Moral Rating Agency

Who is still
supporting

RUSSIA

Boycotting Russia isn’t black and white. Western companies are playing games in Shades of Red. Many of them claim they have cut ties with Russia but in fact continue with some activities or fail to follow through with promises. Many are just Moralwashing. The devil is in the detail — quite literally, in this case.

The Good, Bad and Ugly

Indelible Ledger of 5-dimension moral ratings of top global corporations’ response to the invasion of Ukraine

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BforBank

Rated as its parent Credit Agricole

France

Associated brands: Credit Agricole, Amundi, IDIA Capital Investment, LCL, SODICA Corporate Finance

Laggard Half-hearted with great Attitude

'Laggard' for a 0 to 5 Speed Score; 'Half-hearted' for a 5 to 6 Degree Score; 'with great Attitude' for a 6 to 10 in Attitude Score.

Pre-invasion Status

1.0

De minimus Exposure

Potential sacrifice

1.0

De minimus Power

Potential economic impact

Post-invasion Events

6.0 Degree

What?

3.0 Speed

When?

8.0 Attitude

How?

On 2 March, CA stopped "new" financing to Russian companies and "all commercial activity in Russia". On 22 March, it suspended all Russian operations. It expressed its solidarity since "the very first day of the war", which it dedicated to "the population of Ukraine", whom it called "victims of the war".

Date of Announcement: 22 March 2022

Our Moral Verdict

CA was unique in a depressing group of Western banks mostly doing the very minimum, some simply complying with sanctions or with amended sanctions enacted to close the very loopholes they were slipping through. Investment banks such as Goldman Sachs and JPMorgan made open-ended commitments with words like "winding down" or "no new business". By contrast, CA said it is actually suspending its business in Russia.

This may look like semantics, but the devil is in the detail with these statements and every word means a different thing: CA closed in Russia while others still operated with excuses or carve-outs.

Moreover, CA was the only Denouncer in the pack, slightly blemished in its enthusiasm by making a strange comment about being in solidarity since “the very first day of the war’, which makes us wonder why it didn’t say so at the time. That said, using words like “victims” won’t make it likely Putin is going to welcome CA back to Russia anytime soon, which is why our rating methodology gives points for words. By contrast, its US banking peers were either Cowards or Mealy-Mothers when it came to describing the elephant in the room. CA also made the best donation among the peer group relative to its profits. The combination of Denouncer statement and generous donation earned it the highest score possible for Attitude.

We are pleased with CA, but it has the chance to put even more distance between itself and the American banks – by finishing the job and getting out completely, while they are still trying to get to the first milestone of ceasing working with existing customers. CA should not, however, rest on its laurels of being the best of a bad lot.

Rating as of: 22 March 2022

BinaxNOW

Rated as its parent Abbott Laboratories

USA

Associated brands: Abbott Laboratories, Ele Care, Similac, Zone Perfect, Amplatzer Piccolo Occluder, Alinity, Cardiomems, Confirm Rx, Ensure, FreeStyle Libre, Gallant ICD, Glucerna , Heartmate, i-STAT, Juven, MitraClip, Pedialyte, PediaSure, Proclaim DRG

Laggard Faint-hearted Seriously-exposed with Power

'Laggard' for a 0 to 5 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'Seriously exposed' for a 4 to 10 Exposure Score;'with Power' for a 4 to 10 in Power Score.

Pre-invasion Status

5.0

Average Exposure

Potential sacrifice

9.5

Extreme Power

Potential economic impact

Post-invasion Events

1.0 Degree

What?

4.0 Speed

When?

5.0 Attitude

How?

Abbott has three laboratories and manufacturing facilities in Russia. It also exports products to the country. On 4 March, the company said it "condemns the war and violence in Ukraine". At the same time, it said it would give financial support to Ukraine.

On 14 March, Abbott made the Announcement that they would be “suspending non-essential business activity in the country, including new investments, business developments and advertising”. They added that healthcare products are “generally exempt from sanctions for humanitarian reasons”.

Date of Announcement: 14 March 2022

Our Moral Verdict

It seems like Abbott and J&J have the same PR firm, or at least announced their very Partial withdrawals from Russia in the same way.

The model seems to work like this. Make an initial statement that reacts in shock to the invasion (both companies did so on 4 March). Say how terrible it is (both companies condemned the war in one way or another, getting Denouncer points from us). Make donations to Ukraine (which they both did). Then, think for a while about what they really should do. Abbott waited ten days versus J&J's three weeks. Otherwise, the actions were similar. Both continue to do business unless the products are deemed non-essential in some words by the company benefitting. Both are Confused Humanitarians. Both also said they would not make new investments, which we classify as Red Herrings because, in these times, it's hardly likely any Western company would pour money into Russia, and it has nothing to do with withdrawing from concrete business.

Like J&J, Abbott's initial generous donation, in the absence of any action, earned it a Do-gooder-do-badder classification. Its initial Denouncer words get the company a Big Talker classification for not putting its money where its mouth is. To make matters worse, when we consider what suspending "non-essential" products means in practice, it may be more of a non-event. The range – including nutritionals, vascular devices, diabetes car, vision care and pharmaceuticals – could all be argued to be essential depending on the definition used and its application. Indeed, we could not identify which of Abbott's products are still on the table. We also spotted no statement about how the non-essential cut would impact the company’s three factories in Russia or its approximately 3,500 Russian employees. Absent further explanation, the commitment to cease all advertising also looks weak since most sales may come from the salesforce and wholesale network. Weighing it all up, we are estimating the Degree of withdrawal at 1 point.

Back to the J&J comparison – Abbott got a slightly better moral rating because it moved faster. Although Abbott has higher Exposure to Russia, it also has more Power over Russia. The ratio of the two approximately equaled out, meaning both companies were looking at Return on Sacrifice opportunities of around 200%.

