Nato will deepen east-west fissure,” Financial Times
Letter: Why hasn’t Huntsman Corporation exited Russia?,” Salt Lake Tribune
To Really Hurt Russia’s Economy, Target Investment and Human Capital, Not Gas,” War on the Rocks
CCP Calls for ‘Self-Reliance’ After Seeing Sanctioning and Isolation of Russia,” The Epoch Times
En Russie, les centres commerciaux sont-ils boycottés seulement par des marques européennes?,” TF1 INFO (France)
Ukraine-Krieg zwingt Unternehmen in die Verantwortung,” (Germany)
La Universidad de Yale dice que Acerinox, Borges, El Pozo o Fluidra siguen haciendo negocio en Rusia,” OKDiario (Spain)
Es China, no Rusia,” El Correo de España (Spain)
Russland-Geschäfte: „Liste der Schande“ prangert Firmen an,” Echo Online (Germany)
Westerse exit uit Rusland lijkt vooral winterslaap,” De Tijd (Belgium)

May 13th, 2022

After Yale ‘F’ grade, Huntsman CEO defends company’s decision to remain in Russia,” KCPW
Siemens will leave Russia because of the Ukraine war,” NPR
Siemens exits Russia, saying “we condemn” attack on Ukraine,” CBS News
Siemens, Finnish utility Fortum quit Russia over Ukraine war,” Al Jazeera
German industrial giant Siemens is leaving Russia after nearly 170 years,” KUOW
There are now no UK companies operating in Russia,” Investment Monitor
AEC industry responds to Russia-Ukraine war,” American Society of Civil Engineers
Ukraine aid: 43% of Americans want companies to do as much as the U.S. government to help Kyiv,” Fortune
Companies should be guided by their purpose and values when deciding whether or not to exit Russia,” Fortune
ZTE risks penalties with ‘business as usual’ in Russia,” Light Reading
Siemens zieht sich komplett aus Russland zurück,” Der Spiegel (Germany)
Guerre en Ukraine : Auchan, Lacoste, Bonduelle… ces entreprises françaises qui poursuivent leur activité en Russie,” (France)
Auchan, Leroy Merlin… Des magasins du groupe Mulliez touchés par une frappe dans la ville d’Odessa,” BFMTV (France)

Verhaltensnoten in der Krise,” Holzkurier (Germany)

May 16th, 2022

Siemens exits Russia, saying ‘we condemn’ attack on Ukraine,” CBS News

We’ve never seen a country go backwards as quickly as Russia,” The Hill
Russia, ecco a chi costa di più uscire,” (Italy)
Fabricante de zapatos Geox suspende inversiones directas en Rusia,” Grupo Milenio (Italy)
Shoemaker Geox suspends direct investments in Russia,” RTE (Ireland)
El fabricante de zapatos Geox suspende las nuevas inversiones directas en Rusia,” Deportes (Spain)
Siemens zamyka działalność w Rosji,” CRN (Poland)
 “Why major Michigan companies are continuing operations in Russia,” Crain’s Detroit Business
Какие международные компании все еще работают в России и чем это объясняют?,” Экономическая правда (Ukraine)
Siemens, ein deutscher Industriekonzern, verlässt Russland nach rund 170 Jahren KPCC – NPR-Nachrichten für Südkalifornien,” CRN (Germany)
Siemens beendet Geschäfte in Russland,” Chemie Technik (Germany)
Siemens zieht sich aus Russland zurück,” ZDF (Germany)

May 17th, 2022

McDonald’s Exits Russia

McDonald’s to exit Russia completely,” POLITICO
The Hidden Power Of ESG – Part 2 Of 3-Part Series: Interview With The Former Finance Minister Of Ukraine,” Forbes
Factbox: Russia’s response to Western sanctions,” Reuters
We’ve never seen a country go backwards as quickly as Russia,” The Hill

How Much Money Is McDonald’s Losing in Russia?” Market Realist

McDonald’s Stock, Renault: Latest To Announce Russia Asset Sales,” Investor’s Business Daily
Russian Mining Industry Falling Into Despair,” Engineering & Mining Journal
Het kost ze miljarden, maar langer blijven is geen optie: de exodus van multinationals uit Rusland gaat door,” Het Nieuwsblad (Belgium)
Russia latest: Every company leaving Russiam,” Express (United Kingdom)
Renault vende por un rublo a Rusia su 68% de AutoVaz, fabricante de Lada,” El Mundo (Spain)
La victoria contra Putin exige una mayor ambición económica, energética y militar,” El Mundo Financiero (Spain)
KFC i Pizza Hut nie mogą wyjść z Rosji. Amrest negocjuje z właścicielem marek,” Business Insider (Poland)
Jak se obcházejí protiruské sankce? Nařízení jsou děravá, poslední slovo může mít spotřebitel,” (Czech Republic)
Te polskie firmy wciąż na liście wstydu – nie zaprzestały działań w Rosji,” INTERIA (Poland)
Έρευνα Yale: Αποχαιρετούν τη Ρωσία – Πάνω από 1.000 εταιρείες έχουν μειώσει τις δραστηριότητές τους – Ποιες ελληνικές συνεχίζουν απτόητες,” Banking News (Greece)
Mieszkańcy Wiszni Małej mówią „nie” spalarni śmieci,” Wrocław TV3 (Poland)

