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 CompletedSuspend new investment in Russia. Announced Transfer: the company seeks new operator for dairy, plant-based operations. According to the results of January-September 2022, Danone's global revenue grew by 14.9%, up to €20.7 billion, year-on-year, the business of dairy products and plant-based beverages in the Russian Federation accounted for about 5%. Still operating in Russia with increasing revenue volumes in 2022 vs 2021 (+$294mn or +11%) according to RAS (Russian Accounting Standards) and Federal Tax Service of Russia data, which doesn't include IFRS adjustments and intragroup eliminations. In the company's annual report prepared in accordance with IFRS, Russia's share in gross income is $1.5 billion (~6% of the total amount). Russia seizes control of shares in Danone and Carlsberg subsidiaries. Involuntary/forced exit. 09.2023: The full name was changed from DANONE TRADE LLC to H&N TRADE LLC | 20.09.2023: The entry about the founder of JSC "DANONE RUSSIA" was deleted; JSC "H&N" becomes the new founder of the organization. New owners of Danone are actively working/hiring new people in russia. The map used by the ru division of the company also shows the map of russian federation with Crimea and occupied territories in Luhans'k, Donets'k, Zaporizhzhia, and Kherson as part of the country.
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.
Continue its divestment in Unipro. No new long-term natural gas supply contracts with Russia. Full impairment loss on the Nord Stream 2. Statement condemning Russian invasion of Ukraine. (Operates 5 power plants in Russia under Unipro). Uniper takes €4bn hit after losing control of Russian subsidiary. The German energy concern Uniper does not count on the resumption of Russian gas supplies and is waiting for a court decision on a lawsuit against Gazprom Export for gas supplies no earlier than 2024.
Will sell its non-controlling interest in the AB InBev Efes, request regarding the suspension of the license for production and sale of Bud in Russia will also be part of a potential transaction, not sure of other brands. Increased revenue and profit in 2022 vs 2021. Largest brewing company AB InBev Efes has localized the production of some popular imported brands in Russia: Spaten, Franziskaner, Leffe Blonde and Brune. Anheuser-Busch InBev agreed to sell its stake in a Russian joint venture to partner Turkish brewer Anadolu Efes.
Initially stopped production at its St. Petersburg plant and stopped imports of vehicles; no statement about retail operations and services inside Russia. 23.09.2022: Toyota Motor decided to close its factory in Russia. But at the end of 2022 the Toyota concern was the first automaker to resume direct deliveries of spare parts to Russia. "We are talking about details that did not fall under the sanctions". Also, the Russian daughter of Toyota Motor (the official supplier of products in the Russian Federation) allowed its dealers to parallel import spare parts that are subject to restrictions, such as electronics. 07.2023: FEDERAL STATE UNITARY ENTERPRISE "CENTRAL ORDER OF LABOR RED BANNER SCIENTIFIC RESEARCH AUTOMOBILE AND AUTOMOTORNY INSTITUTE "NAMI" becomes the new founder of the organization. The record about the founder of JSC "TOYOTA TSUSE CORPORATION" has been deleted. The record about the founder of JOINT-STOCK COMPANY "TOYOTA BOSHOKU YUROP" was deleted.
Still operating across 14 sites in Russia but promised to suspend new investments. Revenue and Net Income increased in 2022 vs 2021. Investing into Russia’s construction industry: Germany’s Knauf branded international sponsor of war by NACP. Knauf played an important role in the reconstruction of destroyed Mariupol. The German TV channel ARD and newspaper Tagesschau has revealed that German companies are helping the Russian occupying regime with construction works in the occupied city of Mariupol. In particular, they obtained photos showing a construction site with Knauf bags, whose official dealer publicly advertises that it has completed a residential building project using its construction materials for Russia's Defence Ministry. Knauf is a leader in gypsum production and has a long history of doing business in Russia. The company's founder, Nikolaus Knauf, served as Russia's honorary consul for over two decades. The German prosecutor's office is investigating reports of Knauf's participation in the restoration of Mariupol. After the scandal, the German manufacturer of building materials Knauf Group has decided to abandon its business in Russia and transfer it to local management. To complete the transaction, it is necessary to obtain approval from the Russian authorities. Knauf expects that the deal will save jobs for more than 4 thousand employees. The Würzburg prosecutor's office has launched an investigation into the German concern Knauf in connection with German media reports that the company's products are widely used in the reconstruction of Mariupol, which was destroyed by Russian troops and captured by them during the war against Ukraine.