Rating as of: 14 March 2022

Bing

Rated as its parent Microsoft

USA

Associated brands: Microsoft, LinkedIn, MSN, Skype, Windows, Edge, Office

Faint-hearted with great Attitude & Power

'Faint-hearted' for a 1 to 4 Degree Score; 'with great Attitude' for a 6 to 10 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Pre-invasion Status

2.5

Low Exposure

Potential sacrifice

10.0

Extreme Power

Potential economic impact

Post-invasion Events

4.0 Degree

What?

6.0 Speed

When?

6.5 Attitude

How?

At the time of the invasion, it had numerous Activities in Russia, such as product sales, innovation centers, software development and technology centers. In its earliest statement (28 February 2022) it said it was "protecting Ukraine from cyberattacks", "state-sponsored disinformation campaigns" and providing "support for humanitarian assistance".

On 4 March, the company released an Announcement that it would "suspend all new sales of Microsoft products and services in Russia". It condemned the "unjustified, unprovoked and unlawful invasion by Russia." Several days later, according to Reuters, CEO Brad Smith wrote to the Ukrainian government saying, Microsoft "would continue doing business in the country with non-sanctioned clients, including schools and hospitals", adding that "Depriving these institutions of software updates and services could put at risk the health and safety of innocent civilians, including children and the elderly".

In late March, the company announced a $35m commitment to help Ukraine. On a 26 April conference call, CFO Amy Hood said revenue generated in Russia represents less than 1% of total company revenue and "we expect that it will decline significantly", adding Microsoft would suffer an impact on earnings per share (EPS) of $0.01.

Date of Announcement: 4 March 2022

Our Moral Verdict

The 4 March Announcement sounded like no new clients in Russia would be able to get Microsoft's services ("suspend all new sales of Microsoft products and services in Russia"). Zelensky then posted on Twitter calling for further actions from Microsoft. Reuters reported worrying words from Microsoft in reply, that the company "would continue doing business in the country with non-sanctioned clients, including schools and hospitals". Does that mean Microsoft feels free to service any existing client, or perhaps also a new one, if it is not sanctioned, and that schools and hospital are just examples? Either way, if the report is true, the company showed itself to be a Confused Humanitarian by making these exclusions. Putin isn't going to relinquish his power unless Russian people want him to, so we sadly need to exert pressure on the whole economy.

This is a case of us thinking we were getting more than we got. In addition to some continuing services, the Announcement didn't report whether Microsoft's in-country operations will be closed. For all these reasons, it got a low Degree Score. On Speed, Microsoft was a Chicken because it followed HP, Apple, Dell Technologies, Oracle, Hewlett Packard Enterprise, and SAP. The silver lining was its Denouncer statement against Russia. You can hardly ask for better words such as "unjustified, unprovoked and unlawful invasion by Russia," which together with a moderate level of financial support to Ukraine, worth 0.1% of profits, got the company 6.5 points in Attitude.

Rating as of: 26 April 2022

Biotherm

Rated as its parent L'Oréal

France

Associated brands: L'Oréal, Atelier Cologne, Dark & Lovely, Diesel, essie, Garnier, Helena Rubinstein, IT Cosmetics, Kiehl's, Lancôme, Magic Mask, Maison Margiela Fragrances, Maybelline New York, Mixa, Niely, NYX Professional Makeup, Shu Uemura, Stylenanda, Urban Decay, Valentino Beauty, Yves Saint Laurent Beauty, AcneFree, Ambi, Botanicals Fresh Care, Cacharel, Carita, Carol's Daughter, CeraVe, Cheryl's Cosmeceuticals, Clarisonic, Créateurs de Beauté, Decléor, Dermablend, Giorgio Armani Beauty, House 99, Kéraskin Esthetics, Kérastase, La Roche-Posay, Logocos, Matrix Essentials, Mizani, Paloma Picasso, PureOlogy Research, Ralph Lauren Fragrances, Redken 5th Avenue NYC, Roger & Gallet, Sanoflore, Skinceuticals , SoftSheen-Carson, Vichy, Yue Sai

Laggard Faint-hearted Seriously-exposed with great Attitude & Power

'Laggard' for a 0 to 5 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'Seriously exposed' for a 4 to 10 Exposure Score; 'with great Attitude' for a 6 to 10 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Pre-invasion Status

5.4

Average Exposure

Potential sacrifice

6.5

High Power

Potential economic impact

Post-invasion Events

2.0 Degree

What?

5.0 Speed

When?

6.5 Attitude

How?

According to the company's Announcement, it took the decision to "temporarily" close its "own" stores and directly operated counters, as well as "suspending industrial and national media investments", and closing its "own brand" e-commerce sites in Russia. It said it was "still taking care" of its 2,500 Russian employees. It pledged donations of up to €5 million with the words, "strongly condemn the Russian invasion."

Date of Announcement: 8 March 2022

Our Moral Verdict

This is a case of a company doing something by half measure and then only to some degree. L'Oréal has stopped is retailing-facing businesses, but the Announcement doesn't close off its product sales through other people's stores. On top of what we define as Half-Hearted, it said the decision was "temporary". Also, it is classified as a Nibbler for continuing to support its 2,500 employees. All these deficiencies continue to feed the Russian economy. The statement wasn't helpful, explaining what the company temporarily did rather than what it didn't (manufacturing in Russia), and it included a Red Herring about not making future investments. What we need to know is when it will stop what it is doing, rather than that it will not do what it isn’t yet doing! L'Oréal waited to make its move until after P&G, for which we gave it a Chicken Penalty on Speed. Unlike many Confused Humanitarian peer companies in the consumer product sector, it resisted the temptation to say it was producing essential goods. Indeed, that would be a stretch for a brand associated more with cosmetic than pure health, and luxury rather than staple. L'Oréal might have been furious to see P&G making “personal care" one of its carve-outs. Against all of this, L'Oréal strangely was a Denouncer, with a bold statement against Russia. This might make propagandized Russian consumers less likely to want to touch L'Oréal products still on the shelves. Like Unilever, this is either a case of hypocrisy or one part of the company thinks Russia is bad and the other thinks it is fine to do business there.

