We examined corporate filings for the week of March 8-15 to see what was being said about Russia. There were 291 firms mentioning Russia in their recent filings.

Where it was mentioned:

These mentions have a variety of stories behind them. Focusing on risk factors, some companies may have a general warning like Kronos Worldwide (KRO) who mention the Russia-Ukraine conflict in the context of “risks associated with global and regional economic, political and regulatory environments”.

Whereas others may be more specific, like Salesforce (CRM) which was concerned that “retaliatory cyber attacks stemming from Russia’s recent invasion of Ukraine, including ransomware and distributed denial-of-service attacks”, or IDT which has “significant number of R&D personnel in Belarus”, and are concerned about the impact on personnel and their work, or Century Casinos Inc. (CNTY) which were concerned about the impact of the conflict with Russia on “discretionary consumer spending”.


Examining the potential economic effects of the Russia-Ukraine conflict, we examined how many companies reported to have subsidiaries in those countries (listed in Exhibit 21 of the 10-K). In the annual 2021 filings, 192 firms listed at least one subsidiary in Russia, and 99 firms listed at least one subsidiary in Ukraine.


In addition to examining subsidiaries, the potential impact on companies could be examined by studying the segment data coming from the segments footnotes, and looking for companies that mention a segment that includes Russia. For example, Pepsico (PEP) reported almost $3.5B in revenue from Russia or ArcelorMittal (MT) who reported $4.1B in revenue from Ukraine.

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