Russia Goodbye! But only for a few, 8 June 2023

During May 2023, only eight international 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 a number of 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 which 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...