NEW YORK -- While a growing number of U.S. companies -- including McDonald's and Levi Strauss & Co. -- are pulling out of Russia in response to its invasion of Ukraine, some firms are holding out and are still doing business in the country.
The Yale School of Management has compiled what it describes as "the most authoritative and comprehensive record of the corporate exodus from Russia." The list has fueled calls online to boycott brands that have not suspended operations in Russia.
And the list is constantly changing. Starbucks announced Tuesday afternoon it was suspending service in Russia; the list below, updated earlier in the day, shows it still does business there.
The list of companies that remain in Russia with "significant exposure" is considerably shorter than the list of companies that have suspended business. But it includes some heavy hitters, including: Pepsi, Kellogg, Kraft Heinz and Marriott.
Snack-food giant Mondelez (Oreo, Ritz, Cadbury), Kellogg (Frosted Flakes, Cheez-Its, Pop-tarts), Nestle (KitKat, Hot Pockets, Gerber, Cheerios), and Mars (M&Ms, Snickers, Ben's Original) are also on the list of firms doing business in Russia.
Hospitality chains Hyatt, Hilton, Intercontinental Hotels and Marriott all have locations still open in Russia.
The list also includes companies that have wide portfolios of brands including Coty (COVERGIRL, Sally Hansen, Adidas, Nautica) Unilever (Knorr, Dove, Axe, Lipton) and Kimberly Clark (Cottonelle, Depend, Huggies, Kleenex).
Other companies still doing business in Russia include Accor, Bridgestone Tire, Citi, Honeywell, Philip Morris and Pirelli.
Hashtags like #BoycottPepsi and #BoycottCocaCola started trending on Twitter as the list spread on social media, according to NBC News. Actor Sean Penn even encouraged Americans to boycott the two companies, as well as McDonald's.
Not all brands have full control over their Russian operations. Some, like Starbucks and McDonald's, are owned by franchisees and the corporation has limited ability to control their operations, The Washington Post reported. In lieu of shutting down operations completely, some companies have also announced they are suspending investments and developments in the country, The Post noted.
"I don't think it's as simple as saying can you just pull out of Russia," Kathleen Brooks, director at Minerva Analysis, told the BBC. "These are complicated businesses and there's a lot to consider."
Some analysts have argued that the decision for a business to pull out of Russia is all about reputation management.
"The reputation risk gets exponential as you wait," Scheherezade Rehman, a professor of international finance at George Washington University, told CNBC. "Having an export market overseas at some point means taking local currency and exchanging it into dollars or euros. You don't want to be stuck in rubles. That's not a good business."
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