Rating as of: 8 March 2022

Birmot

Rated as its parent Koç Holding

Turkey

Associated brands: Koç Holding, Arçelik, Beko, Divan Group, Grundig, Otokar, Akpa A.Ş., Ark İnşaat, Aygaz, Defy Appliances (Pty) Ltd, Demir-Export, Düzey, Elektra Bregenz, Flavel, Lipetgaz, Mogaz, Opet, Pürsu, RMK Marine, Sendeo, Setair, Setur, Setur Duty Free, Setur Marinas, Setur Select, Seturbiz.com, Seturmice, Tanı, THY Opet, Tofaş, Token Financial Technologies, Tüpraş, TürkTraktör, Yapı Kredi

Shameless without having to make a sacrifice

-5

'Shameless' for continued involvement with Russia;'without having to make a sacrifice' for a 3 to below Exposure Score.

Pre-invasion Status

2.0

Low Exposure

Potential sacrifice

1.0

De minimus Power

Potential economic impact

Post-invasion Events

0.0 Degree

What?

0.0 Speed

When?

0.0 Attitude

How?

Koç is linked to Russia via numerous subsidiaries, such as Arcelik and Tupras, which have local production facilities. We have not monitored any withdrawal Announcement.

Our Moral Verdict

Koç is Turkey’s only representative in Fortune’s Global Top 500 companies. It’s a shame, therefore, that it hasn’t even made it off the starting blocks in the world’s slow race to leave Russia. If it disposed of its Russian production facilities, it could rescue Turkey’s reputation in a single shot, from 0% failure to 100% success out of this sample of one.

Rating as of: 11 May 2022

BLADE Network Technologies

Rated as its parent Lenovo Group

China

Associated brands: Lenovo Group, Medion, Motorola Mobility, IdeaPad, Legion, ThinkPad, Yoga

Shameless failing to use its Power without having to make a sacrifice

'Shameless' for continued involvement with Russia;'without having to make a sacrifice' for a 3 to below Exposure Score;'failing to use its Power' for a 4 to 10 in Power Score.

Pre-invasion Status

1.0

De minimus Exposure

Potential sacrifice

8.0

High Power

Potential economic impact

Post-invasion Events

2.0 Degree

What?

0.0 Speed

When?

0.0 Attitude

How?

There are conflicting media reports about whether Lenovo, which owns Motorola, is still operating in Russia. Belarusian media outlet Nexta tweeted that Lenovo “suspended shipments of products to Russia." On 6 May, the Wall Street Journal said the company had quietly left the Russian market.

Date of Announcement: 6 May 2022

Our Moral Verdict

This is the strange case of a Chinese company that has apparently made some effort to withdraw from Russia. Less strange, is that the company said very little. We don't give companies much credit for actions they are not disclosing themselves where we need to rely solely on indirect reports from the field or third parties (only 2 points in Degree are applicable). It is rated based on a Wall Street Journal report in May that the company had quietly withdrawn. As a result, it gets low Degree and Speed scores. Moreover, for remaining quiet and disclosing no donation to Ukraine, it gets 0 for Attitude. All of this produced a 0 moral rating. It has a lot of Power in Russia leading to an 800% Return on Sacrifice based on its de minimus Exposure. So, it is a pity the way the company decided to take action undermined its moral rating: it would have been nice to report that Lenovo was leading Chinese corporations in a moral direction in terms of transparency, speed and spirit. That said, it has a major Strategic Disturbance effect. When even Chinese companies start withdrawing, albeit discreetly, it can't go unnoticed by Putin.

Rating as of: 6 May 2022

Blizzak

Rated as its parent Bridgestone

Japan

Associated brands: Bridgestone, BANDAG, FIRESTONE, FUZION, TIRES PLUS, WHEEL WORKS, Alenza, DriveGuard, Dueler, Turanza

Laggard Near-Boycotter

'Laggard' for a 0 to 5 Speed Score; 'Near Boycotter' for a 7 to 8 Degree Score.

Pre-invasion Status

2.0

Low Exposure

Potential sacrifice

1.0

De minimus Power

Potential economic impact

Post-invasion Events

8.0 Degree

What?

4.0 Speed

When?

4.0 Attitude

How?

It made an Announcement on 14 March that it would stop "all exports to Russia with immediate effect", and is "suspending" manufacturing activities in Russia "until further notice", a decision that took effect from 18 March. The company also decided to "freeze any new investments". The statement also said it will continue to financially support its employees in its "passenger tire production plant in Ulyanovsk and sales offices."

Date of Announcement: 14 March 2022

Our Moral Verdict

Bridgestone was at the back of the pack of auto parts producers pulling out of Russia, along with Bosch. It trailed companies such as Tata Motors, Hyundai, Mazda, Magna, ZF Freidrichshafen, Continental, and even Chinese producer Zhejiang Geely. So it was awarded a Chicken Penalty. Under our rating rules, freezing new investments is considered a Red Herring. Anyone would be crazy to be investing in Russia today. Anyway, we are interested in existing businesses being stopped rather than things that haven't happened not happening! Suspending production until further notice doesn't make the grade – and continuing to support employees makes the Announcement doubly incomplete, the former making Bridgestone a Mothballer and the latter making it a Nibbler. Moreover, the company's statement about the war didn't admonish Russia enough, so it was also classified as a Mealy-Mouther. Bridgestone needs to pull out of Russia properly and not leave us in limbo any longer.

