(NEXSTAR) - Amid Russia's ongoing attack against its Ukrainian neighbor, many Western businesses have voluntarily joined the effort to strip Russian President Vladimir Putin of financial resources – but others have declined to join the protest.
To help keep track of where businesses stand in Russia, Yale University professor Jeffrey Sonnenfeld and his research team created two running lists – one with over 200 businesses that have changed their dealings with Russia, and a shorter one showing the businesses that haven't.
"Despite the cost of abandoning major investments and the loss of business, there is a strong reputational incentive to withdraw," Sonnenfeld wrote in an article for Fortune. "Companies that fail to withdraw face a wave of U.S. public resentment far greater than what they face on climate change, voting rights, gun safety, immigration reform, or border security."
Three major U.S. companies that were working with Russia as usual – McDonald's, Starbucks and Coca-Cola – all suspended business Tuesday amid mounting pressure.
As of Wednesday morning, these are the companies remaining in Russia with significant exposure:
- Abbott Labs
- AbbVie
- Accor
- AmerisourceBergen
- Arconic
- Bridgestone Tire
- Bunge
- Cargill
- Caterpillar
- Citi
- Citrix
- Coty
- Cummins
- Deere
- Dow
- Fast Retailing/Uniqlo
- Ferragamo
- Greif
- Grupo Bimbo
- Herbalife
- Hilton
- Hyatt
- Intercontinental Hotels
- Kimberly-Clark
- Logitech
- Marriott
- Mars
- 3M
- Mohawk Industries
- Mondelez
- Nestle
- Otis Worldwide
- Papa John's
- Philip Morris
- Pirelli
- Timken
- Whirlpool
"In the days since we initially published our list, many of the 'remain' companies have responded to public backlash and decided to withdraw, and we are continuously revising our list to reflect these decisions as they are made," the research team at the Yale Chief Executive Leadership Institute stated in a news release.
On Tuesday, President Joe Biden acknowledged the actions of private businesses while announcing that the U.S. would ban Russian oil imports, and vowed to strike a "powerful blow" against Russia's finances.
"Major companies are pulling out of Russia entirely, without even being asked – not by us," Biden said. "Over the weekend, Visa, Mastercard, American Express – they all suspended their services in Russia. All of them."
On Tuesday Biden announced a ban on oil imported from Russia, where the sanctions are already being felt – the ruble has fallen more than 40% against the dollar since the year began, a slide that accelerated during the Ukraine offensive, according to Reuters.
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