Over 550 global companies, many Europeans, are still doing business in Russia – Saudi Gazette

Over 550 global companies, many Europeans, are still doing business in Russia – Saudi Gazette

WASHINGTON — More than 550 international companies, many from Europe, are still doing business in Russia to a lesser or greater extent, defying public pressure to pull out of the country following the invasion of Ukraine, according to a new report by Yale University.

Out of these, 223 companies are considered to be operating “business as usual,” including prominent firms from Italy (Boggi, Benetton, Calzedonia), France (Clarins, Etam, Lacoste), Germany (Siemens Healthineers, B. Braun), and the Netherlands (Philips).

The “business as usual” list also features some well-known American firms, like Tom Ford, Tupperware and TGI Friday’s, as well as numerous Chinese enterprises, like Alibaba, Tencent and ZTE, and air passenger carries, like Emirates Airlines, Egyptair, Qatar Airways and Turkish Airlines

The numbers are compiled and regularly updated by an expert team from Yale University, which has been tracking corporate announcements since the war broke out in February 2022.

In total, the Yale database features 1,389 companies from all over the world, split into five categories:

• Digging in: 223 companies that are still doing “business as usual,” including the aforementioned firms.

• Buying time: 162 companies that have postponed future operations but continue doing “substantive business” in Russia.

• Scaling back: 170 companies that have scaled back