10 More Major US Corporations Still Doing Business In Russia

The flow of U.S. companies exiting Russia has intensified as President Vladimir Putin’s military continues to lay waste to Ukraine.

But while more than 300 major companies have pulled the plug on their Russia-based endeavors, data compiled by the Yale School of Management finds more than a few prominent corporations still in Russia.

Since Benzinga first reported earlier this week on 10 major corporations doing business in Russia, eight of them have pulled out.

For your consideration, here are 10 more U.S. companies that chose to remain active in Russia.

Abbott Laboratories ABT: The Chicago-headquartered pharmaceutical company is remaining in Russia because, according to External Communications Divisional Vice President Scott Stoffel, “As a health care company, we have an important purpose, which is why at this time we continue to serve people in all countries in which we operate who depend on us for essential products, some life-sustaining.”

Cargill Inc.: This privately-held Minnesota-based agribusiness corporation announced Friday it would stop investments and scale back business activities in Russia, but offered no specifics.

"We will continue to operate our essential food and feed facilities in Russia," the company said in a statement. "This region plays a significant role in our global food system and is a critical source for key ingredients in basic staples like bread, infant formula and cereal."

Citigroup Inc C: This financial institution was trying to extract itself from Russia long before the Ukraine invasion, but it is trapped in a quagmire — efforts to sell its Russian consumer business is in limbo because the sole potential buyer, the Russian state bank VTB Bank, has been sanctioned by the U.S. government. Citigroup CFO Mark Mason lamented that the bank might need to write off nearly approximately $9.8 billion from its Russian exposure.

See Also: Goldman Sachs, JPMorgan Head For The Exits In Russia: Will Other Wall Street Firms Follow Suit?

General Mills Inc. GIS: The Minnesota-based package foods provider operates a joint venture in Russia with the Swiss-headquartered Nestlé S.A NSRGY called Cereal Partners Worldwide (CPW) that generated $118 million in sales for General Mills in 2021, which less than 1% of the company's total sales. A General Mills spokesperson stated CPW halted capital investment in Russia and "we will continue to be in close communication with Nestle as the situation unfolds."

Halliburton Company HAL: The Houston-headquartered oilfield services firm operates four offices in Russia. As of this writing, it has made no public comment regarding the Russian war in Ukraine or whether it would join other U.S. corporations in suspending operations in protest of the war.

Herbalife Nutrition Ltd HLF: This multi-level marketing corporation gets 3% of its revenue, or approximately $150 million, from sales in Russia. On Feb. 23, the day before Ukraine was invaded, Herbalife President John DeSimone answered an earnings call question about the region and stated while there was a risk in Russia, “the biggest risk is probably in the Ukraine, and it's not a material country to us.” The company has yet to make any further public comment on Russia.

Hyatt Hotels Corporation H: The Chicago-based hospitality company issued a statement that it was suspending “development activities and any new investments in Russia” as of March 9, stopped short of closing its five franchised Russian hotels while promising it was determining how best to support and care for our hotel colleagues and current guests in the country.”

Johnson & Johnson JNJ: The New Jersey-based pharmaceutical giant has four corporate offices in Russia and is remaining because, according to a press statement, “We remain committed to providing essential health products to those in need in Ukraine, Russia, and the region, in compliance with current sanctions and while adapting to the rapidly changing situation on the ground.”

Mohawk Industries MHK: The Georgia-based flooring manufacturer has been in Russia since 2011 and gets 4.3% of its revenue, or $400 million, from the Russian market. In 2019, the company opened a sheet vinyl production plant in Russia that is still running.

Subway: The privately-owned Connecticut-based sandwich shop chain has 450 franchise locations in Russia. While the company isn't ceasing operations in the country, a spokesperson reported Subway “will redirect any profits from operations in Russia to humanitarian efforts supporting Ukrainians who have been affected by the war.”