Announced exit Russian market BUT Fortum receives fuel from TVEL, a subsidiary of the Russian state concern Rosatom. The contract was concluded before the expiration of the current licenses for the operation of Loviis reactors. Fortum to record additional pre-tax impairments of approximately EUR 990 million related to its Russia segment. The Federal Property Management Agency received foreigners' shares in Unipro and Fortum under temporary management. Fortum has formally notified the administration of the President of the Russian Federation that it strongly objects the Decree No. 302 of 25 April 2023, based on which the Russian State Property Management, Rosimushchestvo, has seized Fortum’s Russian subsidiary PAO Fortum. Fortum to write off $1.9 billion after Russia seized assets. Fortum will file a claim for compensation after the nationalization of the Russian "daughter". Fortum plans to use up its existing Russian stock before switching to a western supplier.
Separated out all business activities in Russia. In 2 entities out of 4 there were following changes (probably an internal deal, part of the assets were transferred to companies from Qatar and the UAE): 12.2023: The entry about the founder of KRONOSPAN GMH LLC was removed from the Unified State Register of Legal Entities. ULTRADEKOR GMH LLC becomes the new founder of the organization | 12/15/2023: Full name changed from KRONOSPAN LLC to ULTRADEKOR LLC. 12.2023: The full name was changed from KRONOSPAN GMH LLC to ULTRADEKOR GMH LLC. 15.11.2023: The entry about the founders of KRONOSPAN HOLDINGS RUSSIA LIMITED and KRONOSPAN HOLDINGS EAST LIMITED was removed from the Unified State Register of Legal Entities. KAUZA HOLDING LLC and KAUZA-FTSKO become the new founders of the organization.
BASF decided to wind down the company’s remaining business activities in Russia and Belarus by the beginning of July 2022. Exempt from this decision is business to support food production. Partial exit (had 4 companies). 07.2023: The record about the founder of CONSTRUCTION RESEARCH AND TECHNOLOGY GMBH has been deleted. The record about the founder MASTER BUILDERS SOLUTIONS DEUCHLAND GMBH has been removed. MBSS HONG KONG LIMITED becomes the new founder of the organization. MBSS HONG KONG ESTABLISHMENT LIMITED becomes the new founder of the organization.
The Russian authorities are discussing the possibility of introducing barrier duties of 220% on dietary supplements from unfriendly countries. The measure may affect such large manufacturers as Stada, Solgar, Unipharm. 11.2023: The entry about the founder of STADA ARTSNAIMITTEL was removed from the Unified State Register of Legal Entities. AGNIDDA LINKS S.A.R.L. becomes the new founder of the organization (probably internal deal). One of the largest German investors in the pharmaceutical industry of the Russian Federation, the company Stada, is moving its plants into a separate company and preparing them for sale.
No statements about suspending or closing business. Italian bank Intesa Sanpaolo's (ISP.MI) Russian subsidiary saw profits more than six times higher in 2022 than the year before, independent audit documents showed, as Western sanctions on Russia's banking sector gave foreign lenders an unlikely boost. Intesa closer to gaining Moscow's OK for Russia asset transfer. The largest Italian bank, Intesa Sanpaolo, has decided to close its representative office in Moscow, although it was unable to obtain permission to completely withdraw from Russia due to restrictions on the sale of assets.
Remove products from Russia from shelves
Jaguar Land Rover is laying off the majority of the employees of the Russian office. As one of Kommersant's interlocutors says, JLR is actually leaving the RF. It is not clear if JLR will continue to support the maintenance of its vehicles.
The Group has reached agreement in principle to sell the business to their local partners, subject to legal and binding agreements. Will transfer its ownership stake of its joint venture in the region to a local partner
According to Nikkei, the company is suspending the export of spare parts to the plant in Vladivostok. The available stock of components will be enough for production and sale for several months. Mazda in talks to end Russia production, following Toyota exit. Mazda Could Soon Sell Its Stake In Russian Joint Venture. In a results statement, Mazda said the deal would be worth one euro, bring it the right to buy the asset back for the same amount within three years. https://www.reuters.com/markets/deals/russian-carmaker-sollers-buy-out-mazdas-stake-vladivostok-joint-venture-2022-11-10/
Operations in Russia have become increasingly challenging, including supply chain disruptions and sanctions, and we are suspending operations in our Russian manufacturing facilities. The President of Russia, Vladimir Putin, signed an order for LLC "PSK — New Solutions" to purchase the Russian assets of the American company Caterpillar.
