Not all western companies are joining the corporate exodus from Russia.
Firms including PepsiCo, McDonald's and Uniqlo are refusing to join the exodus of western firms from Russia, risking a backlash from investors and politicians.
Stores there run by Japan’s Uniqlo are set to stay open. Company boss Tadashi Yanai says clothing is a basic necessity. However, the decision makes the firm part of a small band of big brands that are staying put and braving a possible backlash from investors and politicians.
McDonald’s and PepsiCo say they will continue to operate in Russia. That prompted New York’s state pension fund, a major investor in both, to urge a rethink.
France’s TotalEnergies is another to swim against the tide. It has stopped providing capital for new projects, but isn’t pulling out altogether. That contrasts with rival oil giants like BP and ExxonMobil, which have announced a pullout.
Meanwhile, dairy company Danone has suspended investment in Russia, but said it would keep selling baby food and other products.
Companies that do stick around are likely to face mounting pressure to rethink.
Last weekend saw a fresh string of western firms making the opposite decision.
Netflix, American Express and accounting firms such as KPMG are among the latest to head for the exit.