THE WHAT? Unilever has been named amongst the ‘dirty dozen’ that have failed to properly exit Russia since Vladimir Putin’s attack on Ukraine, according to a report by City A.M.
THE DETAILS The Moral Rating Agency (MRA) has released a new report that highlights how Unilever is joined by the likes of BP and HSBC Holdings as multinationals still heavily involved in Russia.
The report showcases that just 17 out of the world’s 122 largest companies have fully exited Russia, with Unilever one of the worst offenders after condemning Russia’s invasion of Ukraine.
THE WHY? The firms are said to have used ‘loopholes’ in the international sanctions regime in order to continue operating inside the Russian Federation, according to the report.
City businessman Mark Dixon founded the MRA and condemned the companies, stating they “often get credit before they have left.”
He continued, “Some company announcements are not worth the paper they are written on. You read the statement and it sounds like the company is doing something real – but often it is just a promise that the company will be able to tear up.”