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 CompletedFold up Russian presence. IKEA stores owner Ingka Group said in response to speculation that it might resume sales in Russia that it was open to returning one day but the conditions were not in place right now. IKEA reopens for online fire sale in Russia before market exit. It is noted that the application for the liquidation of "Ikea House" LLC was submitted on August 15, the relevant documents will be ready on the 23rd. IKEA has now let go around 10,000 employees in Russia as it makes its exit from the country. Swedish furniture giant IKEA said it had sold its factory in the Russian city of Novgorod to local firm Invest Plus, more than a year after pausing its activities in Russia over the conflict in Ukraine. IKEA is phasing out Mondelez products from the department stores. The owner of the IKEA chain has sold its headquarter but is still running malls in Russia (14 shopping centers), has found a buyer. 10.2023: Partial sale - SIBFINANCE LLC becomes the new founder of the organization. The entry about the founder of INGKA HOLDING YUROP B.V. was removed from the Unified State Register of Legal Entities. 25.10.2023: Full name changed from INGKA CENTERS RUS OPERATIONS LLC to MEGA MANAGEMENT COMPANY LLC. IKEA, which announced its withdrawal from Russia after the start of the special operation, extended the registration of its trademark under one of four applications until August 2033, according to Rospatent data. 02.2024: JSC "INVEST PLUS" becomes the new founder of the organization. The Russian court seized IKEA's assets worth 12.9 billion rubles. The company wanted to completely leave Russia. 25.03.2024: The legal entity LLC "IKEA PURCHASING SERVICES RUS" (tax id 5047183743) was liquidated.
Suspend all shipments to Russia. On December 8, 2022 the agreement on the sale of key assets was closed by the Swedish Volvo Group (it sold "VOLVO FINANCE VOSTOK" LLC, "VOLVO COMPONENTS" LLC and others) but few more has left. Swedish truck maker Volvo AB's Russian assets have been transferred to an undisclosed Russian investor, the Ministry of Industry and Trade said in a statement. 08.09.2023: A number of subsidiary structures of the Swedish car concern Volvo in Russia, including the truck production plant in Kaluga, have come under the operational control of businessman Igor Kim, according to EGRUL data. 09.2023: Ekaterina Vladimirovna Sergeeva is no longer the general director of the organization, Nikita Dmitrievich Ryauzov becomes the new general director of the organization | 12.09.2023: Igor Vladimirovich Kim becomes the new founder of the organization, ASTON GROUP LLC becomes the new founder of the organization. The entry about the founders of COMPANY VFS INTERNATIONAL AB and VOLVO FINANCIAL SERVICES GMBH has been deleted.
Eastnine to Sell its Stake in Russian Fashion Retailer Melon Fashion Group to Sistema for EUR193 Mln. AFK Sistema refused to buy Melon Fashion Group. Eastnine Signs Nearly RUB17 Billion Deal to Exit Russian Fashion Retailer Melon. Eastnine to sell a 36% stake in Zarina and Love Republic to a Russian company. Swedish Eastnine AB has signed an agreement on the sale of about 36% of the fashion retailer Melon Fashion Group (MFG; manages clothing stores Sela, Zarina, Love Republic) to Russia's GEM Invest LLC. According to a press release on the Eastnine website, the purchase price of the stake is approximately RUB 15.6 billion. The transaction is expected to be completed within two weeks. Swedish Eastnine sold a stake in Russian MFG for 15.6 billion rubles.
Reduced operations due to sanctions, Ferronordic and Volvo CE have agreed to terminate the dealer agreement for Russia, continues to service and repair the existing fleet of Volvo CE machines in Russia, evaluating strategic options, including a potential divestment or downsizing the operations; Ferronordic and Sandvik terminated their dealer agreements for Russia. Ferronordic on 23 December 2022, sold its main Russian subsidiaries Ferronordic Machines LLC, Ferronordic Torgoviy Dom LLC, Ferronordic Torgovaja Kompanija LLC and Ferronordic Arkhangelsk LLC. The buyer is part of the GILK group, a Russian leasing company.
Tetra Pak has reached an agreement to divest its Russian business to local management, with the intention of enabling business continuity for its customers, minimizing the impact on employees, and continuing to support consumers’ access to essential food. LLC in Russia was sold.