Siemens zamyka działalność w Rosji,” CRN (Poland)

Wegen Ukraine-Krieg: Siemens zieht sich aus Russland zurück,” ZDFheute (Germany)
Любовницы, месть и обиды Путина — Сергей Пугачёв,” Alexey Navalny official channel, YouTube

NEWS OF THE DAY: Ex-Russian colonel criticizes the country’s invasion of Ukraine on Russian state TV: “The biggest problem with our military and political situation is that we are in total geopolitical isolation. And the whole world is against us — even if we don’t want to admit it.” CNN 5.17.22 link

May 18, 2022

McDonald’s to exit Russia amid Ukraine war, seek buyer for business,” The Washington Post
Australian tech company Canva continues operating in Russia in face of Ukrainian outrage,” The Guardian (U.K.)
Under pressure, ‘soft and fluffy’ Canva takes harder line on Russia,” The Sydney Morning Herald (Australia)

McDonald’s selling its Russia business won’t pummel profits: analyst,” Yahoo Finance
CoolCola, Street i Fancy w Rosji zamiast Coca-Coli, Fanty i Sprite’a,” (Poland)
Quali sono le aziende italiane che ancora sono in Russia,” Money (Italy)
Exodus van multinationals uit Rusland houdt aan,” fd (Netherlands)
Sancties: tandje erbij om Poetin echt te raken,” fd (Netherlands)

May 19, 2022

Lights Out: Is there a way back for international law firms in Russia?,” American Bar Association Journal
What McDonald’s, Renault, Sweden, and Finland have in common,” The Washington Post

McDonald’s selling its Russia business won’t pummel profits: analyst,” Yahoo! Money
12 Steps You Can Take To Help Ukraine – Part III, From Its Former Finance Minister,” Forbes
ESG & restructuring: better communication for a sustainable turnaround,” /amo Strategic Advisors (press release)
El éxodo de empresas de Rusia: más de 1.000 multinacionales han reducido o cesado su actividad,” El Diario (Spain)
French company Renault pulls out of Russia: Why has it taken so long?,” Connexion France (France)
Компании из каких стран активнее всего уходят из РФ, а из каких пытаются остаться,” исследование / НВ (Ukraine)
Бизнесы каких стран быстрее всего вышли из РФ,” Минфин (Ukraine)
Hunderte Firmen verlassen Russland – Große Unterschiede von Land zu Land,” (Italy)
Rússia lança marcas alternativas para substituir refrigerantes ocidentais,” A Referência (Portugal)
Quali sono le aziende italiane che operano ancora in Russia?,” MAM-e (Italy)

May 20, 2022

Russia’s Economic Outlook Grows ‘Especially Gloomy’ as Prices Soar,” The New York Times
Companies leaving Russia cost 45% of national GDP,” Investment Monitor
Canva seriously criticised for continuing to operate in Russia,” (Australia)
Which French companies have withdrawn from Russia (and which have not),” The Connexion (France)
Les perspectives économiques de la Russie deviennent “particulièrement sombres” alors que les prix montent en fleche,” News 24 (France)
Rusya’da Fiyatlar Yükselirken, Ekonomisinin Görünümü ‘Özellikle Kasvetli’ Büyüyor,” HaberSeçimiNet (Turkey)
Guerra en Ucrania: Guerra en Ucrania: ¿Cuántas empresas multinacionales se fueron de Rusia?,” El Diario AR (Argentina)
Casi mil empresas han abandonado o reducido operaciones en Rusia: ¿Qué multinacionales permanecen?,” (Chile)
Casi un millar de empresas han abandonado Rusia tras invasión a Ucrania,” Nuevo Poder (Chile)
Prof. Dr. Wilfried Fuhrmann: Zum Ukraine Krieg,: Nex24 News (Germany)

IN THE NEWS: Putin backlash begins as thousands stage revolt at St Petersburg concert

5.22.22 LINK

May 23, 2022

Many foreign businesses have suspended operations in Russia, but fewer have said they are leaving the country definitively; Starbucks joined that shorter list on Monday. Mr. Zelensky said companies should shut down completely in Russia “so that your brands are not associated with war crimes,” and invited them to relocate to Ukraine.