Rating as of: 18 March 2022

Block&Barrel

Rated as its parent Sysco

USA

Associated brands: Sysco, Arrezzio, Baker's Source, Buckhead Pride, Butcher's Block, Casa Solana, Citavo, Earth Plus, Fire River Farms, House Recipe, Jade Mountain, Newport Pride , Pica y Salpica, Portico Seafood, Wholesome Farm

Speedy Boycotter without Attitude

'Speedy' for a 7 to 8 Speed Score; 'Boycotter' for a 9 to 10 Degree Score; 'without Attitude' for a 0 in Attitude Score.

Pre-invasion Status

1.0

De minimus Exposure

Potential sacrifice

1.0

De minimus Power

Potential economic impact

Post-invasion Events

10.0 Degree

What?

7.0 Speed

When?

0.0 Attitude

How?

Sysco has been an importer from Russia, with no other Activities. It reported that it is finding alternative suppliers in a clear statement of disconnection with Russia.

Date of Announcement: 17 March 2022

Our Moral Verdict

Not an interesting story. This giant company is only a small importer from Russia which was easily able to quit and switch its sourcing elsewhere. To its credit, it moved quite fast, and we gave it a Leader of Pack bonus for being ahead of its sector. We didn't spot any comment about Russia or the war, so it is classed as a Strong Silent Type. Nor did we see any contribution to Ukraine, so, combined with the statement silence, it ended with a zero Attitude Score. Anyway, it did get out and ahead of its peers.

Rating as of: 17 March 2022

Blue Yonder

Rated as its parent Panasonic

Japan

Associated brands: Panasonic, Kawakita Denki Kigyosha, Sanyo Electric Co., Ltd., JVC, National, Quasar, Technics

Sprinting Near-Boycotter without Attitude but with Power

'Sprinting' for a 9 to 10 Speed Score; 'Near Boycotter' for a 7 to 8 Degree Score; 'without Attitude' for a 0 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Pre-invasion Status

1.0

De minimus Exposure

Potential sacrifice

8.0

High Power

Potential economic impact

Post-invasion Events

8.0 Degree

What?

10.0 Speed

When?

0.0 Attitude

How?

The company stated its concern for the "situation" in Ukraine and said that it hoped the world would return to peace and security. It said it "in principle decided to suspend transactions with Russia", due to "economic, logistical and other practical challenges". However, the company's website (translated from Russian) stated "Panasonic Rus continues to work, provide service and other support to our partners and customers in the region."

Date of Announcement: 4 March 2022

Our Moral Verdict

Panasonic moved fast but as soon as it opened its mouth it started saying the wrong things. The head office made a wishy-washy statement about what it might do and spoke about suspending "transactions" while it avoided mentioning the elephant in the room as the reason, for which we have it a Coward Penalty. Meanwhile, on the other side of the world, its Russian site reassured customers that it would continue operating. If the West couldn't read Russian and Russians couldn't read English, everyone could be happy with the company. Keeping servicing products is a pity. It really sends a strong signal to Russia when things the country has purchased slowly stop working, and have to be manufactured and paid for again. Panasonic does get a Leader of Pack Bonus for being the first major electronics/electricals group to make a move, beating Hitachi by six days, albeit that it wasn't what we were hoping for.

Rating as of: 4 March 2022

Blueworks Live

Rated as its parent International Business Machines

USA

Associated brands: International Business Machines, Cognos Inc, Red Hat Inc., SoftLayer Technologies Inc., API Connect, Aspera, Atlas, CICS, Cloud Pak, Cloudant

Sprinting Half-hearted Seriously-exposed with great Attitude & Power

'Sprinting' for a 9 to 10 Speed Score; 'Half-hearted' for a 1 to 4 Degree Score; 'Seriously exposed' for a 4 to 10 Exposure Score; 'with great Attitude' for a 6 to 10 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Pre-invasion Status

10.0

Extreme Exposure

Potential sacrifice

10.0

Extreme Power

Potential economic impact

Post-invasion Events

5.0 Degree

What?

9.0 Speed

When?

5.0 Attitude

How?

On 2 March, IBM described the "deteriorating situation involving Ukraine and Russia". Reuters reported that IBM had taken no sides on a call with employees that day and hundreds of workers had objected in response. Apparently, the CEO may have used the word "conflict" because next he said, "I'd like to acknowledge that the correct word to use is "war" not "conflict." He added, "we condemn the Russian war in Ukraine."

In terms of its plans, on 3 March IBM said, "In addition to not selling technology in Russia, we do not do business with Russian military organizations". On 6 March, IBM revised its position saying it had "stopped selling technology in Russia". Then, on 7 March, the CEO said he had heard from many employees and revised the position yet again, saying, "we have suspended all business in Russia." The Wall Street Journal has reported that companies including IBM have faced threats from the Russian government of arrest or asset seizures for withdrawing or criticizing Russia. On 9 May, the CEO told Reuters, "The government has not really taken our assets," and in the same interview said the company's ability to keep supporting employees in Russia "may go away" as sanctions build. On 7 June, it had “started to lay off its employees” in light of escalating sanctions impact its ability to retain its staff.