Halt sales (170 locations). H&M is selling its business in Russia. The brand's stores were temporarily open to sell off leftovers.
Received revenues in Russia in 2022. Russian President Vladimir Putin has authorized the sale of the Finndisp chemical enterprise, owned by Dow Europe Holding B.V. The company is registered in the Netherlands and owned by the American Dow Inc. 01.2024: Partial exit, one of the 4 companies sold. Bendenko Sergey Nikolaevich and JSC "PLASTIC" become the new founders of the organization. The entry about the founder of DOW EUROPE HOLDING B.V. was removed from the Unified State Register of Legal Entities.
Stopped new investments and exports/imports from Russia, American food manufacturer Kraft Heinz, the largest shareholder of which is Warren Buffett's Berkshire Hathaway, is putting up its business for the production of baby cereals, purees and other baby food for sale. The company continues to conduct a full-fledged business in Russia in its main category of sauces. The sale of the business concerned only the category of baby food. In the main category, the company is increasing its marketing activities in Russia (for example, see the new advertisement for the Picador brand https://www.youtube.com/watch?v=7T795vnCOw8). 03.2024: LLC "MANAGEMENT COMPANY "CHERNOGOLOVKA" becomes a management organization. 19.03.2024: JSC "AQUALIFE RESOURCE" becomes the new founder of the organization. The entry about the founder of the PRIVATE LIMITED LIABILITY COMPANY "H.J. HEINZ GLOBAL HOLDING B.V. was removed from the Unified State Register of Legal Entities.
Ceased imports into Russia. Divest Russian operations: Olam International sells its Russian coffee production site to Lalibela Coffee.
The French logistics operator FM Logistic sells for more than 3 billion rubles another warehouse complex Central Properties in Dmitrov near Moscow.
Continuing operations within sanctions compliance & shares in Sakhalin-2 project. The consortium consisting of Mitsui & Co and the Japanese national oil and metals company JOGMEC retained a ten percent stake in the Novatek Arctic LNG-2 project. With the only clarification that since March of last year, Japan has frozen new investments in this project due to financial sanctions. Japanese trading company Mitsui & Co (Mitsui) has announced that it will invest in the operating company of Russia’s Arctic LNG 2 project. The Japanese companies Mitsui, Tajima Lumber and Tajima Kosan became co-owners of one of the largest Russian lumber production enterprises - TM-Baikal LLC (Irkutsk region).
Suspend operations in Russia. "Louis Dreyfus Company (LDC) will cease grain exports from Russia from July 1, 2023, as grain export challenges continue to increase in the country, and is also assessing options for the transfer to new owners of its existing Russian business and grain assets," LDC said in a statement. Global grain traders - Cargill, Viterra, Louis Dreyfus have stopped exporting Russian grain since July 1, 2023 and are leaving Russia. They informed the Ministry of Agriculture of the Russian Federation about this decision, as well as the fact that they are starting to work out the issues of transferring their business to new owners back in March of 2023.
Shut down business in Russia. The Russian subsidiary of the American HP Inc. — LLC "HP Inc." — has initiated the liquidation process, according to data from Fedresurs. The HP company left the Russian market early: the operational activities of the Hewlett-Packard (HP) company in the Russian Federation were terminated early, although this was supposed to happen in May. The support service and services for customers stopped working regularly. The Russian site with a redirect to Kazakh is also disabled. The last deliveries to customers in the Russian Federation were in February 2024. In parallel with this, the liquidation of the company's Russian representative office - HPI Inc. LLC took place. But another legal entity, LLC "HEWLETT PACKARD ENTERPRISE" (tax id 7743098542) continues to work.
According to press reports, the company is suspending car imports. There are no company statements.
The Chinese manufacturer of household appliances Haier intends to liquidate the factory of Candy household appliances in Kirov.
Suspend all commercial operations in Russia indefinitely.
