While more than 1,000 companies have chosen to leave the Russian market, almost 250 have decided to stay, despite the Ukrainian crisis
Nearly 250 international companies continue to operate in Russia, including more than 100 European companies, according to a list compiled by Yale’s Chief Executive Leadership Institute.
Since the launch of the Russian military offensive in Ukraine at the end of February, the Institute has followed the responses of more than 1,200 companies.
“More than 1,000 companies have publicly announced that they are voluntarily restricting their operations in Russia to some extent beyond the bare minimum legally required by international sanctions – but some companies have continued to operate in Russia undeterred,“It said.
Of the 247 international companies continuing to operate in Russia, 116 are from EU countries, including top brands such as Benetton, Diesel, Giorgio Armani, Lacoste and Raiffeisen Bank, to name a few- one. Some big names in the US, such as Hard Rock Café, Tom Ford and TGI Fridays are also on the business list. “who continue to act as if nothing had happened in Russia.”
In response to Russia’s attack on Ukraine, the US, EU, UK and many other countries imposed severe sanctions on various sectors of the Russian economy. Since the end of February, hundreds of foreign companies, including recently Coca Cola, Ikea and McDonald’s, have announced the cessation of their activities in Russia.
Russia retaliated by imposing its own counter-sanctions against “hostile” countries and adopting measures against their companies.
At the same time, as Kremlin spokesman Dmitry Peskov said earlier this week, Russia will “take good care of those foreign businessmen who remainby offering them favorable conditions.
Russian President Vladimir Putin also recently said his country would welcome companies that wanted to return and warned that some companies may regret their decision to leave the Russian market. Peskov reiterated that view, saying that for many companies that left it would be harder and more expensive to come back because “the void” created by a company leaving the Russian market”is instantly filled by someone else.
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