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Since early 2022, Russia and Belarus have been boycotted by many companies and organizations in Europe, North America, Australasia, and elsewhere, in response to the Russian invasion of Ukraine, which is supported by Belarus. As of 2 July 2022[update], the Yale School of Management recorded more than 1,000 companies withdrawing or divesting themselves from Russia, either as a result of sanctions or in protest of Russian actions.[1] Ukrainian National Agency on Corruption Prevention maintains a list called International Sponsors of War that includes companies and individuals still doing business with Russia.[2]
Overview
The majority of countries which sanctioned Russia following its 2014 annexation of Crimea began imposing additional sanctions to punish Russia for invading all of Ukraine — a move for which Russian President Vladimir Putin had long prepared.[3] Many companies were not impacted by sanctions against Russia but ruled in favor of cutting ties with the country either due to the public pressure or in protest of the Russian government's actions, or both.[4][5] Ukrainian institutions have stated that the need for these measures is urgent.[6]
The response can be broadly divided into a "cultural boycott", aimed at amplifying the international condemnation of the invasion, and an "economic boycott", which is designed to make the war effort less sustainable.[7][8] As a result of the latter, several commentators have warned of an unprecedented economic collapse in Russia's future, citing a 30% drop in the ruble's value, a 20% rise in interest rates and a 1% GDP expansion down from 1.7%.[9] Analyses by multiple firms project year end GDP contraction of at least 5% and inflation of 15%.[10] Some of the most critical blows to Russian infrastructure have been the loss of access to the SWIFT payment system and limitations on Russia's ability to export oil.[11] US Senator Bernie Sanders has stated that this crisis should influence energy policy more broadly in order to deter "authoritarian petrostates".[12] While Shell plc has been noted for relinquishing its stake in Gazprom, it was also criticised for buying a cargo of discounted Russian crude oil.[13] The next day, following public outcry, Shell defended the purchase as a short term necessity, but also announced that it intends to reduce such purchases and put the profits from them into a fund that will go towards humanitarian aid to Ukraine.[14] As of 10 March, half of the ten largest international companies with business ties to Russia announced that they are withdrawing or closing their operations; and the number of companies that have done so is over 300.[15]
Some of the largest snack and fast food companies have faced criticism for continuing to do business in Russia and Belarus.[16][17][18][19][20] Anthony Pompliano has defended cryptocurrency trading platforms for not participating in the boycott, stating "there is an incredible amount of inhumanity that goes into the decision to cut off the average citizen from the global financial system. What was their crime?"[21] Critics of the Israeli government have pointed out that several American politicians who support isolating Russia economically previously campaigned for and passed anti-BDS laws punishing boycotts of Israel.[22][23][24]
The cultural side of the boycott has focused on reducing the number of entertainment products available to people in Russia. These include films and albums but also live televised events that are hosted in Western countries.[25] Yasmeen Serhan has commented that nationalistic sentiment, which has historically benefited Putin's regime, will be undermined by Russia's exclusion from sporting events.[8] The banning of Russia and Belarus from the Olympics has drawn comparisons to the athletic boycott of apartheid South Africa. According to Olympic historians David Wallechinsky and Bill Mallon, the decision can be considered a turning point when compared to past leniency over the state-sponsored doping programme in Russia or the attempted abduction of Krystsina Tsimanouskaya by Belarus.[26][27]
In addition to cancelling planned appearances in Russia, several entertainment organisations with Russian members began to scrutinise their past support for Putin. Some of these celebrities refused to condemn the war but others lost their contracts because they did so without mentioning Putin by name. A statement by Alex Ovechkin, for example, called for peace in general and mentioned that his family members in Russia were also in danger.[28] However, Czech former Detroit Red Wings and Ottawa Senators goaltender Dominik Hašek responded to Ovechkin and criticized him for his past support of Putin, stating "What!? Not only an alibist, a chicken shit, but also a liar!", while also calling on the NHL to suspend all Russian players.[29] One musician who referred to his family's safety when condemning the war was Alexander Malofeev. The Vancouver Recital Society, which had begun requiring this of all Russian performers, responded that Malofeev's statement was not sufficient to allow his concert to go ahead.[30]