According to messages in the press, the company is winding down its business in Russia but cautiously returned to the market for Russian government and corporate bonds and buy Russian debt. Due to the unilateral decisions of American financial institutions, servicing of Gazprombank correspondent accounts in US dollars at JPMorgan Chase Bank and Bank of New York Mellon will be terminated. In this regard, we ask clients not to use Gazprombank for cross-border transfers in US dollars starting from January 27 inclusive. The Russian subsidiary bank of the American JP Morgan Chase, which announced the winding down of its operations in the country back in March 2022, became the largest foreign investment bank in Russia in terms of assets at the end of January–September 2023. The bank's assets overall grew more than fourfold over the past two years. A Russian court has ordered the seizure of JPMorgan Chase funds totalling $439.5mn a week after Kremlin-run lender VTB launched legal action against the largest US bank to recoup money stuck under Washington’s sanctions regime.
In 2022, since the start of the full-scale invasion, KONTI-RUS CJSC continued to operate in Russia and increased capacity (most brands are still in use), having acquired an additional factory in Ivanovo shortly before this, but Boris Kolesnikov denied any involvement in its buying. Russian court has confiscated the confectionery company Conti-Rus, claiming that it supposedly belonged to 'a relative of Rinat Akhmetov and his partners.
Withdrawal from the Russian market. GeoPost is negotiating the sale of its DPD business in Russia with a number of large local logistics operators.
The company made a statement about leaving the Russian market
Worked, placing the recruitment ads but on behalf of the new owner (Maxidom), which still uses the Castorama brand.
The company suspends online sales to end-users and also suspends investments, marketing, training and events. According to the previous statement, there will be no exports of products from Russia to the global warehouse in Europe. The production from the Russian factory is being redistributed to other manufacturing sites. Oriflame, as part of a previously announced strategic review of its assets in Russia, has chosen to divest its manufacturing entity within the country. The company has already signed a binding agreement with Arnest Management LLC (Arnest), who will acquire 100% of the shares in Cetes Cosmetics Russia. 11.2023: The entry about the founder of ARNEST MANAGEMENT LLC was removed from the Unified State Register of Legal Entities. JSC "ARNEST" becomes the new founder of the organization.
According to the decree on the transfer of assets of the Agroterra company, one of the top 15 largest landowners in the country, under state control, 100% of Agroterra, which owns lands in Kursk, Oryol, Lipetsk, Tula, Ryazan, Tambov, was transferred to the “temporary management” of the Federal Property Management Agency. and Penza regions. In addition, the Federal Property Management Agency received 100% of its financial subsidiary AgroTerra (Capital AgroFinance), as well as AgroSistema LLC and AgroSistema-Regions LLC. The actual owner of the Russian group is the Dutch holding AgroTerra Invetments B.V.
All new types of business in Russia have been suspended. German energy holding Siemens Energy has started restructuring its business activities in Russia and intends to complete the exit from assets in Russia at the end of the current fiscal year. But it is possible to continue servicing the equipment for "Nordic Stream-1". 14.10.2022: Siemens Energy sells Russia-based gas turbine JV to local state firm. Systems LLC (formerly Siemens LLC, the Russian structure of Siemens AG) plans to initiate a voluntary liquidation procedure in February 2024 due to the inability to continue its normal activities related to the import of goods into the Russian Federation, according to the company’s report on the results of 2023. RAO Intertech B.V. (Dutch structure of Inter RAO) became the owner of the Voronezh Siemens Energy plant - Voronezh Transformer LLC (formerly Siemens Energy Transformers LLC).
BMS is handing over its Russian commercial operations to its distribution partner Swixx Healthcare, previously known as Amicus, a Bristol spokesperson said over email
Suspending business in Russia. Donated 1$ million to UNICEF and Red Cross. Doubled employee matching to approved charities.
Suspending Russian transactions at end of March 2022. Also suspended any new financing in Russia. BNP Paribas Asset Management is set to liquidate the firm’s Europe Emerging Equity fund on 3 July, following more than a year of suspension.
Wind down Russian business. 1H23 sales declined 1% as reported, while LFL sales grew 6% including approximately 300 bps of negative impact from the Russia exit.
