Over 1000 companies have either curtailed or else completely ceased operations in Russia as a response to its invasion of Ukraine, a mass corporate exodus of a speed and scale which we’ve never seen. While corporate withdrawal appears to have considerable public support, it’s not obvious that it has done anything to hamper the Russian war effort, nor is it clear what the long-run effects of corporate withdrawal as a regularised response to war might be. Given this, it’s important the (...) evaluate the ethical merits of such a response. In this paper I critique what I take to be the two most common arguments given in favour of voluntary corporate withdrawal, which I label ‘the instrumental argument’ and ‘the clean hands argument’ respectively. After illustrating their shortcomings, I reframe corporations’ predicament as a ‘spattered hands’ case—one where they may do good by remaining in a war-waging state, but where they contribute indirectly to grave wrongdoing by doing so. Drawing on ideas from the ‘Business for Peace’ and ‘Business and Human Rights’ literature, I highlight the potentially positive role of corporate presence within war-waging countries, before highlighting four considerations which corporations ought to bear in mind when determining whether to withdraw, or whether it is the lesser evil to stay and to let their hands be spattered. (shrink)