McDonald's Corp., Coca-Cola Co., and Paypal Holdings Inc. are temporarily halting operations in Russia, joining a lengthening list of businesses that are cutting ties with the country or suspending activities there because of the fallout over the invasion of Ukraine nearly two weeks ago.

International sanctions, the closure of airspace and transports links due to the war, and the financial restrictions on SWIFT and capital controls have made it difficult, if not impossible, for many companies to supply parts, make payments, and deliver goods in Russia. Added to that, the potential international consumer backlash against any company perceived as helping Vladimir Putin's regime means that the exodus of corporations from Russia has become a stampede.

The rout reverses three decades of investment there by foreign businesses after the Soviet Union broke apart in 1991, especially in energy. Here are some of the biggest companies that have begun to untangle their connections or halted business dealings:

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.