Planning exit of business in Russia due to invasion of Ukraine, however will provide support to maintain networks. Had previously suspended deliveries (to comply with sanctions) and stopped new business and started removing R&D. Statement condemning Russian invasion of Ukraine. Pledge of over $1.3M UNICEF for humanitarian work in Ukraine. Nokia Solutions and Networks LLC, a Russian subsidiary of the Finnish Nokia Solutions and Networks, received large compensation from one of the related parties in 2023 amid the winding down of its activities in Russia. This follows from the explanations to the financial statements of Nokia Solutions and Networks, published in the Federal Tax Service database at the beginning of April 2024.
Halted sales to Russia, suspended all shipments to Russia. DELL Exits Russia, Shares Decline on Dismal Q3 Outlook.
Still operating and actively hiring in Russia. Russian dictator Vladimir Putin transferred the Russian subsidiaries of the Italian water heating company Ariston and the German manufacturer of household appliances BSH Hausgeraete to the temporary management of the Gazprom company.
The company is taking steps to pause all the businesses in Russia. This includes content and product licensing, Disney Cruise Line activities, National Geographic magazine and tours, local content productions and linear channels. Pause new content releases, Disney Channel Russia stops broadcasting, replaced by local kids’ TV channel.
Wind down business in Russia. Deutsche Bank is winding down its remaining software centers in Moscow and St. Petersburg and plans to cut 500 jobs. About 500 employees of IT centers who still remain in Russia will be offered to resign within six months with severance pay. Deutsche Bank has told clients it can no longer guarantee full access to Russian stocks that belong to them. Rushimalliance filed claims for 31 billion rubles against Deutsche Bank and Commerzbank. Gazprom arm seeks foreclosure on Deutsche Bank Russia businesses. Deutsche Bank and Commerzbank blocked Gazprom subsidiary's Russian lawsuits.
Tigers Realm Coal Limited engages in the identification, exploration, development, mining, and sale of coal deposits in Russia and Asia. Tigers Realm Coal said it will sell its assets, including two Siberian coking coal mines and an export terminal, for $49 million to APM-Invest, owned by Russian businessman Mark Buzuk.
Suspend new investments and clinical trials. The American pharmaceutical company Eli Lilly has decided to leave Russia and transfer its business to its partner in Central and Eastern Europe — the Swiss-registered distributor Swixx Biopharma. The company will hand over business in the country to Swixx BioPharma. Through it, Eli Lilly will continue to supply drugs to Russia.
Selling its business in Russia. It will operate until the sale is concluded. Technical records in the register - 29.07.2022: The record about the founder of LLC AGGRECO UKEY LIMITED has been deleted. The record about the founder of OOO AGGRECO HOLDINGS LIMITED has been removed. LLC AGGRECO HOLDINGS LIMITED becomes the new founder of the organization. LLC AGGRECO UK LIMITED becomes the new founder of the organization. Aggreko is to divest its Russian and Kazakhstan businesses by selling them to its private equity co-owners, TDR Capital and I Squared Capital Partners.
Received revenues in Russia in 2021-2022, there is no any official announcement. Baring Vostok sold the collection agency PKB to an investor from the Russian Federation.
Promised to stop new business and investments. Also, promised to close the plant and tried to change owners of the smallest TERRA INFRASTRUCTURE in 2022. In reality, local companies has not changed their owners and the biggest ones were renamed. Revenue slightly decreased in 2022 vs 2021. A big jump of the trade in summer of 2022, mostly attributed to the Murmansk Seaport project of the new material handling system for coal. Partial exit, 1 out of 3 local legal entities changed owner. 02.2024: OJSC "KRASNOYARSK NON-FERROUS METALS PLANT NAMED AFTER V.N. GULIDOV" and JSC "AKXION-RARE AND PRECIOUS METALS" become the new founder of the organization THYSSENKRUPP INDUSTRIAL SOLUTIONS (RUS) (abbreviated as LLC "TKIS (RUS)"). The entry about the founder of THYSSENKRUPP INDUSTRIAL SOLUTIONS AG has been removed from the Unified State Register of Legal Entities.
