More than 1,200 multinational companies have curtailed or abandoned business ties with Russia, in the wake of Vladimir Putin’s invasion of Ukraine, shows data assembled by the Yale School of Management. Its authoritative list of businesses, updated weekly, plays a key role in the praising and shaming of companies that have, or have not, taken political action in Russia. 

Why does this matter? Beyond ethics, recent research shows that financial markets are rewarding companies for leaving Russia while punishing those that remain, with consumers taking a similar stance.

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Among the members of the G20, which brings together the world’s most politically and economically powerful countries, companies from Turkey, China and India have taken the least action in Russia, proportionally speaking. 

Turkey performs the worst, with all five of its businesses in Russia (such as Pegasus Airlines) still operating as usual. Next is China, with 41 of the 51 the country’s companies in Russia taking absolutely no action. In third place is India, with 13 of the 22 Indian businesses in Russia remaining unmoved. 

That said, ‘Western’ countries also feature highly in this ranking, with Italy, France, Germany and the US standing out (in that order). The difference, however, is that far more companies from Western countries have taken action, generally speaking, compared with the likes of Turkey, China and India. 

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Take France as an example, of the 73 French companies in Russia before the invasion, 48 have taken some form of action. In the US, of the 391 American businesses that were in Russia pre-invasion, 362 have curtailed their operations in the country to some degree. 

On the other hand, if one were to look at things in non-proportional terms, the picture is very different. With 29 US companies having still taken zero action in Ukraine, the US ranks as one of the worst offenders, in absolute terms, as per the above chart.