Russia initiated aggression against Ukraine in 2014. On February 24, 2022, it started a full-scale military invasion to the Ukrainian territory. This brutal war and military crimes of Russian troops caused a humanitarian crisis in Ukraine with thousands civilians killed and millions becoming refuges. As a reaction to this act of aggression, many international companies decided to leave the Russian market, while some others continue doing business there as usual. We track such decisions of companies and urge them to stop funding the war.
Hold off investments: company postponing future planned investment/development/marketing while continuing substantive business
Pausing InvestmentsReducing Activities: company scaling back some business operations while continuing others
Scaling BackPause operations: company temporarily curtailing operations while keeping return options open
SuspensionClean Break: the company completely halting Russian engagements or exiting Russia
WithdrawalExit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market
Exit CompletedHyousung sponsored a market forum 2022 in Moscow Palace
Continue doing business as usual.
Continue doing business as usual.
Received revenues in Russia in 2021, there is no any official announcement
Lotte on edge over plants in Russia: Korean food companies that operate plants in Russia have been closely watching Moscow's war against Ukraine and subsequent US-led international sanctions, as they fear a prolonged military conflict could negatively affect their business there
No official statement
Continue doing business as usual.
Received revenues in Russia in 2021, there is no any official announcement
No official statement
Received revenues in Russia in 2021, there is no any official announcement
Received revenues in Russia in 2021, there is no any official announcement.
Lotte on edge over plants in Russia: Korean food companies that operate plants in Russia have been closely watching Moscow's war against Ukraine and subsequent US-led international sanctions, as they fear a prolonged military conflict could negatively affect their business there
Received revenues in Russia in 2021, there is no any official announcement
Received revenues in Russia in 2021, there is no any official announcement
The first mono-brand stores of the South Korean fashion retailer 8 Seconds, which positions itself as a competitor to the Japanese Uniqlo and managed by Samsung, are preparing to open in Russia.
EuBiologics signed another technology transfer agreement and contract to supply raw materials for its meningococcal quadrivalent vaccine to Nanolek, a Russian biopharmaceutical.
No public action found. (Third party sales in Russia.)
According to data on Russian imports, the main beneficiaries were two companies from South Korea: SK Enmove and GS Caltex, a joint venture between the South Korean GS Group and the American energy giant Chevron.
Hyundai Engineering bags $90 mn gas processing plant deal in Russia.
Since 2023, the company has entered the Russian market.
Korean KEB HNB Bank (part of Hana Financial Group Inc) increased its assets in Russia by 170% (from $410mn as of 1.02.22 to $1.11bn as of 1.04.23).
LNG imports from Russia are 2 million tons per year. The company did not declare a refusal to import LNG from Russia. However, KOGAS says it has no direct dealings with Russia, as its purchase contract is with Sakhalin Energy and gas payments are coming to a Japanese bank in Singapore.
The Korean company MStoryLink plans to create a joint venture (JV) in Russia to develop the My Comic platform for Asian comics.
Nonghyup Feed Inc. has sought Russian feed wheat offers in an international buy tender closing Nov. 22, according to a tender invitation seen by S&P Global Commodity Insights, the first such move by a South Korean feedmiller since Russia's invasion of Ukraine in February 2022.
Operating through a Russian subsidiary
Plans to move forward with the construction of three more ice-breaking LNG carrier hulls for Russia. Samsung has been delivering blocks and equipment for five of them to Zvezda, the Russian shipyard that is assembling the carriers, after receiving South Korean government approval.
According to data on Russian imports, the main beneficiaries were two companies from South Korea: SK Enmove and GS Caltex, a joint venture between the South Korean GS Group and the American energy giant Chevron.
Korean Woori Bank operates in Russia since 2007.
Statement condemning Russian invasion of Ukraine. Withdrew the honorary 9th dan black belt conferred to Mr. Vladimir Putin in November 2013. Initially Russian and Belarusian athletes and officials will not be permitted to compete at World Taekwondo events but later officially sanctioned almost full admission of Russians to its tournaments, including the world championship starting at the end of May 2023.
The Fortis range also includes exotic security solutions - tools from the South Korean company xSecuritas for forming dynamic watermarks on the monitor image, which allow you to protect critical corporate information from leaks with the help of photo and video recording.
Samsung Electronics suspended all shipments to Russia but continues operating r&d center in Moscow and collaborating with government science institutions sharing advanced technologies. Samsung Electronics said nothing had been decided after a newspaper reported the company https://www.reuters.com/technology/samsung-expects-return-russian-market-this-year-izvestia-newspaper-2022-09-14/ was expected to return to the Russian market this year, six months after suspending shipments following the invasion of Ukraine. The Russian authorities are "losing patience" with electronics manufacturers Samsung and LG and are preparing to ban their equipment in the country because they refuse to sell their plants in the Kaluga and Moscow regions. And although Russian vendors, including Lex, Kuppersberg, Schaub Lorenz and others, were actively interested in buying these capacities, they could not come to an agreement, since South Korean manufacturers do not give in on the price.
