As of May 9, 2022, since the beginning of the war, almost 1,000 companies have announced they are curtailing operations in Russia or withdrawing from the Russian market, according to a study by the Yale School of Management. Ukrainian company YouControl has analyzed these so-called voluntary or indirect corporate sanctions.
The research shows that the intensity of the corporate boycott of the Russian market significantly depends on the location of the HQs of multinational companies. The top 5 countries in terms of business boycotting Russia are Australia, Norway, Lithuania, Great Britain, and South Korea.
Also, a large share of foreign companies that left the Russian market or ceased operations there is from Canada, Sweden, Ireland, Finland, and Poland. In general, among the leaders of the business boycott are those countries that provide significant amounts of military assistance to Ukraine and are most supportive of sanctions pressure in the international arena.