President Zelensky May 23, 2022 New York Times link

McDonald’s has found a buyer for its Russian business, ending decades-long relationship,” The Washington Post
Cosmopolitan no more: Russians feel sting of cultural and economic rift,” The Guardian
Companies That Have Ended Operations in Russia as of Mid-May,” 24/7 Wall St.
Business is business: tra Fvg, Austria e Slovenia ecco chi continua a fare affari in Russia,” Trieste Prima (Italy)
McDonald’s, Siemens Exit Russia,” SHRM
Nieuwe merknamen in Russisch straatbeeld,” FD (The Netherlands)
Russia pronta a espropriare le aziende in fuga, nella black list anche le italiane,” Il Quotidiano del Sud (Italy)
Sanksionet e Perëndimit/ Dëshmi nga rusët e thjeshtë: Në treg ka mungesa të…,” (Albania)

‘Ashamed’ Russian diplomat Boris Bondarev resigns over Putin’s ‘aggressive war’ 5/23/2022 Washington Post link

Zegna guarda al futuro con l’incognita della guerra: stop a tempo indeterminato alle spedizioni in Russia,” La Stampa (Italy)
Zegna non taglia completamente con la Russia e promette di piantare decine di migliaia di alberi,” Alessandria Oggi (Italy)
Ukraine-Krieg – Globus, Saarstahl, Dr. Theiss Naturwaren und das Russland-Schweigen,” (Germany)
Saarland: Unternehmen schweigen über Geschäfte in Russland – ‘Liste der Schande,’” (Germany)

McDonald’s Found a Buyer for ALL its Russian Restaurants: McDonald’s joins more than 900 companies — including Ikea, Intel, Uber, Adidas and BP — that have made “principled exits” from the country, as described in a widely followed list from Yale University, in response to the war.

5.23.22 Washington Post link

May 24th, 2022

Fourth Month of the War Begins…

Ukraine war creates new tensions for ESG investors,” Financial Times
Geopolitics and business: Exit Russia or lose customer trust,” World Economic Forum
Davos Playbook: Pack your umbrella — Zelenskyy speaks — All the hot spots,” POLITICO

Davos is back and the world has changed. Have the global elite noticed?,” CNN
Davos 2022: Moralisch richtig zu handeln, lohnt sich,” Handelsblatt (Germany)

Starbucks Is the Latest US Company to Pull Out of Russia,” Observer
Starbucks exits Russia over Ukraine war, closes 130 stores,” New York Post
Twenty photographs of the week,” The Guardian (U.K.)
McDonald’s Russia exit is about public pressure, not social good. Being ‘woke’ is profitable,” The Print India
These Companies Have Stopped Doing Business in Russia. Going Back Might Not Be Easy,” The Motley Fool
Companies That Have Ended Operations in Russia as of Mid-May,” 24/7 Wall St.
Russian repair car parc bypasses global embargo for better options,” Vehicle Service Pros
The war in Ukraine makes Russia much poorer,” Journaltime
Arla fully exits Russia, sells business to local management,” Food Business Africa
Japan Inc. plays catch-up on economic security after Ukraine war,” Nikkei Asia
La guerra de Ucrania dispara el número de refugiados,” Página12 (Argentina)
Starbucks The Latest Company To Leave Russia,” International Business Times (Australia)
Starbucks abandona Rússia definitivamente,” Folha (Brazil)
Pirelli, De Cecco, Marcegaglia, Ferrero, Enel: le aziende italiane che resistono in Russia,” Corriere (Italy)
La guerra de Ucrania crea nuevas tensiones para los inversores ESG,” Expansion (Spain)
La guerre en Ukraine crée de nouvelles tensions pour les investisseurs ESG,” Postsus (France)
Decathlon odzyskał zaufanie Polaków. Wystarczyło ukryć przed klientami, co się robi w Rosji,” Spidersweb (Poland)
Decathlon nadrabia wizerunkowe straty. Otwiera sklep w Kijowie, w Rosji wciąż zamknięty,” Business Insider (Poland)
Morálka je důležitější než peníze pro akcionáře. Válka na Ukrajině změnila pohled na podnikání, říká přední ekonom,” Hospodářské noviny (Hungary)
Starbucks decide sair da Rússia e paga seis meses de salários aos trabalhadores,” PÚBLICO (Portugal)
Naqueles idos de Março,” Diario de Noticias (Portugal)
Darum will Swiss Krono weiter in Russland geschäften,” Zentralplus (Switzerland)
Ukraine-Krieg: Globus, Saarstahl und Dr. Theiss Naturwaren schweigen zu Russland,” Saarbruecker-zeitung (Germany)
Nieuwe merknamen in Russisch straatbeeld,” FD (The Netherlands)
Rusi sve teže podnose sankcije Zapada: ‘Moskva kakvu sam poznavala više ne postoji. Pa pogledajte ponudu u dućanima,‘” Jutarnji List (Croatia)

Russia pronta a espropriare le aziende in fuga, nella black list anche le italiane,” Il Quotidiano del Sud (Italy)

