BP, Unilever, and HSBC have failed to properly exit Russia, new report warns.
Three FTSE 100 companies – HSBC Holdings, Unilever, and BP – have been named as members of a “dirty dozen” of high-profile multinationals still heavily involved in Russia.
The three UK headquartered companies have failed to properly exit Russia in the wake of Putin’s invasion, according to a new report by the Moral Rating Agency (MRA).
Instead, the British firms have used “loopholes” in the international sanctions regime to continue operating inside the Russian Federation, the MRA report says.
The report named BP, Unilever, and HSBC Holdings as three of the most egregious offenders, in claiming they have failed to exit Russia, despite condemning its invasion of Ukraine.
The report warns that a plethora of the world’s largest companies, including BP, have pledged to sell their Russian assets but have failed to actually offload them yet.
The report notes some companies have relied on “carve out” clauses to continue operating in Russia and continue selling essential goods. »
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