Volvo and British American Tobacco among another 11 international companies leaving Russia – KSE
Pravda Ukraine
In September 2023, 11 foreign companies left the Russian market – thus the number of businesses that left Russia reached the number of 284. Meanwhile, 2000 businesses continue working or considering their options.
Source: results of the KSE Institute monitoring within the framework of the Samosanktsii (Self-Sanctions)/Leave Russia projects focused on how foreign business leaving the Russian market affects the Russian economy
The KSE Institute found out that in September 2023, 11 international companies, including Bilfinger (likely according to an internal agreement, since a foreign individual became the new owner), British American Tobacco, Fletcher Hotels, IHI Corporation, Ingram Micro, Magna International, Mondi Group, National Investment Company, Ponsse PLC, PPG, and Volvo Cars have completely left Russia.
“Three more companies, Philips, Softline International and Knorr-Bremseleft, left partially, having sold part of their local assets.
Moreover, many companies are basically on the brink of leaving, even though they have not finalised this process, mainly a famous food products manufacturer Danone, Ingka holding company, which owns a furniture and household goods network IKEA, South Korean car manufacturer Hyundai and others,” the statement reads.
In total, as of 1 October 2023, 284 international companies have completely stopped operating in Russia. This is 8.1% from the total number of companies from the KSE base or 21.2% of companies, which received income in Russia in 2022.
1,225 (35.1% of total number) foreign businesses shut down operations and announced their intention to leave Russia.
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