Date of Announcement: 7 March 2022

Our Moral Verdict

This is a story of pulling teeth. It looks like IBM management didn't want its teeth pulled and it has been reported that people ranging from its Ukrainian employees, mainstream employees and the Ukrainian government wanted them pulled. The story of IBM's cutting of Russian links looks like 'too little, too late' in both actions and words. The statements about the war morphed almost by the day, as did statements about what IBM was exactly doing or not. After the dust settled, the CEO said, "We're all learning as we go." You can say that again. Since the statements were on each other's heels, we rated the company on the last of the string, that of 7 March. On this basis, the Announcement is Full, in the sense that the company did make the commitment across all lines of business. However, it's incomplete because the operations are not slated for sale. Indeed, IBM was keeping employees on the payroll, with the argument that it was not their fault (true, but irrelevant to our rating system). For making the employee carve-out, IBM is classified as Nibbler. Despite all of this gnashing of teeth, the company was actually fast compared to the Announcements from peers, a week ahead of Fujitsu, two weeks ahead of NEC and a month ahead of Accenture, for which we gave IBM a Leader of Pack Bonus. Its Attitude Score was harmed by abysmal leadership comments on the war and low financial support for Ukraine as a percentage of profits. IBM has a lot of Exposure to Russia. Based on the CFO telling the Wall Street Journal that 3.48% of its profits were involved, we initially gave it an 8 Exposure Score but topped this up to 10 because it has been threatened by the Russian government in the form of arrest or expropriation. IBM had a 10 in Power over Russia because of its Pull the Rug effect which is significant. This is a company that looks like it is being dragged out of Russia by a combination of sanctions, unhappy employees, and an unhappy sovereign government on its case. Thankfully, it has been forced to take a position it will find difficult to row back from if the wind changes slightly. We are watching to see if it disbands its employees and reaches a greater point of no return.

Rating as of: 7 June 2022

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OUR MORAL BADGES

Each of Moral Rating Agency’s Moral Badge is generated by combining words we select to describe bands within each of the five dimension scores to allow a reader to see the components of a company’s behavior in linguistic form. The bands relating to each word or words are shown in the definition of each Moral Badge below.

How do we classify a company or organization?

Moral Badges

Description

Companies & Brands

Count

Sprinting Boycotter with Power

'Sprinting' for a 9 to 10 Speed Score; 'Boycotter' for a 9 to 10 Degree Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands: Acacia Communications, Inc., ACDELCO, Albuquerque Studios, Boss Flight Entertainment, BUICK, CADILLAC, CHEVROLET, Cisco Systems, Deutsche Telekom, Duo Security Inc., General Motors, GMC, GMFINANCIAL, Jasper Technologies, Meraki, Millarworld, Netflix, Night School Studio, ONSTAR., Scanline VFX, T-Mobile, Ultium, Vehicle Intelligence Platform

Count:

Sprinting Boycotter

'Sprinting' for a 9 to 10 Speed Score; 'Boycotter' for a 9 to 10 Degree Score.

Companies/Brands: British Gas, Centrica, Direct Energy, Dyno, Hive, Local Heroes

Count:

Sprinting Near-Boycotter with great Attitude & Power

'Sprinting' for a 9 to 10 Speed Score; 'Near Boycotter' for a 7 to 8 Degree Score; 'with great Attitude' for a 6 to 10 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands: United Parcel Service, UPS Logistics

Count:

Sprinting Near-Boycotter with Power

'Sprinting' for a 9 to 10 Speed Score; 'Near Boycotter' for a 7 to 8 Degree Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands: FedEx

Count:

Sprinting Near-Boycotter without Attitude but with Power

'Sprinting' for a 9 to 10 Speed Score; 'Near Boycotter' for a 7 to 8 Degree Score; 'without Attitude' for a 0 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands: Blue Yonder, JVC, Kawakita Denki Kigyosha, National, Panasonic, Quasar, Sanyo Electric Co., Ltd., Technics

Count:

Sprinting Half-hearted Seriously-exposed with great Attitude & Power

Companies/Brands: API Connect, Aspera, Atlas, Blueworks Live, CICS, Cloud Pak, Cloudant, Cognos Inc, International Business Machines, Red Hat Inc., SoftLayer Technologies Inc.

Count:

Sprinting Half-hearted Seriously-exposed with Power

'Sprinting' for a 9 to 10 Speed Score; 'Half-hearted' for a 1 to 4 Degree Score; 'Seriously exposed' for a 4 to 10 Exposure Score;'with Power' for a 4 to 10 in Power Score.

Companies/Brands: Genesis, Hyundai Motor

Count:

Sprinting Half-hearted

'Sprinting' for a 9 to 10 Speed Score; 'Half-hearted' for a 1 to 4 Degree Score.

Companies/Brands: HomeGoods, HomeSense, Marshalls, Sierra, TJX, TK Maxx, Winners

Count:

Speedy Boycotter without Attitude

'Speedy' for a 7 to 8 Speed Score; 'Boycotter' for a 9 to 10 Degree Score; 'without Attitude' for a 0 in Attitude Score.

Companies/Brands: Arrezzio, Baker’s Source, Block&Barrel, Buckhead Pride, Butcher’s Block, Casa Solana, Citavo, Earth Plus, Fire River Farms, House Recipe, Jade Mountain, Newport Pride, Pica y Salpica, Portico Seafood, Sysco, Wholesome Farm

Count:

Boycotter with great Attitude & Power

'Boycotter' for a 9 to 10 Degree Score; 'with great Attitude' for a 6 to 10 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands: Alphabet, Calico, DoubleClick, Fitbit, Google, Looker, Loon, Nest, Verily, Waymo LLC, Waze, Wing, YouTube

Count:

Boycotter with Power

'Boycotter' for a 9 to 10 Degree Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands: Acura, Alphabet, ASIMO, BMW Group, Designworks., Honda Motor, John Cooper Works, MINI, Mobilityland, Montesa, Rolls-Royce Motor Cars

Count:

Boycotter without Attitude but with Power

'Boycotter' for a 9 to 10 Degree Score; 'without Attitude' for a 0 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands: AT&T Broadband, Bravo, Chiller, CNBC, Comcast, Daily Candy, DreamWorks Animation, Fandango, Focus Features, G4, Illumination Entertainment, iVillage, Msnbc, NBCUniversal, Sky, Sprout, Syfy, XUMO

Count:

Sprinting Faint-hearted Seriously-exposed with Power

'Sprinting' for a 9 to 10 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'Seriously exposed' for a 4 to 10 Exposure Score;'with Power' for a 4 to 10 in Power Score.

