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Russia-Ukraine war: Companies that have taken action against Russia

Brian Sozzi and Alexandra Semenova
14 min read

In This Article:

Editor's note: This article is no longer being updated, as of March 9, 2022. For our latest coverage of companies reacting to the Russia-Ukraine war read: Here are the companies still doing business in Russia undeterred.

All eyes are on Russia as the West’s growing docket of financial penalties deal a harder-than-expected blow to the country’s economy, challenging a decades-long effort by President Vladimir Putin to make the system sanction-proof.

To add to the economic blowback, Corporate America and a growing number of multinational companies have joined in protest of Moscow’s military attack on Ukraine, moving to sever business dealings with Russia or take a stand in support for Ukrainian refugees.

Measures by the U.S. and Europe, including a move to block some Russian banks from the SWIFT payment network and sanctions on the Central Bank of Russia, have already sent the ruble cratering and kept the Moscow Stock Exchange closed on Monday. A sharper economic fallout is underway, with JPMorgan warning the country is poised to enter a recession.

The repercussions for Russia's financial system, even in early stages and still widening, have already proved so consequential that Deutsche Bank strategist Jim Reid deemed recent events "a financial war."

JPMorgan was the first bank on Wall Street to make a bet on the economic fallout for Russia that could ensue, estimating the country's economy could contract 20% quarter over quarter, saar [seasonal adjusted annualized rate], in 2Q, and around 3.5% for the year.

"These sanctions will almost certainly hit their mark on the Russian economy which now looks headed for a deep recession and the imposition of capital controls," JPMorgan's team said.

Here are a host of big-name companies that have taken action so far:

Starbucks

Coffeehouse Starbucks Corp. (SBUX) said it is upending all business activity in Russia, including shipment of its products and suspension of cafe operations.

Yum Brands

KFC and Pizza Hut parent company Yum Brands Inc. has "suspended all investment and restaurant development in Russia" as it continues to assess options. Russia has been a key market for the fast-food conglomerate, which has at least 1,000 KFC locations and 50 Pizza Hut locations in the country, largely operated as independent franchisees.

McDonald's

McDonald's Corporation (MCD) said the U.S.-based fast-food giant will temporarily close all 850 restaurants in the country and pause operations in its Russian market, heeding to growing criticism over its silence on the conflict even as other multinational companies have severed ties with the nation.

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