There has been a near universal move out of Russia from western companies, but not everyone is impressed by corporate ethics.

JPMorgan "finally did the decent thing" and promised to kick Russia from its investment indices, but only after undertaking a Survey Monkey poll of its investors, noted BlueBay Asset Management economist Timothy Ash last week. "Very bad taste," tweeted Ash, who has been unsparing in his criticisms of companies' ethical standards, saying many "don't seem to have a clue".

Financier-turned-activist Bill Browder was similarly scathing about Shell's initial defence of its decision to buy discounted oil from Russia. Browder, a long-time Putin critic, also complained about getting lots of calls from hedge fund acquaintances asking if they should buy bombed-out Russian stocks and bonds.

His answer: “It’s like asking if you should buy German equities during the Holocaust. Have some decency.”