THE WHAT? Those who followed the news this time last year will no doubt be surprised to discover that, despite the splashy headlines, some 550 international companies have yet to cease trading in Russia, according to a report published by Euronews quoting a study conducted by Yale.

THE DETAILS The study claims that it is ‘business as usual’ for several high profile European firms, among them Clarins, Braun and Philips while the likes of Unilever, AstraZeneca and Bayer continue to do ‘substantive business’ in Russia but have postponed future operations.

THE WHY? While governments implored western brands to withdraw from Russia following its invasion of Ukraine, few sanctions obliged companies to quit the market altogether. However, those that continue to trade will risk the ire of their western customers, who view trading in Russia as effectively bankrolling the war.