Russia won’t run on Dunkin’ — at least anymore.
U.S. multinational coffeehouse Dunkin’ Donuts is the latest consumer favorite to part ways with its business ties to Russia, joining a growing-by-the-minute list of corporations shunning the country in response to President Vladimir Putin’s military invasion of Ukraine.
“Dunkin’ has suspended all current development and investment in Russia,” a spokesperson told Yahoo Finance Friday, indicating the company has approximately 20 Dunkin’ locations in Russia, all of which are owned and operated by a local, independent franchise owner — so it can’t technically close them.
The brand’s move comes amid mounting pressure on big-name corporations to take punitive action against Moscow amid a broader wave of corporate activism that has led more than 300 firms to suspend Russian operations in protest, according to a list compiled by Yale professor Jeffrey Sonnenfeld and his research team.
Sonnenfeld’s list can be found here and is updated every hour to reflect new announcements from companies in real time.
“When this list was first published on Feb. 28, only several dozen companies had announced their departure,” he said on the website.
The docket of companies that continue to have exposure to Russia’s market is dwindling. Since Yahoo Finance reported Thursday afternoon that about 40 names have kept their exposure to Russia, Sonnenfeld’s list has fallen to 35 as of Friday morning.
Subway restaurants continue to operate in Russia. However, the company said in a statement that locations are all independently owned and operated by local franchisees and managed by an independent master franchisee.
“We don’t directly control these independent franchisees and their restaurants,” the company said, also vowing to redirect any profits from operations in Russia to humanitarian efforts supporting Ukrainians affected by the war.
Cadbury-owner Mondelez, which reportedly generates 3.5%, or $1 billion in revenue, from its Russian business, said it is “scaling back all non-essential activities” but stopped short of halting operations completely, according to Yale’s research.
Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
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