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Ukraine Corporate Index

Since the full Russian invasion of Ukraine started, many companies have stopped or paused operating in Russia. Yet some companies continue to do business as usual, enabling war criminals. In response to this issue, Progressive Shopper, Business for Ukraine Coalition (B4Ukraine), The Good Lobby, and Kyiv School of Economics (KSE)/LeaveRussia, and have established the Ukraine Corporate Index.

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This Index regularly tracks US corporations’ stance vis-à-vis Russia in the aftermath of its invasion of Ukraine. It intends to inform American investors, customers, and citizens about whether and how their companies and brands are positioning themselves in the ongoing conflict. Its aim is to lead these stakeholders to re-assess their investment and shopping decisions by praising responsible corporations while shaming irresponsible ones. Join our efforts to urge companies to stop supporting Putin’s regime!

This effort is part of Business for Ukraine (B4Ukraine), a coalition of Ukrainian and international civil society groups united by a common purpose: to block access to the economic and financial resources enabling Russian aggression, which is an attack on the rules-based international order itself.

16

Days since Russia invaded Ukraine

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Companies yet to halt operations

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Companies taking half-measures

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Companies that have halted operations


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Methodology

Our analysis is based on data compiled by the Kyiv School of Economics (KSE) which is also published on the Leave Russia website. It is the most comprehensive set of information on corporate engagement in Russia and tracks the activities of 3,000+ international
companies and associations.

Red

These companies have failed to take any sort of meaningful action.

  • Whitewashing: Public statement of solidarity with Ukrainian population not followed up by any market decision
  • Complicity: Companies being complicit by providing services / products that enable the invasion, directly or indirectly (e.g. pursuit of operations, indirect operations, etc.)

Yellow

These companies have taken some action, but could do better.

  • Statement: Public statement condemning Russia’s invasion
  • Relief: Temporary relief efforts mitigating the human suffering of refugees and others displaced by conflict

Green

These companies have committed to suspending or ending relations with Russia.

  • Market Decision: This entails halting sales, productions, and/or provision of services to Russian state entities, state-owned companies, or beyond. This may be temporary, or indefinite / sine dia
  • Suspension: Suspension of collaboration (e.g. co-sharing, JV, etc)
  • De-investment

Frequently Asked Questions (FAQ)

  1. What is the goal of the Ukraine Corporate Index?
    Expose the role of the private sector in response to Russia’s invasion of Ukraine.  We believe that the fastest way to end the war is to stop trading with Russia, divest Russian assets and refuse to finance Putin’s regime

    The Ukraine Corporate Index tracks corporations’ stance vis-à-vis Russia in the aftermath of its invasion of Ukraine. It intends to inform investors, customers, and citizens about whether and how their companies / brands are positioning themselves in the ongoing conflict. Its aim is to lead these stakeholders to re-assess their investment and shopping decisions by boosting responsible corporations while shaming irresponsible ones.
  2. What about companies that operate in the humanitarian space?
    We believe, and some companies in this scenario have already shown, that there is a strategic way to ensure aid to those most in need while refusing to be complacent or complicit with Putin’s regime:

    – Publicly state that the company will stop pursuing new business opportunities (i.e. Conformis)

    – Stop all media and advertising spend there (i.e. Unilever)

    – Denounce the Russian invasion of Ukraine which is dramatically escalating the precise humanitarian demands that the company is claiming to address (i.e. Siemens)

    – Provide support beyond the company’s staff and their families to the larger humanitarian demands of the Ukrainian people.

    – Continue to supply its essential humanitarian products made in Russia to people in the country, but would not take any profit from its Russian presence (i.e. Unilever)

  3. What does it take to shift from Yellow to Green?
    A public statement on the company’s website describing one of the following market decisions, suspension of sales, imports, production, and operations as well as suspension of collaborations and de-investment.

  4. How often is the Index updated?
    The index is constantly updated with the latest information about the private sector’s response to the Russian invasion. If you have any question, suggestion or contribution, please reach out to KSE.

  5. How to know the date of suspension / withdrawal or any other given company’s decision?
    It can be inferred from the date of publication of the source indicated, be it media or company’s statement.

  6. To what extent the Index takes into account different market structures within and across industries?
    While we acknowledge that leaving the country is easier for some companies than others, it is ultimately up to each of them to determine whether and how to condemn Russia’s invasion of Ukraine through their market and non-market behavior. As such, it deliberately does not factor in different market structures, but focuses exclusively on the companies’ efforts at limiting their presence on the Russian market.

  7. Are there any other groups working on this topic?
    Yes. Refer to the Yale Chief Executive Leadership Institute and JUST Capital.

Other ways to help

Curious about other ways to take action? Here’s a list of of organizations directly aiding Ukrainians that you can support.

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For media inquiries please contact: info@progressiveshopper.com