FLYING Magazine

Since Russia’s attack on Ukraine, more than 400 companies have pulled back from Russia, changing their relationships to comply with sanctions, or in solidarity with Ukraine. 

As the conflict escalates, the actions companies have taken seem to fall into five categories. The Yale School of Management has masterfully tracked all company actions and has separated them based on the magnitude of their responses:

Complete withdrawalTemporary suspensionReducing activityPaused future developmentsCompanies who plan to stay

We’ve paired down the list to highlight the aviation companies taking aviation, as well as some of these companies whose business operations participate in the aviation industry indirectly, only providing auxiliary—but still critical—support. 

Apart from the companies we mentioned before, here are the latest moves: 

WITHDRAWAL- Ceased operationActionAerCap (NYSE: AER)Cease lending to RussiansAmerican Airlines (NASDAQ: AAL)No flying over Russian airspaceCentrica (OTCMKTS: CPYYY)Exit gas supply partnership with GazpromExxon (NYSE: XOM)Exit Rosneft partnershipKorean Air Lines (KRX: 003490)No flying over Russian airspaceMarsh McLennan (NYSE: MMC)Exit operations in RussiaUnited Airlines (NASDAQ: UAL)No flying over Russian airspaceSUSPENSION – Keeping Options Open for ReturnAirbus (US OTC: EADSY)Suspend supply of parts to AeroflotAlaska Airlines (NYSE: ALK)Suspend Russian partnershipsBoeing (NYSE: BA)Suspend operations in Russia/titanium purchasesBombardier (OTCMKTS: BDRBF)Restrict new Russian businessBooking (NASDAQ: BKNG)Suspend bookings in RussiaBoseSuspend all shipments to RussiaBP (NYSE: BP)Suspend operations/divest from 20 percent Rosneft stakeBridgestone Tire (OTCMKTS: BRDCY)Suspend manufacturing in Russia and shipments intoDassault Aviation (OTCMKTS: DASTY)Suspend all shipments to RussiaDelta Air Lines (NYSE: DAL)Suspend agreement with AeroflotDeutsche Bank (NYSE: DB)Wind down business in RussiaDHL (OTCMKTS: DPSGY)Suspend all shipments to RussiaExpedia (NASDAQ: EXPE)Suspend bookings in RussiaFedEx (NYSE: FDX)Suspend all shipments to RussiaHonda (NYSE: HMC)Suspend all shipments to RussiaHoneywell (NASDAQ: HON)Suspend virtually all sales in RussiaJohnson Controls (NYSE: JCI)Suspend operations in RussiaJuniper Networks (NYSE: JNPR)Suspend sales in RussiaNeste Oyj (OTCMKTS: NTOIY)Suspend purchases of Russian oilRaytheon (NYSE: RTX)Suspend operations in RussiaRockwell Automation (NYSE: ROK)Suspend operations in RussiaRolls Royce (OTCMKTS: RYCEY)Suspend all shipments to RussiaSabre (NASDAQ: SABR)Suspend partnership with AeroflotShell (NYSE: SHEL)Suspend operations in RussiaStellantis (NYSE: STLA)Suspend operations in RussiaUniper SE (ETR: UN01)Suspend new Russian gas purchases/divest UniproUPS (NYSE: UPS)Suspend all shipments to RussiaValero Energy (NYSE: VLO)Suspend purchases of Russian oilViva Energy (ASX: VEA)Suspend purchases of Russian oilSCALING BACK – Reducing Current OperationsAllianz (OTCMKTS: ALIZY)Meaningfully reduce exposure to RussiaAmadeus IT Group (OTCMKTS: AMADY)Suspend partnership with AeroflotBNP Paribas (OTCMKTS: BNPQY)Suspend new business in Russia/curtail financingBosch (NSE: BOSCHLTD)Suspend some shipments and plants but not allGE (NYSE: GE)Suspend certain operations but continue othersMichelin Tire (OTCMKTS: MGDDY)Halting production at some plants/reviewsPAUSED – Holding Off New Investments/DevelopmentADM (NYSE: ADM)Unspecified scaling down of non-essential operationsAir Liquide (OTCMKTS: AIQUY)Suspend investment/development but not operationsBASF SE (OTCMKTS: BASFY)Suspend new Russian relationships but not existingPirelli (BIT: PIRC)Suspend new investments in RussiaTrafiguraSuspend new investments in RussiaDECIDING TO STAY–Opted to continue businessCredit Suisse (NYSE: CS)$1 billion in net exposure to RussiaEmirates AirlinesNot disclosed publiclyRenault (OTCMKTS: RNLSY)Local workforce of 40,000 and 10% of revenues

It still isn’t immediately clear how those moves will reverberate through the various supply chains, but as many companies depend on operations in the affected regions for both top and bottom lines of revenue, they won’t be insignificant.    

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