Reducing some customer deliveries and divesting industrial assets (no details). Continuing to provide medical and safety critical products. Suspending sanctioned projects and planning for new projects in Russia. Statement condemning the Russian invasion of Ukraine. (Five offices in Russia; one in Belarus. Ammonia production factory joint venture with JSC KuibyshevAzot. One of the partners in a Novatek contract for the Arctic LNG 2 export project). Despite publicly announcing the suspension of any new projects in Russia after the invasion of Ukraine in February 2022, Linde diligently fulfilled its contracts for the "Arctic LNG 2." In particular, Linde shipped at least three batches of equipment to Russia, including one registered with the Russian customs on June 1, 2022. A court in Russia confiscated the assets of the German company Linde GmbH, which refused to build a gas processing complex for Gazprom in Ust-Luga and supply high-tech equipment due to EU sanctions against Russia.
Jaguar Land Rover is laying off the majority of the employees of the Russian office. As one of Kommersant's interlocutors says, JLR is actually leaving the RF. It is not clear if JLR will continue to support the maintenance of its vehicles.
Still operating in Russia. Armen Sargsyan's S8 Capital wants to acquire the Russian business of American Huntsman. This company owns a chemical production facility in Obninsk. Huntsman hoped to exit assets in the Russian Federation in 2023, but did not receive all the necessary regulatory approvals.
Initially temporarily suspended operations and sales in Russia. UPM has sold all its business operations in Russia to Gungnir Wooden Products Trading. In January 2023, it was reported that "UPM sold its assets in Russia to JSC "Astranaut Rus Holding Oyj", a structure that is part of the holding." (intragroup sale).
No information about operations with Russia. Probably an internal deal - 12.2023: The entry about the founder of AP PACKAGING RUSSIA HOLDING GMBH was removed from the Unified State Register of Legal Entities. NEVA EF-ZET-EL-EL-SI becomes the new founder of the organization.
Promised to suspend retail business operation, e-commerce and close the stores. Made a donation to Red Cross but later there were proofs found that the company is continuing to sell its goods in Russia and "HUGO BOSS RUS" LLC is still active and received revenues in 2021-2022. Company HUGO BOSS RUS receives plenty of direct shipments from Hugo Boss AG as of March 31, 2023, based on the Russian customs data. A lot of transactions ~18k in a year. Promised to suspend retail business operation, e-commerce and close the stores. Stockmann became the buyer of the Russian business of the German clothing manufacturer Hugo Boss, which included 19 stores in Russia at the end of 2022. The deal, according to experts, could cost 800 million rubles, taking into account all the discounts. with a market value of the business of 1.8 billion rubles.
Cisco is stopping all business operations, including sales and services, in Russia and Belarus for the foreseeable future. There are no statement about local manufacturing. A purportedly leaked Russian customs database shows around 500 shipments of Cisco gear arriving in Russia in August, months after the networking giant halted its business operations in that country. In January 2023, the manufacturer of network equipment and software products Cisco Systems "physically destroyed" its material and production stocks in Russia in the amount of 1.86 billion rubles due to the cessation of sales. These are mainly spare parts, however, other property is also subject to destruction, including the IT equipment itself, according to the accounting reports of one of Cisco's legal entities in the Russian Federation - Cisco Systems. 12.2023: The legal entity Cisco Systems LLC was liquidated. Partial exit, there is 1 more company.
Playrix closes all offices in Russia and Belarus that employed over 1,500 people. As of September 2023, all offices in Russia and Belarus are closed, employees have been relocated, and some of the staff had to part ways. 11.2023: The full name was changed from LLC "PLAYRIX" to LLC "ITDEV LAB" but the same owner (RIMUTE HOLDINGS LIMITED LLC, Cyprus) remained. 4 other group's companies in Russia are in the process of liquidation (FORESTWEST LLC, MGL GAMES LLC, PLAYRIX DMR LLC and PERFECT PLAY LLC) since December 2023.
Promised to terminate business and operations with and in Russia.
Winding down operations in Russia; terminating shareholder syndicate agreements with Deripaska. MKAO Rasperia Trading Limited, a Strabag STRV.VIshareholder formerly controlled by Russian businessman Oleg Deripaska, was sold to Russian company Iliadis JSC, the Austrian construction firm.
The French company Valeo has agreed to sell the Russian power systems business to NPK Avtopribor and is awaiting approval of the deal by government agencies. Moreover, the company wants to retain the right to repurchase assets. French car parts maker Valeo said on 31.10.2023 it had signed an agreement to sell its thermal systems production assets in Russia to NPK Avtopribor for an undisclosed sum.
