![]() NCAA Division III - Centennial Conference.He noted, however, there are about three dozen Western companies on his list that are "stubbornly staying" in Russia. It exceeds even what happened in South Africa," Sonnefeld said. He noted that the flight of big companies from Russia business, including by oil giants like Exxon, Shell and BP, means "several hundreds of billions of dollars written off" in physical property and other assets in Russia, "separate from hundreds of billions of lost revenue." So that's 10 days of economic history unparalleled in the world," Sonnenfeld said. ![]() "The ruble has already fallen almost 80%. He argued that Russian President Vladimir Putin's power over the country is "anchored on two things": a willingness to use violence as coercion, and "the illusion that he has totalitarian control over all sectors."īut the loss of major Western business in the country has shattered that illusion, the professor said. Sonnenfeld predicted that the actions by Western companies "absolutely will have an effect" on Russia. The professor cited the success of widespread corporate boycotts of South Africa, in concert with global government action, in the 1980s and 1990s for helping push that country to dissolve its apartheid system, in which the white minority population had institutionalized legal, economic and legal power over the Black majority. "The whole point of the legal sanctions coupled with voluntary employer economic embargoes is to stall out the Russian economy," he said. Sonnenfeld said he compiled his spreadsheet as a moral argument for punishing Russia. food brand on Sonnenfeld's list, Papa John's, said Wednesday that it, too, would suspend business in Russia. "They were trying to find the right thing in a very complex geopolitical and cultural situation with loyalty and compassion for large local workforces."Īnother U.S. ![]() "None of them were troubled by financial considerations," he said. Sonnenfeld said that in his discussions with three of the companies, the executives were trying to navigate a legal and operational resolution to the problem of having business in Russia while the nation faces worldwide condemnation and harsh economic sanctions from major Western governments. "They were lost in a time warp, because they were looking for a win-win solution in a world where no longer any middle ground," he said. Sonnenfeld, in his interview, said that as one company after another in recent days said they were leaving Russia or suspending business, "it had a snowball effect." "Through this dynamic situation, we will continue to make decisions that are true to our mission and values and communicate with transparency," he said. Starbucks CEO Kevin Johnson condemned Russia's "horrific" attack on Ukraine. At the same time, our values mean we cannot ignore the needless human suffering unfolding in Ukraine." McDonald's CEO Chris Kempczinski said that while the restaurant chain has operated for more than three decades in Russia, and become an "essential part of the 850 communities in which we operate. McDonald's and Starbucks replied by pointing to statements by their respective CEOs on their decisions Tuesday. Spokespeople for Coca-Cola and PepsiCo had no immediate comment on Sonnenfeld's remarks. "They were afraid of the 'tall poppy syndrome,' as the Australians call it, and they didn't want to suffer reprisals," Sonnenfeld said. "They kept telling me they were looking for the affirmation of others," and that their boards of directors were keeping an eye on actions by other big companies, Sonnenfeld said. "Our list made a big difference in that the CEOs wanted to do the right thing," he said. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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