May 25th, 2022

Starbucks leaves Russia over war in Ukraine, closing 130 shops,” The Washington Post
Russia-Ukraine War Latest News: U.S. Commerce Chief Says Russia Must Pay ‘Serious Long-Term Price,’” Wall Street Journal
Russia Moves Ahead With Bill on Nationalizing Assets of Foreign Companies,” Wall Street Journal
These U.S. companies are still doing business in Russia,” CBS News

Connecticut Gets Back In The Show,” Business Facilities

Lehi MLM draws criticism for continuing to do business in Russia,” Daily Herald
SAP and Cloudflare under fire for Russia presence,” Tech Monitor
Starbucks to close all 130 of its coffee shops in Russia,” CGTN
Starbucks says it is leaving Russia,” Restaurant Business
Companies leaving Russia cost 45% of national GDP,” Investment Monitor
Ukraine: les entreprises occidentales sous pression croissante pour quitter la Russie,” l’Opinion (France)
Sibur CFO O’Brien quits as sanctions decimate Russia’s foreign exec ranks,” Newsbase

May 27th, 2022

Russian Official Demands Putin End War, Gets Escorted Out of Meeting. He added, “We demand the immediate withdrawal of the troops of the Russian Federation.”

5.27.22 Newsweek link

Foreign companies exiting Russia echo the pressure campaign against South Africa’s racist apartheid system,” The Conversation

How To Avoid Groupthink In The Workplace,” Built In
Technology companies doing business, undisturbed, in Russia,” Royals Blue
Grandes empresas que han salido de Rusia desde el inicio de la guerra,” CNN Espanol
Daftar 27 Perusahaan Amerika yang Masih Beroperasi di Rusia Meski Invasi Ukraina Terus Berlanjut,” (Indonesia)

Tidak Peduli Perang, 27 Perusahaan Ini Tetap Beroperasi di Rusia,” Okezone News (Indonesia)
Importações para a Rússia em mínimos dos últimos 20 anos. Quase mil empresas já deixaram o país,” Executive Digest (Portugal)
Partir ou rester? Le dilemme cornélien des entreprises suisses en Russie,” Swissinfo (Switzerland)

May 30th, 2022

The Ukrainian Orthodox Church (UOC) has formally separated itself from Moscow Patriarch Kirill, a key ally of Russian President Vladimir Putin, amid Putin’s invasion of Ukraine in what one analyst calls a “huge blow to Putin…The idea of Putin unifying the Russian world, including Ukraine and other post-Soviet states, hinges on the idea that Russia is the center of Christianity and the center of the unique Eurasian civilization that the Russians believe is exceptional just like Americans think America is exceptional…Once the church splits, it takes the whole divinity idea out of it…Bottom line, the split punches a hole in Putin’s narrative that the Russians and Ukrainians are spiritually and ethnically one people and therefore Ukraine should not exist as a separate country.”


May 31, 2022

Sanctions against Russia risk exacerbating global famine, says new analysis,” Minneapolis Star Tribune
Where ‘Woke’ CEOs Are Falling Short,” Time
As war in Ukraine continues, it’s business as usual for many U.S. healthcare companies in Russia,” HealthExec
Ukranian protestors rally at Canva Sydney headquarters as company decides not to pull out of Russia,” Daily Mail (U.K.)
Starbucks se fue de Rusia: qué empresas estadounidenses siguen en el país tras la invasión a Ucrania,” La Nacion (Argentina)
Acerinox, Fluidra, Fuertes y Borges siguen en Rusia tras 92 días de guerra en Ucrania,” The Objective (Spain)

The EU will block most Russian oil imports as Hungary’s Orbán fights off a total ban

June 1st, 2022

Jeffrey Sonnenfeld, “Ukraine under attack: Potential ‘hunger hurricane,’” Emporia Gazette
Russian Exodus Puts Companies On Shaky Legal Ground,” Law360

Jeffrey Sonnenfeld, “CEOs are silent on guns. They must speak up in a ‘loud chorus’, Yale’s Jeff Sonnenfeld says,” CNN

Stay or go? The dilemma of Swiss companies in Russia,” Swissinfo (Switzerland)
Canva: Why billion-dollar Aussie company won‘t leave Russia,” (Australia)
Interesting times,” Virginia Business
Nokia mobile boss says Russia backlash could bring 5G gains,” Light Reading
Putin’s Next Sanctions Disaster: More Companies Keep Leaving Russia,” 19FortyFive
La fuga dalla Russia diventa un incubo legale: cause per 100 miliardi sulle imprese occidentali,” Notizie (Italy)
Le sanzioni alla Russia che funzionano,” Il Foglio (Italy)
Wirtschaft und Moral: Wie geht es weiter im Russlandgeschäft?,” (Germany)
Russland will Kontrolle über Konzerne, die das Land verlassen wollen,” Kurier (Austria)
Zachodnie firmy opuszczają Rosję. Władimir Putin: dzięki Bogu,” (Poland)
Deutsche Telekom: Warum sie bis heute an russischen IT-Experten hängt,” Handelsblatt (German)

June 7, 2022

Companies that exited Russia after its invasion of Ukraine are being rewarded with outsize stock-market returns, Yale study finds — and those that stayed are not,” MarketWatch
Yale study finds stock market rewarding companies that exited Russia,” The Hill
Marriott hotel chain suspends all operations in Russia,” The Hill
Companies That Have Ended Operations in Russia as of Mid-May,” 24/7 Wall St.