Exit Russia. Sports brand Nike has decided to leave the Russian market. The supply of products has been discontinued. The American brand, which worked in Russia for 18 years, with the beginning of the Great War, unlike Adidas, quickly left the Russian Federation. Initially, Nike, which had more than 100 stores in the Russian Federation, did not renew the contract with the largest franchisee in Russia, Inventive Retail Group (IRG), and stopped supplying products. Subsequently, the company decided to leave the market of the terrorist country: the nike.com website and the Nike mobile application are unavailable in the Russian Federation. The sponsorship agreement with the Moscow "Spartak", with which the brand has cooperated since 2005, has also been terminated. Half a year after that, the Lestate distributor bought the rights to rent a Nike outlet in one of Moscow's shopping malls and the company's unsold goods.
German Fraport AG, which owns 25% of the management company of the Pulkovo airport, is still selling its share, said the head of VTB Andrey Kostin. The sale may take place, despite the fact that the holding has repeatedly emphasized that it will not be able to sell its share by 2025 under the terms of the concession agreement. All Russian airport owners are among the interested buyers. Earlier, Fraport's fortune was estimated at €111 million. In May 2022, the head of Fraport, Stefan Schulte, stated that in accordance with the terms of the concession agreement, the holding has no possibility to withdraw from the shareholders until 2025. Russia nationalises St Petersburg Airport; Fraport et al left with shares with no voting rights.
The company applies French and international economic sanctions. The company decided to put on hold all of its foreign investments and its major development projects in the country. Intention to withdraw from Russia - signed a Memorandum of Understanding with the local management team with the objective to transfer its activities in Russia in the framework of an Management Buy Out.
Wind down Russian business in 2022
The shareholders of the Duracell battery manufacturer have decided to withdraw from the Russian market. Before exiting the Russian market, the company will sell off the remaining stock of goods and settle with employees. Exported goods to Russia at least till Feb-2023 - https://squeezingputin.com/support.html Duracell will return to Russia under a new name. Sales of Opticell batteries have begun in Russia. The brand should occupy the niche of the departed Duracell and Energizer. In August 2023, it was reported that Opticell is a subsidiary of Duracell, but the Ministry of Industry and Trade denied this information, stating that the brands are not related in any way. At the same time, Impulse LLC (owns the Opticell brand) is headed by Yuri Korotaev, who headed Duracell Russia till August 08, 2023. But main legal entity LLC "DURACELL RUSSIA" (tax id 7743101227) continues to operate in Russia, eventhough its revenue dropped more than 2x times in 2023 vs 2022.
Received revenues in Russia in 2021, there is no any official announcement. Fletcher Hotels left Russia.
Stopped sale of new machines to Russia and Belarus (AGCO has a sales, administration, distribution, and assembly presence in Russia. Sales in Russia and Ukraine combined was <2%). Partial sale - one of the local companies, "AGCO MACHINERY" LLC, changed its owner (OPTITEK DISTRIBUTION HOLDING B.V. becomes the new founder of the organization).
Stop shipments to Russia; will not deliver any more products or systems for Russian locomotives; end JVs. 09.2023: HOLDING TRANSPORT COMPONENTS LLC becomes the new founder of the organization. The entry about the founder of KNORR-BREMSE SYSTEME FÜR SHINENFARTSOYGE GMBH has been deleted.
Stop exports to Russia. Finnish Orion Pharma has started the liquidation of its Russian office - it is planned to be closed by the end of 2022. Divested the rights of some of its self-care brands in Russia. Finnish drug manufacturer Orion Pharma is suffering critical losses after leaving the Russian market. The exit itself was not complete because there were no changes in the ownership structure. Also, according to preliminary data, the company's management expects to return to the Russian market in the near future.
Iveco to leave Russia, to transfer stake in truck JV to local partner.
Acino's parent company, headquartered in Zurich, Switzerland, sold an asset in the Russian Federation in 2023 and no longer does business in that country. But Acino doesn't appear to have totally left Russia, they seem to have transferred the shares to a related companies in the UAE. The parent company of ACINO is ADQ based in UAE. Acino in Switzerland has made no official announcement that they left Russia.
