Only 372 global companies have completely exited the Russian market, according to the monthly research conducted by the Kyiv School of Economics. This represents 10% of the companies in the KSE database or 26.4% of companies that generated income in Russia in 2022. Additionally, about 32.5% intend to leave the Russian market.
In February, for example, Inditex, the company that owns brands such as Zara, Massimo Dutti, Bershka, Oysho, Pull & Bear, and Stradivarius, completely liquidated its business in Russia.
Among others, IKEA also exited the Russian market by selling its business there.
However, as of March 3, 2024, over 2,150 international companies continue to operate and have no plans to leave the Russian market. This represents 57.5% of the companies in the KSE database.
While the percentage of companies winding down their business in Russia sharply increased since the beginning of the Russian invasion until mid-April 2022, the ratio of those leaving or staying has remained practically unchanged over the past 18 months. Additionally, there have been periodic increases in the number of companies choosing to stay in the Russian market, according to the analysis results.
You can find the full research results at the provided link.
Disclaimer: At the beginning of the Russian invasion of Ukraine KSE Institute launched an analytical project, which was named “SelfSanctions”, aimed to collect data on foreign companies operating in the Russian market and limiting or terminating their activities. Examination of data was conducted jointly with specialists from the Ministry of Economy, the Ministry of Foreign Affairs and the Ministry of Digital Transformation of Ukraine. The database contains a lot of information, we collect daily statistics on changes in the status of foreign companies operating/operated in the Russian market and limiting or terminating their activities.
