Several multinationals have stayed despite public blowback, and experts say they are running out of time to protect their assets and reputations.
But for the dozens of companies that remain in Russia, it’s getting increasingly difficult to leave, experts say.
Korean automaker Hyundai announced Friday it had suspended operations at its factory in St. Petersburg. But sales may continue at independent dealerships in Russia, Sonnenfeld said.LG Electronics said in a statement that it was “deeply concerned for the health and safety of all the people who are suffering during this period of conflict, but did not say whether the company would change its business practices in Russia.
Although Goldman Sachs says it will “wind down” its business in Russia, its statement announcing the pullout left open the possibility that some clients might choose to “manage” their preexisting obligations there as opposed to closing them out. Subway and Burger King have both said they don’t actually own any of their Russian stores, which are owned and operated by local franchisees. In both cases, the stores are managed by an independent “master franchisee.”Restaurant Brands International, the U.S.-based corporate entity behind Burger King, has taken steps to cut off corporate support for its franchisees but has made no move to close them.
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