In the six months since Russia invaded Ukraine, around 300 global companies have exited the Russian market, and another 700 have halted new investments and projects, or curbed operations in the country.
Western firms from the U.S. and Europe dominate the long list, which includes banks Citi and Goldman Sachs, apparel brands like Burberry and Adidas, and technology giants like IBM, Intel, Snap and Twitter, according to research from the Yale School of Management.
The large-scale corporate exodus, alongside tough western sanctions, has devastated the Russian economy—reversing decades of foreign investment and cooperation—despite the Kremlin’s continued petrodollar inflow and its insistence that Russia is faring just fine.
But not all global companies have retreated from the country. Around 47 of the world’s 200 biggest companies are still doing business in or with Russia…
Image by Дмитрий Осипенко from Pixabay
