Another 13 international companies leave the Russian market in a month

In June, another 13 international companies left the Russian market, including Michelin Group, one of the world's largest manufacturers of car tires, the German company Bosch, and the American chemical corporation 3M.

Source: KSE Institute

Details: In general, as of today, 254 (7.7% of the total number of records in the database or 17.6% of companies that received income in Russia in 2022) international companies have completely ceased operations in Russia. Also, 1,191 (35.9% out of the total number) of foreign businesses closed operations and declared their intention to leave the country.

At the same time, 1,352 (40.8% of the total) companies that were monitored by the KSE Institute are not yet going to leave the Russian market, and will continue to work without any changes. Another 519 (15.7% of the total) foreign businesses have suspended new investments in Russia and continue to wait, the KSE report.

According to the monitoring data, 254 international companies that completely left the Russian market had been providing at least 417,500 jobs, their annual income was US$62.2 billion, the capital was estimated at US$28.6 billion, while the value of the assets of these companies reached US$52.4 billion as of 2021.

At the same time, the international companies that announced their complete exit from Russia had 263,100 employees, US$50.5 billion in annual income, US$18.7 billion in capital, and US$21.2 billion in assets.

"Foreign companies that suspended operations on the Russian market had 99,500 personnel, annual revenue of $25.6bn, $38.1bn in capital and $98.8bn in assets," the KSE said.

As of the end of June 2023, companies from 35 countries and 39 sectors of the economy have already left the Russian market, according to the KSE Institute: most of them had headquarters in the US, Germany, Finland, the UK and France and worked in the Automotive, Energy, Oil and Gas, Electronics, Consumer Goods and Apparel, Food and Beverage industries.

Background:

Eight international companies have completely left the Russian market in May: the German automobile company Volkswagen and the German manufacturer of tires and automotive electronics Continental are among them.

Journalists fight on their own frontline. Support Ukrainska Pravda or become our patron!