More than 1,600 foreign companies have reduced, suspended or terminated their activities in Russia.
Most Western companies left the Russian marketfrom the start of the full-scale invasion. However, some companies announced their exit from the aggressor's market, but later changed their minds, according to a report by the Kyiv School of Economics (KSE).
Despite the declaration of a decisive break in relations with the Russian Federation, later it became known that they continue to support products, maintain partial activity, etc. The KSE dataset shows that as of March 17, 2,066 companies or services did not change their positions, while 326 did.
Kyiv School of Economics
“Among the largest global companies that have changed their position are: ExxonMobil, Alphabet (a conglomerate that includes Google – ed.), Toyota and Microsoft. There are a total of 59 such cases. And although such a path is characteristic of the largest companies, it is the least popular,” the report says.
There is also a separate group of companies that, despite their previous statements, have turned 180 degrees. For example: Air Serbia (resumed flights), German agricultural equipment manufacturer Claas (still operating privately in Russia), tire manufacturer Continental (plant in Kaluga resumed operations on August 1), Ukrainian bookmaker Parimatch (operates in the Russian Federation under the name Paribet), Japanese Fujifilm and some others.
Kyiv School of Economics
According to the KSE, 1,649 foreign companies have already reduced, suspended or closed their operations in Russia. As of August 14, companies that have already completely withdrawn from the Russian Federation had 192,600 employees, $18.9 billion in annual revenue and $7.7 billion in capital.
Companies that have announced their complete withdrawal from Russia , had 140.7 thousand employees, $34.1 billion in annual revenue and $18.6 billion in capital.
Companies that suspended their activities in the Russian market had 158.8 thousand employees, annual revenue in in the amount of $63.1 billion and $32.8 billion of capital.
Kyiv School of Economics
“We still see a periodic increase in the share of those companies that remain on the Russian market. Nevertheless, about half (47.0%) of the companies have already announced their exit from the Russian market, but 31.2% are still present in the country, 19.9% are waiting and only 1.9% have made a complete exit.” – emphasized in the document.
As of August 14, 747 public companies continue to operate in Russia (-7 per week), reduced current operations and suspended new investments – 477 (+4 per week), closed Russian operations – 1,126 (+4 per week) and completed exit from RF 46.
Read also: A website has been created with a list of companies that continue to work in Russia
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Western companies will not return to Russia after the end of the war against Ukraine, it is unprofitable, predicts the Financial Times. The damage from the return to the market of authoritarian Russia can many times exceed the benefit, and the point is not even in sanctions, but in the toxicity of “aggressive, imperialist Russia of Vladimir Putin”.
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