On May, 8 international companies completely left the Russian market, including the German car manufacturer Volkswagen and the German manufacturer of tires and automotive electronics Continental.
This is stated in the monitoring of the KSE Institute.
Also among the companies that completely left Russia in May is the American Authentic Brands Group, which owns the Reebok sportswear chain.
"In total, as of today, 241 (7.4% of the total) international companies have completely ceased operations in Russia. In addition, 1194 (36.5% of the total) foreign businesses have curtailed operations and announced their intention to leave the country," the monitoring says.
At the same time, 1336 (40.9% of the total) of the companies included in the KSE Institute's monitoring are not going to leave the Russian market yet, operating without any changes. Another 498 (15.2% of the total) foreign businesses have suspended new investments in Russia and continue to wait.
In addition, according to the KSE Institute, international businesses that still continue to operate in Russia were able to generate significantly higher (+12.9%) revenue in 2022 (45.6% of the total) than in 2021 (32.7% of the total).
Author - Olena Madiak, 06/06/2023