Despite ongoing sanctions, 47 of the world's biggest 200 companies still have not left Russia, particularly energy companies remain invested there. U.K. energy giant Shell and Japanese trading firms Mitsui and Mitsubishi hold double-digit stakes in the Sakhalin-2 oil and natural gas project. On July 1, 2022, Putin signed a decree to allow the government to seize the Sakhalin-2 oil and natural gas project but further attempts to formally nationalize the assets of international firms were paused when the bill did not make it through the State Duma before the 2022 summer recess. According to Western analysts, remaining companies have experienced expropriation and nationalization pressures, but officially Russia has denied that it is interested in such actions. In August 2022, Russia's trade and industry minister Denis Manturov stated, "we are not interested in the nationalization of enterprises or their removal.”[31][32]
Boycotting companies and organisations
Banking and finance
| Company or organisation | Industry | Country | Actions | Date | Ref. |
|---|---|---|---|---|---|
| Abrdn | Financial services |  United Kingdom
|
Abrdn announced it will reduce its holdings in Russia and Belarus. | 1 March 2022 | [33] |
| Alaska Permanent Fund | Sovereign wealth fund |  United States
|
After pressure from Alaskan legislators, the Alaska Permanent Fund announced it will not purchase any new Russian securities and will look to divest its Russian portfolio, consisting of US$63m in fixed income, US$153m in public equities and US$2.7m in private equity. | 10 March 2022 | [34][35] |
| American Express | Payment systems | United States
|
American Express announced it had suspended all operations in Russia. All American Express cards will not work at merchants or ATMs in Russia and cards issued by Russian institutions will not work outside of the country. American Express stated its business in Russia is "small". | 6 March 2022 | [36] |
| Apple Pay | Online payment systems | United States
|
Apple Pay stopped working in Russia due to sanctions on Russian banks. In 2020, 20% of Russians were using Apple Pay. | 26 February 2022 | [37][38] |
| Asian Infrastructure Investment Bank | Banking | Asia | The Asian Infrastructure Investment Bank (AIIB) stated it had put all activities relating to Russia and Belarus "on hold and under review." | 3 March 2022 | [39][40] |
| Australian Future Fund and NSW Generations Fund | Sovereign wealth fund |  Australia
|
Australia's Future Fund announced it would dump all Russian assets, worth A$200m, while the New South Wales government would dump A$75m of Russian assets from its NSW Generations Fund. | 28 February 2022 | [41][42] |
| Australian Retirement Trust | Superannuation | Australia
|
The Australian Retirement Trust announced it would dump A$133m in Russian assets. | 3 March 2022 | [43] |
| AustralianSuper | Superannuation | Australia
|
AustralianSuper announced it would dump its A$175m portfolio of Russian assets as quickly as possible. | 4 March 2022 | [44] |
| Aware Super | Superannuation | Australia
|
Aware Super announced it would dump its A$50m Russian investment portfolio. | 1 March 2022 | [45] |
| Cbus | Superannuation | Australia
|
Cbus pledged to divest from Russian assets as soon as possible. | 1 March 2022 | [46] |
| Coinbase | Cryptocurrency | United States
|
Coinbase blocked 25,000 wallets belonging to sanctioned individuals. It also stated the use of "sophisticated blockchain analytics" to identify accounts indirectly linked to banned users. | 7 March 2022 | [47] |
| Colonial First State | Superannuation | Australia
|
Colonial First State announced it would divest its Russian exposure, which made up 0.1% of its total funds. | 3 March 2022 | [48] |
| Goldman Sachs Group Inc | Financial services | United States
|
Goldman Sachs Group Inc is winding down its business in Russia in compliance with regulatory and licensing requirements. | 10 March 2022 | [49] |
| Google Pay | Online payment systems | United States
|
Google Pay stopped working in Russia due to sanctions on Russian banks. In 2020, 29% of Russians were using Google Pay. | 26 February 2022 | [37][38] |
| Government Employees Superannuation Board | Superannuation | Australia
|
Western Australia's Government Employees Superannuation Board (GESB) stated it would reduce its exposure to 20 Russian companies, including Gazprom, Rosneft, Sberbank and Lukoil. | 3 March 2022 | [50] |
| Government Pension Fund of Norway | Sovereign wealth fund |  Norway
|
