HSBC, Goldman Sachs, Johnson & Johnson… Experts unveil a shock list of companies and banks that continue to trade in Russia despite Ukraine’s invasion
- Johnson & Johnson was labeled hypocritical and received the worst rating
- HSBC was the second worst performer – it said in July it had agreed to sell its business in Russia
- Goldman Sachs, third on the list, has been criticized for continuing to serve clients
- Unilever said it will continue to supply “essential food and hygiene products”.
US healthcare giant Johnson & Johnson has been named as the worst offender in a list of Western companies still operating in Russia.
Banks HSBC and Goldman Sachs follow on a list compiled by the Moral Rating Agency (MRA), followed by consumer goods giant Unilever and its US rival Procter & Gamble.
Moscow’s invasion prompted many companies to distance themselves from doing business with Russia.
But the MRA, a London-based organization, has prosecuted western companies that still trade there. It evaluated them by assessing activities that may involve importing and exporting, owning factories, or making other investments.
The second worst performer is British bank HSBC, according to the report. It said in July it had agreed to sell its business in Russia – but MRA said “a promise is just a promise until it’s kept.”
Johnson & Johnson is behind brands like Listerine and Neutrogena. It was labeled hypocritical and received the worst rating, in reference to its J&J Institute in Moscow, which trains health workers, and its remaining pharmaceuticals and medical devices. Johnson & Johnson has described the war as “devastating” and donated millions to humanitarian organizations and medical supplies.
“A promise is just a promise
In March, the company said it was suspending supplies of personal care products in Russia, as well as all advertising, enrollment in clinical trials and new investments.
The second worst performer is British bank HSBC, according to the report. It said in July it had agreed to sell its business in Russia – but MRA said “a promise is just a promise until it’s kept”.
Goldman Sachs, third on the list, has faced criticism for continuing to serve existing customers.
Unilever, meanwhile, has said it has suspended much of its operations but will continue to supply “essential food and hygiene products”.
Procter & Gamble, in fifth place, still produces healthcare products in Russia. It previously said it halted investments, suspended advertising and reduced its portfolio.
Johnson & Johnson is behind brands like Listerine and Neutrogena. She was called hypocritical and received the worst rating – a nod to her J&J institute in Moscow
Goldman Sachs announced it would suspend its operations in Russia in line with regulatory requirements and sanctions
The mail contacted all five companies. Goldman Sachs announced it would suspend its operations in Russia in line with regulatory requirements and sanctions.
A spokesman for HSBC said the sale of its Russia business is subject to various regulatory approvals in the country.
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London and Washington took the unusual step of revealing Russia’s plans ahead of its February attack to deter Vladimir Putin and discourage false narratives, Sir Jeremy Fleming told BBC Radio 4 while guest-editing the Today show.