Volkswagen-associated companies MAN Truck&Bus SE and Scania AB closed their deals just a few days ago, according to the Epravda - On December, 13-14 the following assets: MAN Truck and Bus RUS LLC and Scania - Rus LLC.
In 2022, the Swedish Essity (brands Libresse, Zewa, Tork and Tena) localized the production of more than 70 products in Russia, the production of which is "maximum independent" of imported raw materials. Essity divests Russian operations (promised to finalize the transaction till the end of June 2023). Essity has exited the Russian market. In 2022, Essity’s net sales in Russia corresponded to about 2% of its total consolidated net sales. The buyer is the company New Technologies LLC, with the principal owner Igor Shilov. The earnings impact, including accumulated currency translation differences, amounts to approximately SEK -0.5bn and will be reported as an item affecting comparability in the third quarter of 2023.
Suspended all operations in Russia; Ferronordic and Sandvik terminated their dealer agreements for Russia. 11.2023: The entry about the founder of SANDVIK AB JSC was removed from the Unified State Register of Legal Entities. GPS SUPPLY GENERAL TRADING L.L.S. (UAE) becomes the new founder of the organization.
End sales and production in Russia
2.09.2022: Decided to exit Russia and divest the business to local management through a sale of its Russian subsidiary, subsidiary Electrolux Professional is selling its Russian business.
Close operations in Russia. Bonava was going to sell its Russian "daughters" for 98 million euros to G-Group (Russian developer of commercial and residential real estate). Intended buyer G-Group has not received the required approvals from Russian authorities and the company started the process of liquidation writing down €98m Russian business operations. Bonava after the failure of the deal with the Kazan G-Group found a new buyer for its Russian business - the RBI group of Eduard Tiktinsky. 11.2023: The entry about the founder of BONAVA AB (PUBL) was removed from the Unified State Register of Legal Entities. STAR DEVELOPMENT LLC (Armenia) becomes the new founder of the organization.
Lantmännen has signed agreements to divest the Russian operations - a very important step in the divestment process - and is now awaiting approval from Russian authorities to complete the transaction. In March 2022, Lantmännen's operations in Russia were separated from the rest of the Group, as a first step in a divestment, and have since then acted completely independently. EMC shareholder Shilov takes ownership of former Lantmannen Unibake subsidiary in Russia.
AFRY completes divestment of its operations in Russia.
Received revenues in Russia in 2021-2022 but completely cut off from Hydroscand Group in accordance with the sanctions from the EU. They were previously supplied via Hydroscand in Estonia, but that supply chain was ended in February 2022 as a result of Russias invasion of Ukraine. 02.2024: SMARTLAB LLC becomes the new founder of the organization. The entry about the founder of JSC "HYDROSСAND GROUP" has been removed from the Unified State Register of Legal Entities.
Closed office and suspend service. The Spotify streaming service completely stopped working in the Russian Federation on April 11, 2022 - this means that it will no longer be possible to use the services on the website and in the application. According to the "Spark" system, on February 6, 2023, the service sent an application for state registration due to its liquidation. The court fined Airbnb, UPS and Spotify for refusing to localize the data of Russians. The legal entity of the Swedish streaming music service Spotify in Russia has ceased operations. According to the Unified State Register of Legal Entities, Spotify LLC has been liquidated since December 14, 2023.
Sandvik paused its business activities in Russia on February 28 2022, and took the decision to wind down operations in Russia on June 29, 2022. The legal entity in Russia was liquidated on May 30, 2023.
As of August 1, Lindab has no operations in, sales to, or purchases from Russia. Russian subsidiary has been sold to the company's local Managing Director
Sandvik paused its business activities in Russia on February 28 2022, and took the decision to wind down operations in Russia on June 29, 2022. 02.08.2023: The legal entity was liquidated.
Electrolux Professional sold Russia business to local management.
Credit Europe Bank (Russia) has secured special permission from Russian President Vladimir Putin to acquire a 100% stake in Ikano Bank. "To allow the Joint Stock Company Credit Europe Bank (Russia) to conclude a transaction to acquire 100% of the shares in the authorised capital of the limited liability company Ikano Bank owned by Cirus Holding B.V.," the official statement read. 15.05.2023: Full name changed from "Ikano Bank" LLC to "FIBABANK" LLC. Legal entity was liquidated on July 14, 2023.
Sold assets and ceased operations in Russia