The Government Pension Fund of Norway announced it will divest its Russian assets from 47 companies, including Sberbank, Gazprom and Lukoil, worth 25 billion crowns in 2021. However, it later stated its value is likely worth only 2.5 billion crowns and they were "pretty much written off". | 27 February 2022 | [51][52] |
| Gunvor | Commodities trading |  Switzerland
|
Gunvor announced it had already sold all of its Russian assets but would review its minority, non-controlling stake in Ust-Luga Oil Products terminal. | 4 March 2022 | [53] |
| HESTA | Superannuation | Australia
|
HESTA announced it had sold Russian assets from its Sustainable Growth super fund and it does not intend to reinvest in Russian sovereign bonds and other Russian assets in the future. | February 2022 | [54] |
| Hostplus | Superannuation | Australia
|
Hostplus confirmed it would offload its A$10m in Russian assets. | 4 March 2022 | [55] |
| JCB Co., Ltd. | Payment systems |  Japan
|
JCB announced the suspension of all its services in Russia. | 8 March 2022 | [56] |
| JPMorgan Chase | Financial services | United States
|
JPMorgan Chase announced it was actively unwinding business and would not pursue any new business in Russia. JPMorgan had fewer than 200 employees located in Russia. | 10 March 2022 | [57] |
| Legal & General | Financial services | United Kingdom
|
Legal & General announced it will reduce its holdings in Russian assets, stating that 0.1% of its assets under management were Russian. | 1 March 2022 | [58][59] |
| Mastercard | Payment systems | United States
|
Mastercard blocks transactions linked to multiple Russian institutions on 1 March. It further announced on 5 March that all cards issued by Russian banks will not work anywhere inside or outside of Russia, at Russian merchants and ATMs. Russia made up about 4% of Mastercard's net revenue for 2021. | 1 March 2022 | [60][61][62] |
| National Employment Savings Trust | Government pension scheme | United Kingdom
|
The National Employment Savings Trust told its fund managers to sell all existing Russian shares and government bonds as soon as possible and pledged not to buy any more. | 1 March 2022 | [63][64] |
| New York State Department of Financial Services | Government regulatory body | United States
|
New York Governor Kathy Hochul signed an executive order on 27 February, directing all New York State agencies and authorities to review and divest public funds from Russia. On 2 March, the state's Department of Financial Services expedited the procurement of blockchain analytics technology, allowing it to detect exposure of virtual currency businesses to sanctioned individuals. | 27 February 2022 | [65] |
| PayPal | Online payment systems | United States
|
PayPal stopped accepting new users from signing up to PayPal in Russia and blocked transactions by some users and banks in Russia as of 2 March. On 5 March, it shut down its services in Russia. | 2 March 2022 | [66][67] |
| Paysera LT | Payment systems |  Lithuania
|
Paysera announced it will no longer accept transactions in rubles, close Russian accounts, and restrict money transfers to and from Russian banks. | 24 February 2022 | [68] |
| Remitly | Payment systems | United States
|
Remitly suspended all money transfers to Russia in February 2022. | 28 February 2022 | [69] |
| Revolut | Financial services | United Kingdom
|
Revolut blocked payments to Russia and Belarus, and halted its support for transfers to or from parties in Belarus. | 4 March 2022 | [70] |
| Trafigura | Commodities trading |  Singapore
|
Trafigura froze all Russian investments, including its share in Rosneft led project Vostok Oil. | 2 March 2022 | [71] |
| Visa | Payment systems | United States
|
Visa announced they have suspended all operations in Russia, including disabling all cards issued by Russian banks from being used outside of Russia, and all cards issued outside of Russia from being used within Russia. Russia made up about 4% of Visa's net revenue for 2021. | 3 March 2022 | [72][73] |
| Western Union | Financial services | United States
|
Western Union stated it will suspend operations in Russia and Belarus. | 10 March 2022 | [74] |
| Wise | Payment systems | United Kingdom
|
Wise suspended all money transfers to Russia after limiting daily transfers to £200. However, their website still provides a rouble exchange rate estimate for reference. | 28 February 2022 | [69] |
| World Bank | Banking | International | The World Bank announced it had stopped all programs in Russia and Belarus. It also stated it had not approved any new loans or investments to Russia since 2014 and Belarus since mid-2020. | 2 March 2022 | [75][76] |
Other
- The Church of England announced on 25 February it will sell £20m in Russian holdings held by its Church Commissioners and the Church of England Pensions Board. The church also said it would not make any further investments in Russia, calling it an "immoral flood of corrupt money".[77]