Companies/Brands: Bond Street, Chesterfield, Diem, Facebook, Instagram, IQOS, L&M, Mapillary, Marlboro, Messenger, Meta (formerly Facebook), Muratti, Oculus, Parliament, Philip Morris International, TotalEnergies, WhatsApp, Workplace

Count:

Sprinting Faint-hearted with Power

'Sprinting' for a 9 to 10 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands: Freightliner, Fuso, Maybach, Mercedes-Benz (formerly Daimler), Setra, Smart, Sterling, Thomas Built Buses, Western Star

Count:

Speedy Near-Boycotter Sacrificer with Power

'Speedy' for a 7 to 8 Speed Score; 'Near Boycotter' for a 7 to 8 Degree Score; 'Sacrificer' for a 4 to 8 Exposure Score;'with Power' for a 4 to 10 in Power Score.

Companies/Brands: AdGear, Harman International Industries, Joyent, LoopPay , Novaled , Prismview, Proximal Data, Samsung, Simpress, SmartThings

Count:

Speedy Faint-hearted Seriously-exposed with great Attitude & Power

'Speedy' for a 7 to 8 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'Seriously exposed' for a 4 to 10 Exposure Score; 'with great Attitude' for a 6 to 10 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands: Amoco, Ampm, Aral, BP, Castrol, Wild Bean Café

Count:

Speedy Faint-hearted with Power

'Speedy' for a 7 to 8 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands: Align, All Good, Always, Ambi Pur, Amerisource Bergen, Anderson Packaging, Inc., Ariel, ASD Specialty Healthcare, Inc., Aussie, Bold, Bonux, Bounce, Bounty, Braun, Cascade, Charlie Banana, Charmin, Cheer, Clearblue, Crest, Daz, Downy, Dreft, Fairy, Fairy Non Bio, Febreze, Fixodent, Flash, Gain, Gillette, Head & Shoulders, Herbal Essences, Ivory, joy+glee, Lenor, Luvs, Metamucil, Microban 24, Mif, Mr.Clean, My black is beautiful, Nasivin, Native, Neurobion, New Chapter dietary supplements, Olay, Old Spice, Oral-B, Pampers, Pantene, Pepto-Bismol, Procter & Gamble, Puffs, Rindex 3en1, Safeguard, Salvo, Sangobion, Scope, Seven Seas, SK-II, Snowberry, Swiffer, Tampax, The Art of Shaving, This is L., UltraDowny, Venus, Viakal, Vicks, Zevo, ZzzQuil

Count:

Near-Boycotter with Power

'Near Boycotter' for a 7 to 8 Degree Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands: Deutsche Post DHL Group

Count:

Faint-hearted Seriously-exposed without Attitude but with Power

'Faint-hearted' for a 1 to 4 Degree Score; 'Seriously exposed' for a 4 to 10 Exposure Score; 'without Attitude' for a 0 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands: Airbus, ATR (Airbus, Alenia Aeronautica, Leonardo), Daihatsu, Hino, Lexus, Ranz, Stelia Aerospace, Toyota Motor

Count:

Faint-hearted with great Attitude & Power

'Faint-hearted' for a 1 to 4 Degree Score; 'with great Attitude' for a 6 to 10 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands: Bing, Edge, LinkedIn, Microsoft, MSN, Office, Skype, Windows

Count:

Laggard Boycotter with great Attitude & Power

'Laggard' for a 0 to 5 Speed Score; 'Boycotter' for a 9 to 10 Degree Score; 'with great Attitude' for a 6 to 10 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands: Accenture, Droga5, IMJ Corporation, SinnerSchrader, Trivadis AG

Count:

Laggard Boycotter with Power

'Laggard' for a 0 to 5 Speed Score; 'Boycotter' for a 9 to 10 Degree Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands: alkove, Amazing Baby, Amazon, Amfit Nutrition, Arabella, Arthur Harvey, Basic Care, BELEI, Buttoned Down, Cable Stitch, Coastal Blue, Comfort Denim Outfitters, Daily Ritual, Ella Moon, Emma Riley, Eono, Fabric.com, Franklin Tailored, Goodthreads, Happy Belly, Haven Outerwear, House & Shields, Inkast Denim, Iris & Lily, James & Erin, Lark & Ro, Life Long, Mae, Mama Bear, Movian, Myx Store, NuPro, OWN PWR, Peak Performance Nutrition, Peak Velocity, Pinzon, Presto!, Ravenna Home, Revly, Scout & Ro, Simple Joys by Carter’s, Solimo, Spotted Zebra, Stone & Beam, Tiksounds, Umi, Vedaka, Wag, Wickedly Prime

Count:

Laggard Near-Boycotter with Power

'Laggard' for a 0 to 5 Speed Score; 'Near Boycotter' for a 7 to 8 Degree Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands: Glencore

Count:

Laggard Near-Boycotter

'Laggard' for a 0 to 5 Speed Score; 'Near Boycotter' for a 7 to 8 Degree Score.

Companies/Brands: Alenza, BANDAG, Blizzak, Bridgestone, DriveGuard, Dueler, FIRESTONE, FUZION, TIRES PLUS, Turanza, WHEEL WORKS

Count:

Laggard Faint-hearted (Upgraded with 20 bonus points for exiting fully and completely)

'Laggard' for a 0 to 5 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score.