Global carmakers are feeling the pinch as logistics and supply chain disruptions to the Russian market have become a reality. Kia the latest automaker to mull exiting Russia. Revenue in 2022 from Russian operations has significantly dropped vs 2021.
LG Electronics is suspending all shipments to Russia and will continue to keep a close watch on the situation as it unfolds. The management of the South Korean LG is discussing the possibility of closing the plant in Russia (it produces refrigerators, washing machines and televisions) and transferring production to Uzbekistan at the Artel facility. The Polish plant of the South Korean LG began to install Smart TV software adapted for the Russian market on the TVs it produces. Russian online cinemas are pre-installed on the devices supplied by parallel import and there is support for the voice assistant "Alice".
The departure of Visa and Mastercard effectively disabled all standard systems of contactless payments for Russian customers, however, Samsung Pay in the Russian Federation continued to provide payments from "Mir" cards. The payment system for mobile devices Samsung Pay will stop working with cards of the Russian payment system Mir. “Starting April 3, 2024, adding and using Mir cards in Samsung Pay will no longer be available. At the same time, the functionality of adding and using club cards/loyalty cards in the Samsung Pay application will work without changes,” the statement reads. All cards linked to Samsung Pay will be automatically unlinked on April 3, 2024.
Sinokor is one of the top 20 largest shipping lines by traffic volume, and it is the only major international operator that has not reduced transportation to Russia since the start of the war. South Korean sea carrier Sinokor announced the cessation of operations at the Russian port of Vostochny in Primorye. The company and its subsidiary Hueng-A Line will no longer accept orders for delivery starting March 10. On February 23, the operator of the Vostochny port, Vostochnaya Stevedoring Company (VSK), owned by the leader of the Russian container shipping market, the Global Ports group, was placed on the US sanctions list on charges of transporting ammunition from the DPRK. At the same time, Sinokor has already significantly increased prices for the use of its containers in Russia.
Daewoo Shipbuilding & Marine Engineering (DSME) has notified the cancellation of the contracts on all three LNG carriers awarded by a Russian client two years ago. The Russian client failed to make payments for the ships on time, amid sanctions by the international community against Russia for the prolonged invasion of Ukraine.
Korean Air suspended routes to Russia until the end of April.
Temporarily suspend two Far East shipping routes. Company attributes this to market conditions and not global sanctions.
On August 28, 2023 the Ukrainian eSports Federation (UESF) announced that despite all the protests and efforts of the Ukrainian side to prevent it, the international eSports federation IESF managed to return the Russians to its tournaments and lift the ban on the use of the flag. The International eSports Federation (IESF) supported Ukraine's complaint by suspending the membership of the Russian Computer Sports Federation (RESF).
No flying over Russian airspace; Russian flights cancelled
Initially, Hyundai Motor Manufacturing Russia have suspended until further notice due to ongoing global logistics issues with components delivery. South Korea's Hyundai Motor is considering options for its suspended Russia operations that could include selling its manufacturing plant there, South Korean media reported. Hyundai, South Korea’s third-largest conglomerate, said it had not decided the future of its Saint Petersburg facility following a news report that negotiations to sell the plant were in the final stages. Transactions on the sale of Russian assets of Hyundai and Volkswagen are close to completion and are included in the agenda of the upcoming meetings of the Law Commission on Foreign Investments. The Russian government has reportedly rejected Hyundai Motor's application to sell off its Russian plant. As Toyota, Nissan, Renault, and Volkswagen have already said their goodbyes and left Russia, Hyundai has become the only global carmaker remaining there. With the possibility of a prolonged war looming, Hyundai is expected to seek a new exit strategy as it is difficult to sustain itself locally. By the end of 2023, Hyundai Motor will close its local plant, which once contributed to the automaker's high sales in Russia. By the end of 2023, Hyundai Motor will close its local plant, which once contributed to the automaker's high sales in Russia. South Korea's Hyundai Motor plans to sell its plant in Russia for a nominal 7,000 roubles ($77.67), making it the latest global automaker to sell Russian assets since the outbreak of the war in Ukraine. Hyundai Motor, in a regulatory filing, said it would take a 287 billion won ($219.19 million) loss on selling the plant, in which operations have been suspended since March 2022. The Russian company Art-Finance, which owns the former Volkswagen plant in Russia, has closed a deal to acquire the Hyundai plant in St. Petersburg.