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Multinational Companies Who left Russia and Ones that Decided to Stay

Website Planet | Tom Read | May 24, 2022

Russia and Ukraine - Multinational Companies Who left Russia and Ones that Decided to StayList of all the companies that decided to leave Russia/stop business in Russia following the war // companies that decided to stay

Multinational companies can no longer ignore social and political issues. Their actions and policies must reflect the values of their customers.

See:  Ways you can help support Ukraine

We’ve compiled the most extensive list of multinational companies and their responses to the invasion. While some companies have been praised for their efforts, others have been justifiably accused of not doing enough.

This article will cover the companies that have left or partially left Russia, and those that stayed. We’ll provide regular updates to keep the information accurate and relevant, so make sure to check back in!

Finance

American Express

  • American Express stated that its payment cards would no longer work with Russian merchants and ATMs in a press release on March 6th.
  • American Express Chairman and Chief Executive Officer Stephen J. Squeri also stated that “cards issued locally in Russia by Russian banks will no longer work outside of the country on the American Express global network.”
  • Squeri said the company has “halted” its relationships with sanctioned Russian banks and added: “We are also suspending all business operations in Belarus.”
  • What’s more, Squeri highlighted American Express’ assistance to affected employees, its $1 million relief donation, and the company’s pledge to match colleague donations.

Goldman Sachs

  • Goldman Sachs was the first major Wall Street bank to cease business operations in Russia.   On March 10th, the financial firm said it was “winding down its business in Russia in compliance with regulatory and licensing requirements.”
  • A company spokesperson said: “We are focused on supporting our clients across the globe in managing or closing out pre-existing obligations in the market and ensuring the well-being of our people.”

ING: 

  • ING Group announced it would not take on new business with Russian entities in a March 2nd press release.
  • The Dutch bank’s Chief Executive, Steven van Rijswijk, said: “We strongly condemn the invasion of Ukraine, the devastating and heart-breaking impact it has on people’s lives, and the threat it poses to international stability and security.”
  • ING has offices and hundreds of employees throughout Russia and Ukraine. ING maintains that it is in close contact with those colleagues.

JP Morgan:  

  • JP Morgan is another US investment bank that’s leaving the Russian market. A company spokesperson stated that JP Morgan was “actively unwinding Russian business” and “[has] not been pursuing any new business in Russia.”
  • JP Morgan’s March 10th announcement highlighted that the company’s activities are “limited” in Russia. According to the statement, JP Morgan’s activities in the region include “helping global clients address and close out pre-existing obligations; managing their Russian-related risk; acting as a custodian to our clients; and taking care of our employees.”
  • JP Morgan had previously announced up to $5 million in donations for Ukraine relief organizations in a March 8th address.

London Stock Exchange Group

  • On March 3rd, the London Stock Exchange (LSE) Group temporarily barred trading in 27 Russian-linked companies, including Gazprom, Sberbank, and Lukoil.
  • Severstal is another major Russian company that’s blocked by the LSE. Russia’s richest man, Alexei Mordashov, owns the steel and mining corporation.
  • According to Reuters, LSE blocked any remaining Russian companies on March 4th “in order to maintain orderly markets.”

Visa

  • Visa Inc. Chairman Al Kelly said: “We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” in a statement on March 5th.
  • Visa announced it was pausing its services in Russia, including restricting Visa transactions in the nation. Russian-issued Visa cards no longer work outside of Russia, and Visa cards issued elsewhere won’t work within Russia.  “This war and the ongoing threat to peace and stability demand we respond in line with our values.”
  • Visa is also providing a $2 million grant to UNICEF, and double-matching employees’ charitable contributions up to $1 million.

Mastercard

  • In a press release on March 5th, Mastercard stated that it would halt support for Russian-issued cards, wherever they are used. Meanwhile, non-Russian Mastercards will no longer work with Russian merchants or ATMs.
  • Mastercard also highlighted its work helping affected employees and a $2 million donation to humanitarian relief organizations.
  • The company added that it wants to assist governments “to ensure the safety and security of the global payments ecosystem” while expressing a desire to one day “restore operations.”

Other Financial Companies Taking Action

  • Allianz is actively reducing its exposure to the Russian market 143
  • Adenza paused Russian business 144
  • Asian Infrastructure Investment Bank curtailed Russian access to capital markets 145
  • Assicurazioni Generali exited the Russian market completely 146
  • Bank of China diminished Russian access to capital markets 147
  • BlackRock reduced Russian access to capital markets 148
  • BNP Paribas curtailed access to capital markets for Russian entities149
  • Citi announced a phased exit from Russia 150
  • Commerzbank stopped new business in Russia and is winding down current transactions 151
  • Credit Suisse curtailed Russia’s access to capital markets 152
  • Deloitte exited the Russian market 153
  • Deutsche Bank is closing Russian business 154
  • EY exited its Russian operation 155
  • Fitch paused Russian business 156
  • HSBC reduced Russia’s access to capital markets 157
  • ICBC cut access to capital markets for Russian entities 158
  • Intercontinental Exchange diminished Russian access to capital markets 159
  • Moody’s suspended Russian operations 160
  • Nasdaq curtailed access to capital markets for Russian entities 161
  • New Development Bank halted Russia’s access to capital markets 162
  • Payoneer closed Russian accounts 163
  • PayPal suspended Russian business operations 164
  • Rabobank diminished Russian access to capital markets 165
  • Remitly Global blocked access for new users in Russia 166
  • S&P cut Russia’s access to capital markets 167
  • Societe Generale curtailed access to capital markets for Russian entities 168
  • State Street curbed Russia’s access to capital markets 169
  • Western Union suspended Russian business 170
  • Wise PLC paused its Russian partnership 171
  • The World Federation of Exchanges suspended its Russian members and affiliates 172

View full list of companies leaving or boycotting Russia due to the invasion of Ukraine --> here


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