GM CEO Mary Barra reveals personal details in rare interview,” USA Today (PDF)

HP and Canva shut down Russian operations over Ukraine war,” Wide Format Online
Beleggers belonen bedrijven die Rusland de rug toekeren: ze doen het tot ruim 10 procentpunten beter op de beurs dan de achterblijvers,” Business AM (Belgium)
565 yabancı şirket Rusya ile ticari işbirliğini sürdürüyor,” Haberizlenim (Turkey)
Putin verbreitet Optimismus: Für Russlands Wirtschaft sieht es düster aus,” NTV (Germany)
Quitter la Russie, un choix payant pour les sociétés cotées jusqu’à présent,” BFM Bourse (France)
Bayer, Continental, Globus, Metro, Miele, SAP, Siemens: Wie deutsche Unternehmen ihr Russlandgeschäft rechtfertigen,” ChannelPartner (Germany)
Warum bleiben einige deutsche Firmen trotz Kritik in Russland?,” (Germany)
Les entreprises qui ont quitté la Russie après son invasion de l’Ukraine sont récompensées par des rendements boursiers démesurés – et celles qui sont restées ne le sont pas,” Crumpe (France)

Ukrainian President Volodymyr Zelenskyy fields questions from U.S. corporate leaders and CEOs during the Yale CEO Summit, moderated by Jeffrey Sonnenfeld, who’s a dean and professor at the Yale School of Management and a CNBC contributor.

June 8 – June 16th, 2022

Ikea puts Russian factories up for sale, plans job cuts,” CNBC
Reputational Concerns Mount as US Companies Reconsider Russia,” Bloomberg Law
Wienerberger to Sell Russian Business to Local Management,” MarketWatch

Corporate ‘Self-Sanctioning’ of Russia Has US Fearing Economic Blowback,” Bloomberg (PDF)
Buy Energy Stocks As The Ukraine War Fuels Inflation,” Forbes
Scots pension funds invest nearly half a billion in firms still doing business in Russia,” The Ferret (Scotland)
Russia is now a liability for Western companies,” MoneyWeek
Faced with wartime crises, WTO struggles to remain relevant,” Nikkei Asia
Engagement van merken en de grote vraag: wat wil de consument?,” Adformatie (The Netherlands)

De-arched former Moscow McDonald’s reopens without Big Macs,” The Washington Post
B2B Companies Take Action — To A Point — In Response To The War In Ukraine,” Forbes
Are some companies just pretending to leave Russia?,” Investment Monitor
De-arched former Moscow McDonald’s reopens without Big Macs,” The Indian Nation (India)

Three foreign fighters sentenced to death as Russia lashes out,” The Washington Post
 “Business Losses From Russia Top $59 Billion as Sanctions Hit,” Wall Street Journal
Restoran Pengganti McDonald’s akan Segera Buka di Rusia, Logo Baru Dipamerkan,” Tribune News (Indonesia)
Световните компании са изгубили над 59 млрд. долара заради дейността си в Русия,” Investor (Bulgaria)
Lasciare la Russia costerà 59 miliardi alle imprese occidentali,” (Italy)

Firmen lassen die Tür nach Russland einen Spalt breit offen,” Börsen-Zeitung (Germany)
Ukraine-Krieg: Firmen verlassen Russland nur zum Schein,” Die Welt (Germany)
Ukraine war casts shadow over China’s belt and road ties with Russia-led Eurasian trade bloc,” South China Morning Post
Ideia de congelamento de preços assusta empresas e mercado financeiro,” Estado de Minas (Brazil)
Cias globais já perderam US$ 59 bi por suas operações na Rússia e sanções,” Compre Rural (Brazil)

Rusko – business as usual,” SME Blog (Slovakia)
Firmen lassen die Tür nach Russland einen Spalt breit offen,” Börsen-Zeitung (Germany)
Trotz Schelte in Russland – Wirtschaft,” Badische Zeitung (Germany)

The international companies refusing to leave Russia,” Quartz
Kuleba: Pulling out of Russia morally right, profitable for business,” Ukrinform (Ukraine)
Taliban, Separatists and Lukashenko: Russia Kicks Off Diminished St. Petersburg Forum,” The Moscow Times
Boycotts, economic uncertainty plague St. Petersburg summit,” Arab News
Russia Ukraine war LIVE: Biden announces another $1 billion in military aid to Ukraine,” Republic World