Companies/Brands: Enel

Count:

Laggard Half-hearted Seriously-exposed with Power

'Laggard' for a 0 to 5 Speed Score; 'Half-hearted' for a 1 to 4 Degree Score; 'Seriously exposed' for a 4 to 10 Exposure Score;'with Power' for a 4 to 10 in Power Score.

Companies/Brands: LG Electronics

Count:

Laggard Half-hearted with great Attitude & Power

'Laggard' for a 0 to 5 Speed Score; 'Half-hearted' for a 1 to 4 Degree Score; 'with great Attitude' for a 6 to 10 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands: Alimentation Couche-Tard, Circle K, Collins Aerospace, Ingo, Pratt & Whitney, Raytheon Technologies

Count:

Laggard Half-hearted with great Attitude

'Laggard' for a 0 to 5 Speed Score; 'Half-hearted' for a 5 to 6 Degree Score; 'with great Attitude' for a 6 to 10 in Attitude Score.

Companies/Brands: Amundi, BforBank, Credit Agricole, IDIA Capital Investment, LCL, SODICA Corporate Finance

Count:

Laggard Half-hearted with Power

'Laggard' for a 0 to 5 Speed Score; 'Half-hearted' for a 5 to 6 Degree Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands: U.S. Postal Service

Count:

Laggard Half-hearted with Power

'Laggard' for a 0 to 5 Speed Score; 'Half-hearted' for a 1 to 4 Degree Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands: Chassis Brakes, Hikoki, Hitachi, Hüco, Keihin, Kit Plus, Maxell, Nisin, Paraut, Tokico, Tuflong

Count:

Laggard Half-hearted without Attitude but with Power

'Laggard' for a 0 to 5 Speed Score; 'Half-hearted' for a 1 to 4 Degree Score; 'without Attitude' for a 0 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands: Elster Group, EMS Technologies, Inc., Honeywell International, Intelligrated, Intermec, King’s Safetywear, RAE Systems, Sperian Protection, Xtralis

Count:

Speedy Faint-hearted without Attitude but with Power

'Speedy' for a 7 to 8 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'without Attitude' for a 0 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands: Bank of China

Count:

Faint-hearted

'Faint-hearted' for a 1 to 4 Degree Score.

Companies/Brands: Alleanza Toro, Assicurazioni Generali, Europ Assistance Group, INA (Istituto Nazionale delle Assicurazioni)

Count:

Laggard Half-hearted

'Laggard' for a 0 to 5 Speed Score; 'Half-hearted' for a 5 to 6 Degree Score.

Companies/Brands: Cover-More, Farmers Insurance Group, Hambro Life Assurance Plc, Zurich Insurance Group

Count:

Laggard Faint-hearted Seriously-exposed with great Attitude & Power

Companies/Brands: AcneFree, Ambi, Atelier Cologne, Biotherm, Botanicals Fresh Care, Cacharel, Carita, Carol’s Daughter, CeraVe, Cheryl’s Cosmeceuticals, Clarisonic, Créateurs de Beauté, Dark & Lovely, Decléor, Dermablend, Diesel, E.ON, essie, Garnier, Giorgio Armani Beauty, Helena Rubinstein, House 99, IT Cosmetics, Kéraskin Esthetics, Kérastase, Kiehl’s, L’Oréal, La Roche-Posay, Lancôme, Logocos, Magic Mask, Maison Margiela Fragrances, Matrix Essentials, Maybelline New York, Mixa, Mizani, Niely, NYX Professional Makeup, Paloma Picasso, PureOlogy Research, Ralph Lauren Fragrances, Redken 5th Avenue NYC, Roger & Gallet, Sanoflore, Shu Uemura, Skinceuticals, SoftSheen-Carson, Stylenanda, Urban Decay, Valentino Beauty, Vichy, Yue Sai, Yves Saint Laurent Beauty

Count:

Laggard Faint-hearted Seriously-exposed with Power

'Laggard' for a 0 to 5 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'Seriously exposed' for a 4 to 10 Exposure Score;'with Power' for a 4 to 10 in Power Score.

Companies/Brands: Abbott Laboratories, Alinity, Animax Broadcast Japan, AXN, BinaxNOW, Bravia, Cardiomems, Confirm Rx, Cyber-shot, Ele Care, Ensure, Fortum, FreeStyle Libre, Gallant ICD, Glucerna , Handycam, Heartmate, i-STAT, Juven, MADHOUSE, Madison Gate Records, Memory Stick, MitraClip, Pedialyte, PediaSure, Proclaim DRG, Similac, Sony, TriStar Pictures, Walkman, Zone Perfect

Count:

Laggard Faint-hearted Seriously-exposed without Attitude but with Power

'Laggard' for a 0 to 5 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'Seriously exposed' for a 4 to 10 Exposure Score; 'without Attitude' for a 0 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands: HiSilicon, Huawei Investment & Holding, Proven Honour Capital Limited

Count:

Laggard Faint-hearted with great Attitude

'Laggard' for a 0 to 5 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'with great Attitude' for a 6 to 10 in Attitude Score.

Companies/Brands: Angel Risk Management Ltd, Axa, BROOKLYN, Dunlop , Srixon, Sumitomo, XL Insurance Company SE

Count:

Laggard Faint-hearted

'Laggard' for a 0 to 5 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score.

