Big oil companies—including BP PLC, Exxon Mobil Corp. and Shell PLC—all have substantial investments in Russia, as do brewing giant Carlsberg A/S and auto maker Renault SA.
On Wednesday, the chief executive of Stellantis NV, the car maker behind the Jeep, Dodge and Peugeot brands, said it is prepared to shift or limit production of its vehicles in Russia if Western sanctions disrupt those operations.
The relatively small size of the Russian and Ukrainian economies and the perceived difficulty of doing business there means the exposure to these countries of multinationals outside of the commodities industry is small. But some large Western conglomerates have built up businesses in both.
Several major Western banks, including Citigroup Inc. and JPMorgan Chase & Co., do business in Russia. If local lenders or individuals are sanctioned, these banks would have to quickly cut ties with them. So far, sanctions by the U.S., the European Union…