Zelensky Offers CEOs Sobering Overview Of War’s Impacts,” Chief Executive
What sectors are doing the poorest job of leaving Russia?,” Investment Monitor
Telex: Semmi gond Oroszországban, csak 17 százalék az infláció, és visszatér a szovjet áruhiány,” Telex (Hungary)
Strategien für Unternehmen mit Russland-Business,” Trend (Austria)

Microsoft to curtail its Russian operations in a move that will affect about 400 employees: Bloomberg,” MarketWatch
Плюсы и минусы параллельного импорта. Чем нам грозит его легализация,” AllCio (Russia)
Estudo sugere que empresas que saíram da Rússia após invasão da Ucrânia estão sendo recompensadas no mercado de ações,” Cointimes (Portugal)

On President Volodymyr Zelensky’s live appearance at the Yale Chief Executive Leadership Institute’s CEO Summit:

Ukraine’s president urges American CEOs to throw their weight behind his country” (op-ed), Fortune
Zelenskyy calling,” CEO Daily (Fortune newsletter)

What Happened on Day 106 of the War in Ukraine,” The New York Times
Ukrainian President Zelenskyy takes questions from corporate leaders during Yale summit,” CNBC
President Zelensky Takes Questions for 1+ Hours From Journalists, CEOs,” Election Law Blog
Uniting the world around Ukraine will help protect democratic values – Volodymyr Zelenskyy,” Office of the President of Ukraine
Санкції – американські бізнесмени хочуть більше санкції проти Росії,” Pravda (Russia)
Congestion pricing on ice, again,” POLITICO
Uniting the world around Ukraine will help protect democratic values, – President Zelensky,” UATV (Ukraine)
Володимира Зеленського у США відзначили нагородою ‘Легенда лідерства’,” Povin (Ukraine)
Zelensky addresses the heads of corporations: ‘Leave Russian market and enter Ukrainian one,’” (Ukraine)
Zelensky calls on foreign companies to leave Russia and enter Ukraine,” Ukrinform (Ukraine)
Zelenskyy Took Part in ‘Yale CEO Summit,’” The Romania Journal (Romania)
Ukraine and Russia: What you need to know right now,” Financial Post via Reuters
RELACJA. 106. dzień wojny na Ukrainie,” Wpolityce (Poland)
Zelensky calls on investors to pursue long-term cooperation with Ukraine,” Interfax
Zelensky in the United States was awarded the ‘Leadership Legend’ award,” Mail BD

September 11, 2022



December 6th, 2022


Robb Mandelbaum

December 6, 2022 at 8:00 AM EST

Jeffrey Sonnenfeld woke up to a bit of encouraging news one day last summer: He was officially an enemy of the state. The Russian state, that is. A professor at Yale University’s School of Management, he had inserted himself into that country’s war with Ukraine by creating a global list of foreign companies that trade in Russia. Sorted by the extent to which businesses have retreated Russia since its invasion, the list assigns grades to almost 1,400 of them, from an A for complete withdrawal to an F for what Sonnenfeld calls “digging in.” His directory quickly became a cudgel against companies stubbornly holding fast and counting their rubles—and a long stick to poke the Russian bear. It’s also elevated a mild-mannered business professor famous in management circles into an unusually influential role in the campaign to bring President Vladmir Putin’s would-be resurrected Russian Empire to heel.

Now Sonnenfeld found himself among 25 American policymakers and academics added to a Russian “stop list” who are barred from entering the country. First Lady Jill Biden led the list, but Sonnenfeld notes, with a wry smile, that as the sixth name, “I’m higher than Mitch McConnell.”

Sonnenfeld is careful not to explicitly articulate a point of view on whether companies should stay in or leave Russia, but his work speaks for itself. “Our position isn’t overtly one about advocacy,” he says—just before acknowledging, with a slight laugh, that “it might subtly be so, when you’re listing companies and grading them.” In conversation, he calls the executives who’ve pulled out of Russia “courageous.”

In 45 years of investigating corporate management, Sonnenfeld has gone from observer to intermediary, bringing leaders from business, politics and other arenas together at his Chief Executive Leadership Institute and his frequent CEO conferences, for leaders in business and beyond. He convenes annual meetings for mayors and university presidents. He’s advised thousands of C-suiters over the decades across the spectrum of management challenges, yet he’s built his brand in social responsibility. After the Chinese government imprisoned journalist Rui Chenggang in 2014, Sonnenfeld pressed the dissident’s case with Chinese executives and leaders of the World Economic Forum.

“I did not know when I was in solitary confinement, or in the gulag,” says Rui, who served six-and-a-half years in prison. “But after I got back to Beijing, I learned that Jeff had the courage and integrity to demand answers on numerous occasions.”

