During May 2023, only eight companies completely exited the Russian market, according to the Kyiv School of Economics (KSE) monitoring.
The list includes Aspo corporation, a Finland-based conglomerate engaged in the ownership and development of several B2B corporate brands; U.S. Authentic Brands Group, which owns the Reebok sporting goods chain; German car manufacturer Volkswagen; German manufacturer of tires and automotive electronics Continental; U.S. industrial conglomerate Emerson Electric; German logistic company HAVI; Italian ISAB oil refinery; and the Luxembourg-based world’s only industrial manufacturer of single wall carbon nanotubes OCSiAl.
From agricultural sciences companies to online dating services, 1423 (43%) businesses halted or fully stopped operations in Russia since the start of 2022, according to B4Ukraine analysis based on KSE data.
Yet, the majority, 1861 (57%) of international firms that had ties to Russia at the start of 2022 continue to do business in the country. Approximately, 650,000 people are still employed by international companies in Russia. Those companies received more than $136B in revenue in Russia last year.
This is far too little progress!
B4Ukraine calls on G7, EU, and Swiss governments to urge their businesses to cut ties with Russia and issue market guidance advisories to warn of the heightened risks of continuing business there.
The ongoing corporate complicity in Russian aggression and crimes against humanity must be stopped. Access to the economic resources behind Russian aggression must be blocked.
See our list of recommendations for firms, governments, and investors.