4 March 2022


The Ukraine Corporate Index tracks companies’ response to Russia’s invasion

by The Good Lobby

Since the Russian invasion of Ukraine started, a growing number of companies have stopped operating in Russia. Yet most of the corporate world remains silent. As we believe that the fastest way to end the war is to stop trading with Russia, divest Russian assets and refuse to finance Putin’s regime, The Good Lobby and Progressive Shopper have established the Ukraine Corporate Index.

This Index regularly tracks corporations’ stance vis-à-vis Russia in the aftermath of its invasion of Ukraine. It intends to inform investors, customers, and citizens about whether and how their companies and brands are positioning themselves in the ongoing conflict. Its aim is to lead these stakeholders to re-assess their investment and shopping decisions by praising responsible corporations while shaming irresponsible ones.

As such, it deliberately does not factor in different market structures, but focuses exclusively on the companies’ efforts at limiting their presence on the Russian market. While we acknowledge that to leave the country is easier for some companies than others, it is ultimately up to each of them to determine whether and how to condemn the Russia’s invasion of Ukraine through their market and non-market behaviour. Check the explainer tag in the index below for insights into our methodology.

“After professing the virtues of environmental, social and governance factors (ESG), most companies don’t seem to walk the walk when it comes to the ongoing social and governance violations committed by such an invasion. Investors, customers, and citizens deserve to know on which side of the Russian-Ukrainian conflict their companies and brands stand for”, said Alberto Alemanno, Founder of The Good Lobby and Professor of Law at HEC Paris.

Mark Hanis, Founder of Progressive Shopper, said “the private sector cannot stay on the sidelines of this crisis and must take a stand against Russia. Consumers expect CEOs to show the same leadership as most political leaders and will judge them accordingly. As long as Putin is invading Ukraine, these companies should leave Russia.”

The index is constantly updated with the latest information about the private sector’s response to the Russian invasion. If you have any question, suggestion or contribution, please reach out to [email protected]



For media inquiries please contact: Maria Luís Fernandes ([email protected]

You can find the PDF version of the press release here



FORBES New Index Tracks How Brands And Companies Respond to Ukraine Crisis

FINANCIAL TIMES | When should business take a stand?

FINANCIAL TIMES | Stay or go? Western consumer brands wrestle with Russian dilemma

SUSTAINABLE VIEWS | Time for companies to lobby sustainable too

EUOBSERVERLobbyists and lawyers start split from Moscow

POLITICO | The Long War has started

TRIPLEPUNDIT | As Russia Rattles Nuclear Sword, Corporate Leadership Wakes Up

THE BRUSSELS TIMESIndividual actions to support Ukraine and its citizens

AVVENIRE | Un indice spiega ai cittadini chi fa ancora affari con la Russia

IL FOGLIO | L’assedio finanziario alla Borsa di Mosca

LA STAMPA | Guerra in Ucraina, tutte le aziende che stanno con Kiev e abbandonano Mosca

Professor Henning Meyer | Economic Death by a Thousand Cuts: Corporate Sanctions against Russia are real Game-Changers