a Corporate immigration from Russia In response to its military invasion of Ukraine, more than 300 American and multinational companies have cut business ties with the country – and the list is growing by the minute.
But even as many fled, a number of big-name companies remained silent.
Among them are US consumer favorites including Dunkin’ Donuts, Subway and Mondelez (MDLZ). Giant Marriott Hotel (March) in the list of companies that have not suspended or reduced their exposure to the Russian market.
Since President Vladimir Putin’s war on Ukraine began on February 24 – which has so far resulted in 2 million refugees and over 1,000 civilian casualties recorded United nations – About 330 companies have withdrawn from Russia in protest against the Kremlin as of March 10, according to a List compiled by Yale University professor Jeffrey Sonnenfeld and his research team. However, 39 of them are still operating in the country despite mounting pressure to take action.
Dunkin’ Donuts operates 150 locations in Russia, according to research by Sonnenfeld and colleagues, while Subway has 446 locations in the country. Mondelez, the American multinational food and beverage company – the parent company of brands such as Oreo, Ritz and Chips Ahoy! – It has a larger footprint in the country that it has not given up yet. Mondelez generates about 3.5% of its revenue from Russia, or about $1 billion.
Meanwhile, Marriott International gets 4.3% of its revenue, or about $440 million, from Russian operations, according to Sonnenfeld data.
The list remains choppy, but publicly traded US companies that have failed to stop operating in Russia include cosmetics company Coty Inc. (kotie), the pharmaceutical company AbbVie (ABBV), and the cloud computing company Citrix (CTXS).
After increasing pressure, Burger King, which has more than 800 franchise locations across Russia according to Sonnenfeld research, The newest fast food restaurant has become a stop All corporate support for the Russian market in response to the war, parent company Restaurant Brands International (QSR) said Thursday.
“We serve millions of Russian customers daily who rely on McDonald’s,” McDonald’s CEO Chris Kempczynski said in a statement on Tuesday. “At the same time, our values mean that we cannot ignore the needless human suffering unfolding in Ukraine.”
According to a new research note from MKM Partners, McDonald’s is suspending its operations in Russia It would cost the company $50 million per month.
Sonnenfeld’s list It can be found here and is updated every hour To reflect new ads from companies in real time.
“When this list was first published on February 28, only dozens of companies announced their departure,” he said on the website.
Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter Tweet embed
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