BRIAN SOZZI: Corporate exodus from Russia in response
to its military invasion of Ukraine
has seen more than 300 US and multinational companies sever
business ties with the country, according
to Yahoo Finance analysis.
But even as many flee, a number of big name firms
have remained mum.
Yahoo Finance's Alexandra Semenova has more on this.
Alexandra.
ALEXANDRA SEMENOVA: Well, Brian, Russia's invasion of Ukraine
has sparked a new wave of corporate activism.
When you and I started putting together a list of companies
that were severing business ties with Russia,
it was just a handful of names about two weeks ago.
And in this short period, about 300
US and multinational companies have
withdrawn from Russia's market.
And that list seems to be growing by the minute.
But even as many flee, some companies have stayed silent
and are continuing to do business as usual
in Russia's market.
Some of the big ones include Marriott International,
with about 10 hotels in Russia, the cloud computing
company, Citrix System--
Systems.
And Mondelez, which is the maker of brands like Oreos and Chips
Ahoy, has scaled back some of its business,
but still has exposure to its business in Russia.
This is according to a list compiled by Professor Jeffrey
Sonnenfeld of the Yale School of Management,
who is keeping tabs on this changing list,
along with his research team, and updating it hourly.
We're seeing more of the big names that were initially
on the docket of companies with exposure to Russia
actually bowing to increasing pressure
and withdrawing from the market.
Just about 10 minutes ago, we received a statement
from Dunkin' Donuts that told us that the company
has suspended all current development
and business in Russia.
Dunkin' has about 20 franchised locations in Russia
operated by locals there.
One of the big ones yesterday, too,
was Japanese fashion retailer Uniqlo, which made a big U-turn
after initially defending its decision to keep
its shops in Russia open.
Burger King, which is about 800 locations in the country,
came in a bit late to the party yesterday as well.
And the situation remains very fluid.
And it's changing by the hour as more and more
companies bow to the pressure that is
growing for them to pull out.
Brian, Julie.
BRIAN SOZZI: I think this story has ballooned to about
a 9,000-word story so far-- probably
hit 10,000 plus very soon.
Alexandra Semenova, good to see you.