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Opinion


BUSINESSES WAITED TOO LONG TO BOYCOTT RUSSIA | OPINION

Benny Buller , founder and CEO, Velo3D
On 3/10/22 at 7:00 AM EST


00:13
Kevin McCarthy Calls Putin 'Evil' And 'A Dictator' In Rare Break From Trump
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Opinion Boycott Russia Vladimir Putin Money


For many years, the writing has been on the wall. Russia's human rights abuses,
invasions of Georgia in 2008 and Ukraine in 2014, alleged poisoning attacks and
much else have shown the world its dangerous nature. Moscow's tyrannical
leadership is focused on aggression and suppression, and risks involving the
entire world into total war.

As CEO of a metal 3D printing company that provides mission-critical parts for
space exploration, transportation, energy and more, I viewed Russia's repeated
behavior as enough reason to not do business with the country. A state bent on
causing so much destruction is not one that should get advanced American
technology.

Read more
 * America's Choice in Ukraine
 * Russia, Ukraine and America's New Right
 * End All Russian Oil and Gas Imports, Including into Europe



The world has seen the bravery of Ukrainians and their President Volodymyr
Zelensky in standing up to Russia's recent brutal and deadly invasion. Suddenly,
pulling out of Russia has become a popular thing to do. A survey found that 75
percent of Americans want businesses to cut ties with Russia. Corporations are
announcing their decisions as a way of signaling that they're on the right side
of history. Over 300 businesses have pulled out of the country, according to a
running count by the Yale School of Management.

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This is all better late than never. But it isn't the kind of leadership we need
most. What defines true leadership is acting with the conviction and vision to
do the right thing, even if it's not popular at the time. Gradually helping
people see why your move was the right one is key to changing minds. It can go a
long way toward leading people in the long run.

We are surrounded by too many people who "lead" from behind. They look to see
what the polls say and then place their position in what appears to be the least
risky and most accepted place. They wait too long to take principled, strong
actions—and a disaster, like the invasion of Ukraine, happens. This is true for
political leaders, as well as journalists, business executives and others.

But business leaders are in an especially influential position. The 2022 Edelman
Trust Barometer found that business is the "most trusted institution." Across 27
countries surveyed and nearly 60 percent of consumers are "buying brands based
on their values and beliefs," Edelman reported. About the same number of
employees choose where to work "based on shared values and expect their CEO to
take a stand on societal issues." Nearly two-thirds of investors are also
looking to put their money into businesses that align with their values.



The Ukrainian flag is seen as demonstrators gather to protest Russia's invasion
of Ukraine outside the Russian Embassy in Washington, D.C., on Feb. 27, 2022.
MANDEL NGAN/AFP via Getty Images
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"Business must now be the stabilizing force delivering tangible action and
results on society's most critical issues," said Edelman CEO Richard Edelman.
"Societal leadership is now a core function of business."

This is especially true for those of us in tech, outside of social media. The
survey found that technology is the most trusted sector, followed by education
and health care. Social media, meanwhile, is the least trusted sector.

Societal leadership can show up in all sorts of ways, from addressing climate
change to implementing fair hiring practices and more. It's a reason why I
announced a vaccine mandate last spring, stressing that there are moments when
business leaders must make a significant positive difference.

Imagine if major businesses across the United States and around the world had
ostracized Russia after its previous provocations. The Kremlin would have faced
greater fears of financial collapse before launching another invasion. The
kleptocrats who profit from Russia's corruption may have exerted greater
influence against such barbarism. Being left out of global commerce can
contribute to anger and dissatisfaction among the Russian public, and fears of
an internal uprising may have forced Russian President Vladimir Putin to rethink
his obsession with overtaking Ukraine.

This is not to say that boycotts underway now are meaningless. They do make a
difference. And to be clear, there remain many businesses that still have not
cut off Russia. Some of these businesses are facing boycotts for not doing so.



I am among many people calling on businesses to impose Russia's complete trade
isolation, stopping any trade with it or its agents. But executives also need to
do more. It's important to take this moment to adopt a new way of looking at the
world. It's time for a mental shift.

Russia is not the only threat to global stability, and not the only nation
showing a willingness to destroy the world order. Now's the time for business
leaders to consider where they will and won't do business. Short-term profit
incentives, from reaching markets in certain regions, must not outweigh the
long-term societal damage from failing to make the strongest, most moral
decisions we can.

It's time for executives to decide whether the regimes they're dealing with—and
at times, even appeasing to sell products and services to—present an even bigger
danger than they realized. It is time to lead from the front.

Benny Buller is founder and CEO of Velo3D.



The views expressed in this article are the writer's own.

Request Reprint & Licensing, Submit Correction or view Editorial Guidelines








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