400 Companies Have Withdrawn from Russia—But Some Remain - Yale School of Management

Since the invasion of Ukraine began, 400 companies have announced their withdrawal from Russia—but some companies have continued to operate in Russia undeterred. 

Originally conceptualized as a simple "withdraw" vs. "remain" list, our list of companies now consists of four categories: 

1) WITHDRAWAL - Clean Break: companies completely halting Russian engagements; 

2) SUSPENSION - Keeping Options Open for Return: companies temporarily curtailing operations while keeping return options open; 

3) SCALING BACK - Reducing Activities: companies scaling back some but not all operations, or delaying investments; 

4) DIGGING IN - Defying Demands for Exit: companies defying demands for exit/reduction of activities 

Download the list by clicking here. (make sure to "download" the file from Box as an excel document rather than "previewing" for best file quality) 

The list is updated continuously by Jeffrey Sonnenfeld and his research team at the Yale Chief Executive Leadership Institute to reflect new announcements from companies in as close to real time as possible. 

Our list has already garnered extensive coverage for its role in helping catalyze the mass corporate exodus from Russia. 

When this list was first published the week of February 28, only several dozen companies had announced their departure.

Hundreds of companies have withdrawn in the days since, and we are humbled that our list helped galvanize millions around the world to raise awareness and take action.

Although we are pleased that our list has been widely circulated across company boardrooms, government officials, and media outlets as the most authoritative and comprehensive record of this powerful, historic movement, we are most inspired by the thousands of messages we have received from readers across the globe, especially those from Ukraine, and we continue to welcome your tips, insights, and feedback. 

Please refer to Jeffrey Sonnenfeld's insights and commentary below on why our work matters. 

Click here to read Jeffrey Sonnenfeld's related Fortune commentary on why the business retreat from Russia matters. 

Click here to view Jeffrey Sonnenfeld's related PBS NewsHour appearance on how business blockades and sanctions pressure Putin by crippling Russia's economy. 

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400 Companies Have Withdrawn from Russia—But Some Remain - Yale School of Management
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