Goldman Sachs, Uniqlo, Hugo Boss and Carlsberg join growing Russian boycott

The long list of companies boycotting Russia is getting longer.

Goldman Sachs, Rio Tinto, Carlsberg, Hugo Boss, Sony and Uniqlo are the latest major companies to turn their backs on Russia over the war in Ukraine.

Global mining giant Rio Tinto today said it was in the “process of terminating all commercial relationships it has with any Russianbusiness”.

Wall Street bank Goldman Sachs said it was “winding down its business in Russia in compliance with regulatory and licensing requirements.”

Carlsberg has suspended operations temporarily. The company owns Russian operator Baltika Breweries, which controls almost 30% of the country’s beer market and employs an estimated 8300 Russians.

Carlsberg condemned Russia’s invasion of Ukraine “in the strongest possible terms”.

Sony said it too was stopping operations in Russia. A spokesperson called for “peace in Ukraine and an end to the violence.”

German fashion and couture house Hugo Boss has halted business. It generated 3% of its group sales in Russia and Ukraine last year.

FTSE 100 catering company Compass Group added to the condemnation of the Russian conflict is Ukraine and insisted that plans to withdraw from the Russian market were “well under way”.

Fast Retailing, the Japanese owner of Uniqlo, said it had “become clear to us that we can no longer proceed due to a number of difficulties.”

“Therefore, we have decided today to temporarily suspend our operations,” a spokesperson said. “Fast Retailing is strongly against any acts of hostility. We condemn all forms of aggression that violate human rights and threaten the peaceful existence of individuals.”

Over 300 companies have boycotted Russia is some form or another since the start of the war in Ukraine, either pausing investment, suspending operations or pulling out of the country altogether.

The mass exodus comes amid intense pressure from politicians and the public.

Not all companies are quitting though. British American Tobacco has taken a less specific approach and stated that its business in Russia “continues to operate”. The cigarette maker said it would “support” and assist its 2500 employees in Russia and 1000 colleagues in Ukraine.