A shrinking number of well-known companies are still doing business in Russia even after hundreds of others have announced plans to curtail ties
Citigroup said Wednesday that selling its 11 Russian bank branches will be difficult because the country's economy has been cut off from the global financial system. Until then, Citi said it is “operating the business on a more limited basis” and is helping its U.S. and other corporate clients suspend their businesses in Russia.
That helps explain why Restaurant Brands International, owner of Burger King, is keeping its 800 restaurants open in Russia. And why Yum Brands, parent company of KFC and Pizza Hut, announced the closure of 70 company-owned KFCs across Russia, but not the nearly 1,000 franchisee-owned KFCs, or its 50 Pizza Hut locations.This sometimes applies to hotels as well: Marriott says its Russian hotels are owned by third parties, and it's evaluating their ability to remain open.
But there are companies that remain in Russia — whether in whole or in part — and say that it's because they view their products as essential. Other companies point to their employees’ livelihoods in rationalizing decisions to stay, or not completely sever ties.
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