Sonnenfeld played a pivotal role in organizing corporate CEOs to oppose Donald Trump’s attempt to claim victory in the 2020 presidential election. “I had maybe 30 CEOs trying to reach me at the same time,” he says. “Each one of them would think, ‘Well, you know, I am the CEO of the world’s second-largest media company, I think you’ll take my call’—except I had the No. 1 media company and the No. 3 already on the phone. I tried to merge them in, and I hit the limits.”

But in the days after Russia’s invasion of Ukraine, it was Sonnenfeld who reached out. He watched as US businesses started withdrawing from Russia and noticed an unconventional pattern. The first movers weren’t consumer brands sensitive to public sentiment but businesses with good reasons to stay—oil giants with complex local ties and huge sunk costs, tech companies wary of the political complications and professional firms that hate to offend their clients. “I just wanted to understand why they were doing it and what was likely to happen next,” he says.

After talking to a dozen CEOs, Sonnenfeld learned that professional and tech companies responded to employee pressure to take a stand over concerns about social responsibility. And oil company leaders could see starkly how their business would directly fund Putin’s war. But the execs fumed that the media hadn’t sufficiently acknowledged the difference between what they’d done and the companies that merely sent their thoughts and prayers to the Ukrainian people while clinging to the Russian market. “It’s demoralizing to the people who really put something at risk. Like, why bother?” says Sonnenfeld. “So we wanted to separate out the fraudsters.”

Sonnenfeld and his institute’s research director, a recent Yale grad named Steven Tian, immediately began sorting through the 500 largest US companies and checking for statements of intentions from those with Russian investments. “If companies said they were leaving, that was the next best thing to actually leaving,” Sonnenfeld says. “What was very damaging to Putin is the statement of disdain of companies saying, ‘We’re pulling out because of this war.’ ” It helped that Sonnenfeld, besides his expansive Rolodex, has a photographic memory and a talent for multitasking. “Even as he was teaching,” says Tian, “he literally kept on sending me emails like, ‘Do you think this company should be exiting Russia or not exiting Russia?’ ”

Around the beginning of March, just days after Russian troops poured across the border and Russian missiles assailed Ukrainian cities, Sonnenfeld posted online the first version of his list, naming a few dozen companies that had pulled out. By Sunday, March 6, the list had grown to 200 departing companies, and 30 that chose to remain in Russia. On March 7, Sonnenfeld published a commentary on that called out McDonald’s Corp. and several other prominent companies staying put—then singled out the fast-food giant again later that day in a two-minute riff on CNBC. The following day, McDonald’s announced it would temporarily close its 847 Russian locations and “pause” all operations in the country. In mid-May, it pledged to withdraw from Russia entirely, writing off about $1.3 billion in assets there.

On March 9 alone, almost 300,000 people discovered Sonnenfeld’s list. Dozens of volunteers were lining up to help him uncover foreign companies’ Russian connections: current students, graduates who’d burrowed into highly specialized sectors of finance, people he’d never met from Eastern Europe and Russia. Company insiders leaked information. The American property insurer FM Global, for one, found itself on the wrong side of the list partly because an employee sent Sonnenfeld the names of 192 of its Russian reinsurance clients.

Over the next two months, Sonnenfeld’s tally of companies went global, ballooning to more than a thousand, and became more nuanced, as Sonnenfeld realized that there were degrees to withdrawing—as well as ways to pretend to withdraw. Lawyer friends suggested that he add a “Buying Time” category for companies pledging little more than forgoing often-vague future investments in Russia, as FM Global eventually did, when it announced it would no longer write or renew reinsurance contracts for Russian insurers. (The insurer declined further comment.) In late March, when Sonnenfeld assigned the letter grades to each category, “Buying Time” became a D.

To date, the list has drawn almost 3 million unique page views—including some from C-suites. CEOs, says Sonnenfeld, like to know what other CEOs are doing; the list allows them to benchmark their actions in Russia against their peers’. Robert Zoellick, the veteran Republican economic hand and former World Bank president, says he admires Sonnenfeld’s work. “I tell business executives that they should pay attention to it—customers and employees do,” says Zoellick, now a senior counselor at global affairs consultant Brunswick Group. “I don’t know of anyone who has been critical.”

Journalists have mined the list to call attention to local companies or businesses in their trade that were persisting in Russia. Activists sympathetic to Ukraine have used the list to pressure executives at those companies.

A handful of companies have publicly challenged their place on the list. Early in April, for instance, newly anointed Hertz Global Holdings, Inc. CEO Stephen Scherr appeared on CNBC, where host Andrew Ross Sorkin asked him about Hertz’s F grade for operating at several Russian airports. Scherr disputed Sorkin’s characterization. “We have withdrawn,” he told the host, “and have not been taking reservations in Russia.”