Companies/Brands: Adfors, Allianz, Artex, Asturienne, Bank Handlowy, Bank One Corp, Bevego, BNP Paribas, Brasilit, British Gypsum, Brødrene Dahl, Cazenove Group, Celotex, Certainteed, Chatham Ventures, Inc., Chemical Equity Incorporated, Citigroup, CONSORSBANK, Creekstone Farms Premium Beef, Euler Hermes, Flexovit, Gavilon, Glassolutions, Gyproc, Helena Agri Enterprises LLC, InstaMed, Isover, Jewson, JP Morgan, Leca, Marubeni, Marubeni Information Systems, Metalmark Capital, Norton, Pasquill, PIMCO, Placo, Rencol, Rigips, SageGlass, Saint-Gobain, Scotframe, Sekurit, SmartestEnergy, The Bear Stearns Companies Inc., Tygon, Vetrotech, Washington Mutual Inc., Weber, WePay

Count:

Laggard Faint-hearted without Attitude but with Power

'Laggard' for a 0 to 5 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'without Attitude' for a 0 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands: CK Hutchison Holdings, Hutch, ICI Paric XL, Kruidvat, Metro Broadcast Corporation, Mr. Juicy, ParknShop, Savers, Superdrug, The Perfume Shop, Three, Watsons, Watsons Water, Watsons’s Wine, Wind Tre

Count:

Laggard Faint-hearted with Power

'Laggard' for a 0 to 5 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands: AutoCrew, Balay, Bosch Group, Coldex, Constructa, Dremel, Dynacord, Electro-Voice, ETAS, Gaggenau, HC Cargo, Home Connect, ITK Engineering, Junkers, Neff, Pitsos, Profilo, Robinair, Telex, Thermador, Worcester Bosch, Zexel

Count:

Shameless failing to use its Power without having to make a sacrifice

'Shameless' for continued involvement with Russia;'without having to make a sacrifice' for a 3 to below Exposure Score;'failing to use its Power' for a 4 to 10 in Power Score.

Companies/Brands: A Twosome Place, Agricultural Bank of China, Aviation Industry Corp. of China, Band LTE, Baojun, Bestune, BLADE Network Technologies, Century 21 Japan, Chateau de Viaud, ChemChina, China Communications Construction, China Construction Bank, China Construction Design International, China FAW Group, China Harbour Engineering, China Mobile Communications, China National Offshore Oil, China National Petroleum, China Overseas Land and Investment, China Railway Construction, China Railway Engineering Group, China Road and Bridge Corporation, China State Construction Engineering, China Tea, China Telecommunications, CITIC Group, CJ Corp., CMHK, CMLink, COFCO, Country Garden Holdings, DFI Retail Group, DOCOMO, Dongfeng Motor, Epic Games, FamilyMart, Foodville, Fortune, Foxmail, GAC-FCA (Jeep), GAC-Honda, GAC-Mitsubishi, GoTone, Greatwall, Grohmann Engineering GmbH, Guangzhou Automobile Industry Group, Haima, Hibar Systems Ltd., Hongqi, Hunting World, Hycan, IdeaPad, Industrial & Commercial Bank of China, Itochu, Jardine Matheson, JD.com, Jiefang, Jiugui, John Holland Group, Joy City, Joycome, Kong Yiji, Legion, Lenovo Group, LeSportsac, Machete, Mandarin Oriental Hotel Group, Maxus, Maxwell Technologies Inc., Medion, Mengniu Dairy, MG, Moment, Motorola Mobility, Nate, Nippon Telegraph and Telephone, NUGU, People’s Insurance Co. of China, Perbix Machine Co. Inc., PetroChina, Qidian, QQ, Qrobot, Roewe, SAIC Motor, Sinochem, SK Group, SolarCity Corp, Tencent Holdings, Tesla, ThinkPad, Tianyi, Timi Studio Group, Tokyo Electric Power, Trumpchi, United Object, VIPS (steakhouse), Wechat (Weixin), WeGame, WOMAI.COM, Xiamen ITG Holding Group, XMXYG, Yoga, Yuejin, Zong

Count:

105

Shameless without having to make a sacrifice

'Shameless' for continued involvement with Russia;'without having to make a sacrifice' for a 3 to below Exposure Score.

Companies/Brands: Ahumada, Akpa A.Ş., Arçelik, Ark İnşaat, Aygaz, Bank of America, Beko, Benavides, Birmot, Catlettsburg Refining, LLC, CNH Industrial, Defy Appliances (Pty) Ltd, Demir-Export, Divan Group, Duane Reade, Düzey, Elektra Bregenz, EXOR Group, Ferrari, Flavel, Grundig, Japan Post Holdings, Koç Holding, Lipetgaz, Marathon Petroleum, Merrill Lynch, Mogaz, No. 7, Opet, Otokar, PartnerRe, Pürsu, RMK Marine, S-Oil, SABIC , Saudi Aramco, Sendeo, Setair, Setur, Setur Duty Free, Setur Marinas, Setur Select, Seturbiz.com, Seturmice, Soltan and Botanics, Tanı, The Economist, The International Maritime Industries, THY Opet, Tofaş, Token Financial Technologies, Toll Group, Tüpraş, TürkTraktör, Walgreens Boots Alliance, Waltrust Properties, Inc., Yapı Kredi, Yasref

Count:

Shameless failing to use its power

'Shameless' for continued involvement with Russia;'failing to use its Power' for a 4 to 10 in Power Score.

Companies/Brands: Alibaba Group Holding, AliExpress, Ant Financial, Auctiva, Cainiao, DingTalk, Feizhu, Gaode Map, Koubei, Lazada, Sinopec Group, Taobao, Tmall, UC Browser, Xianyu, Zhima Credit

Count:

Total:

719

Total: 719

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Notice

The entire website and our rating methodology are based on a company’s involvement with Russia being measured by Announcements.

We measure this against the ways a company can be involved with Russia through its Activities.

Please also be aware of the Scope of our research, limitations due to Incomplete Information, our Rating Methodology , and our policy relating to any Errors, Omissions & Corrections.

Also, be aware that brands carry the rating information of the company that owns, controls or is associated with them as defined more precisely in Brands Displayed.

The basis of “Rating as of” date is explained here.

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We will be extending our service from the top 200 companies in the world to the top 500. We are interested in information about their continuing involvement with or in Russia from reliable published sources.

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