Moves by Nestle SA, Renault SA and Philip Morris International Inc. to scale back their Russian businesses leave a dwindling handful of holdouts resisting the corporate exodus. Some of those companies, while decrying the invasion of Ukraine, insist staying put is the least bad option.
Nestle deepened its pullback this week, suspending the majority of its sales and manufacturing in Russia, while French automaker Renault halted its operations and said it might quit a longstanding venture there. Marlboro maker Philip Morris said Thursday it was working on ways to exit in an orderly manner.
The moves are sure to pressure other multinationals still operating in the country, which include Danone SA, PepsiCo Inc. and Procter & Gamble Co. But with billions in investments, tens of thousands of employees and valuable factories scattered across the country, a complete exit is fraught with risks, challenges and unintended consequences.