Sonnenfeld promptly pulled Hertz from the “Digging In” category and moved it to Withdrawal, the A grade. That summer, he quietly arranged a meeting with Scherr. Sonnenfeld and his collaborators shared instances of Hertz’s former agent in Russia still using the company’s signature black-on-yellow logo and Hertz advertising on Russian websites uncovered by NewsGuard, the online misinformation tracker founded by Steven Brill and Gordon Crovitz.

Hertz spokeswoman Lauren Luster says the company had a very small presence in Russia, through a local rental car agency, before the invasion, and stopped advertising and taking reservations there on March 2. “We welcomed Mr. Sonnenfeld’s input,” she says, which “helped prevent the further, unauthorized use of the Hertz brand in Russia.”

Says Sonnenfeld: “The reason we keep turning the stone over, it has got to be right.” He claims that since the list was created, lawyers for 22 companies have sent threatening letters, but all backed down in the face of the evidence his team mustered.

In May, anticipating a different line of attack, this time from right-wing pundits who might accuse withdrawing CEOs of being “woke” at shareholders’ expense, the team began crunching numbers. They found that the markets quickly rewarded businesses announcing a Russia exit. Public companies tended to see their stock prices rise; their private counterparts paid less interest on new debt. “We had such a large database of 1,300 companies,” says Sonnenfeld, “we could show [it] without a lot of complicated statistical gymnastics. These companies made an announcement, and then right away something happened to their stock price.”

The researchers then examined the toll the business withdrawals and sanctions have taken on the Russian economy. They claim Russia’s commodity exports and imports of finished goods and components have all plummeted, devastating domestic production and consumption. Russian gas deliveries to Europe dropped by more than 60% from June 2021 to June 2022; by May, the country’s monthly motor vehicle production had fallen three-quarters from the previous May. Only a heavy-handed, and ultimately unsustainable, government intervention in the economy, they argue, has staved off complete collapse.

Today, Sonnenfeld has become a sort of unofficial ambassador for the sanctions regime. The analysis his team published in late July has been downloaded almost 100,000 times, making it the ninth most popular ever posted to SSRN, the giant academic research paper data bank, in its 28 years. Every week, Sonnenfeld accepts several invitations to speak to academic and elite economic and political organizations around the world, including the US Congress and State and Treasury Departments. In October, he hosted Volodymyr Zelenskiy at a videoconference at Yale. (This was the Ukrainian president’s second video appearance with Sonnenfeld; Zelenskiy accepted a “Legend in Leadership” award from Sonnenfeld’s institute in June.)

But Sonnenfeld has set his sights on other targets. After Saudi Arabia pushed OPEC to cut oil production in October—a move that he, like many other observers, believes is meant to prop up inefficient Russian production and prices—he began investigating US arms transfers to the kingdom. Two days after the decision, on a Friday night, Sonnenfeld persuaded Senator Richard Blumenthal of Connecticut and Representative Ro Khanna of California to jointly sponsor a bill to block those transfers for a year. Although both are Democrats, the men “never had one word in common with each other,” says Sonnenfeld. “I just said, ‘Look, I think you’re both interested in the same topic here.’ ” So he merged the two of them into a conference call.

The following Tuesday, Blumenthal introduced the legislation in the Senate.

February 1st, 2023


One year into the invasion, it is time to review whether these multinational businesses are really leaving Russia as they initially pledged to do – especially in light of recent, misleading headlines suggesting these 1,000+ companies are failing to follow through and/or turning their backs on their initial pledges. But even more importantly, it is also a pivotal moment to once again call out the western companies that inexplicably remain in Russia.


FEBRUARY 17, 2023

Video of Jeffrey Sonnenfeld on MSNBC discussing the success of the LIST:

FEBRUARY 21, 2023

The Wall Street Journal puts out a YALE CORPORATE HONOR ROLL list using the names from Yale University. These are the companies that, as of this date, have stopped making a profit in Russia. (click on the image)

February 24th, 2023, ONE YEAR since Russia invaded Ukraine.

March 2, 2023

NYTimes: Leave Russia? A Year Later Many Companies Can’t, or Won’t.

When Russia invaded Ukraine, a phalanx of Western companies pledged to get out fast from what had once been an important market. McDonald’s dismantled its golden arches after 32 years. The oil giant BP moved to divest its mammoth Russian investments. The French automaker Renault sold its factories for the symbolic sum of one ruble.

But a year into the war, hundreds of Western businesses are still in Russia, including blue-chip and midsize companies from Europe and the United States. They are doing business despite Western sanctions and boisterous boycott campaigns pressed by Ukrainian officials, consumers and human rights groups.

Some companies, facing accusations that they are helping finance Russia’s aggression, say they are staying because their customers need them. Among them is Auchan, one of France’s largest supermarket chains, which has kept its 230 stores in Russia open and says it intends to stay. The retailer has drawn the ire of the Ukrainian president, Volodymyr Zelensky, and recently faced fresh calls for a boycott after a report that Auchan’s Russian subsidiary supplied donated food to the country’s military.

Read the entire article here. (pay wall)

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