International companies that refuse to leave Russia — Quartz

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Vladimir Putin’s invasion of Ukraine triggered an unprecedented exodus of businesses from Russia.

Nearly 1,000 companies have left the country, according to Yale University’s extensive database. However, these data show that more than 400 large companies remain in the Russian market.

Here is an overview of some well-known international brands operating in Russia.

International food chains still serve Russia

Fast-food giant McDonald’s announced in May that it would leave Russia, selling all 850 establishments in the country. Starbucks also left Russia, closing its 130 cafes. Not everyone followed suit; a number of international food chains continue to do business in the country, including:

International clothing companies still in Russia

You won’t see Zara, Uniqlo or H&M in Russia anymore. However, a number of fashion and footwear brands have decided to stay, such as Capri Holdings, Versace’s parent company, Michael Kors and Jimmy Choo. Others include:

Which airlines still fly to Russia?

There are 11 airlines still flying to Russia, according to Yale’s dataset. They understand:

Other airlines, such as United and Qantas, have pledged to stop flying over Russian airspace.

International food companies continue to sell to Russia

At the start of the conflict, beer giants Heineken and Carlsberg withdrew from their operations in Russia. For Carlsberg, this meant giving up 10% of its total turnover. Canada’s McCain Foods has also suspended sales in the country. However, many other international food and beverage brands remain available, including:

Which tech companies continue to operate in Russia?

Tech giant IBM pulled out of Russia, laying off hundreds of employees in the process. IBM suspended operations earlier in the dispute, but kept staff on the payroll until recently. Apple is also gone and Microsoft is downsizing. Tech companies still in the Russian market include:

International banks still operate in Russia

A number of financial institutions have remained loyal to their activities in Russia. This includes US-based Patreon and Aegon in the Netherlands. As for banks still operating there, the list includes HSBC, one of the UK’s ‘big four’ banks.

Businesses operating in Russia face increasing uncertainty about Russia’s economic prospects as the conflict drags on. For companies that are no longer there, leaving has proven to be a good financial choice, according to a study on the Yale database published last month. Despite worries about lost revenue and asset write-downs, the equity gains have, for most companies, far outweighed the cost of exiting Russia.

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