Have sanctions against Russia backfired? What apartheid-era South Africa tells us about who may be profiting

By John Luiz, Professor of International Management and Strategy, University of Sussex
Helena Barnard, Director: Doctoral Programme, Gordon Institute of Business Science, University of Pretoria

Even as the war in Ukraine grinds on, some multinational companies are quietly positioning themselves for a thaw in relations with Russia.

Many of those who rushed to divest from the country, selling off assets after the full-scale invasion in 2022, may now be reassessing their options. It’s also becoming clear that some of these companies never completely left to begin with.

What is apparent is that divestment was, in many cases,

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