Closes business in Russia and Belarus: The decision to fully close business in Russia and Belarus is reflected in the upcoming announcement of Grundfos’ half-year results. A significant one-off cost of DKK 851m related to the closing of business in Russia and Belarus will be reported. 03.2024: ISTRATECH GROUP LLC becomes the new founder of the organization LLC "Grundfos Istra". The entry about the founder of GRUNDFOS HOLDING A/S was removed from the Unified State Register of Legal Entities. Another legal entity LLC "Grundfos" (tax id 5042054367) continues to work.
Suspended operations and new investment in Russia, suspended dividend payments from Rusvinyl (an independent 50:50 joint venture in Russia). Ayear after Russia’s invasion of Ukraine, Solvay has inked a deal to sell its 50% interest in the RusVinyl polyvinyl chloride joint venture to its partner for $450 million.
Suspend operations at Russian mill: suspended production in the Swir sawmill, Russia, Wood procurement in Russia and imports to Metsä Group's mills discontinued. Metsä Group completed the sale of its Russian subsidiaries to VLP Group.
Exit Russia completely
German pharmaceutical company Bionorica put up for sale an unfinished plant in Voronezh. The fact that the German pharmaceutical company Bionorica began looking for buyers for its plant for the production of drugs in Voronezh, was told by a source close to the company that was considering the acquisition of this enterprise. According to him, the decision to sell is related to the sanctions restrictions imposed by the European Union on Russia, as a result of which the import of foreign raw materials and special equipment necessary for the production of medicines into Russia has become impossible.
Partial exit, 3 out of 4 local entities changed owners. Planned to sale of all Russian assets to local management at nominal price. The largest and other warehouses were formally sold, but to offshore buyers - Arabs, there are doubts that this is a real deal.
Crayon stated in April, 2022 that the company was preparing to withdraw from the market in Russia, but formally the company is still the owner of a legal entity under the Crayon brand in Russia (LLC "CRAYON", tax id 9717087315). Crayon sold 80% of Crayon Russia’s (currently named “Crayon” LLC) shares to local management in December 2022, with the transaction currently being at the final step before the completion of the transaction, awaiting the consent of the Russian Governmental Commission, as mandated by Russian law enacted following Russia’s full-scale invasion of Ukraine. Due to the immediate sale of its economic interest in Crayon Russia, Crayon deconsolidated its former Russian subsidiary from its consolidated financial statements for 2023. These financial statements, audited by KPMG AS, do not include Crayon Russia as a subsidiary (see page 49 of the Annual Report 2023 at https://www.crayon.com/globalassets/global/investor-relations/share-information/march-2024/reports-21.-march/annual-report-2023.pdf, and pages 62-64 of the auditor’s report).
Wind down business in Russia, taken steps so that RT content is not available via services provided by IBM Cloud. The Russian "daughter" of IBM - LLC "IBM Vostochnaya Evropa/Asia" - completed its commercial activities at the end of 2022. This is stated in the company's message.
The company is aiming to sell its assets in Russia within the first half of this year, CEO Ray Scott said, adding that legal issues and other complexities have made the process slow moving.
Halting cargo bookings with Russia. Maersk expects a quick conclusion of negotiations on the sale of business in the Russian Federation. Agreed to sell its 30.75% stake in Russian port operator Global Ports Investments to Russia's largest container operator Delo Group.
Received revenues in Russia in 2021-2022, there is no any official announcement. 12.2023: The entry about the founder Limmer Volker was removed from the Unified State Register of Legal Entities. LLC "GROUP OF COMPANIES "GRANEL" becomes the new founder of the organization. The entry about the founder Constantia Flexibles International GMBH has been removed from the Unified State Register of Legal Entities. Partial exit, there is 1 more company.
Made the decision to withdraw from Russia and, having already paused new sales, is initiating a plan to stop production and business activities. Corteva is concluding its plan to stop production and business activities in Russia, and because we have enough sunflower production capacity in Europe for the European market, we no longer need the additional production capacity at the Woodland location.
Stopped delivering appliances and later terminated business activities in Russia.
Received revenues in Russia in 2021-2022. Officilally announced that "Embracer does not have any direct consumer sales in Ukraine, Russia, or Belarus. Consumer sales are made through third-parties which has historically represented approximately 1% of our global net sales." Embracer’s $247 million sale of Saber Interactive detailed: divested studios, games, and exit from Russia.
Received revenues in Russia in 2021-2022. EVN is currently in advanced negotiations with a potential buyer for the two combined heat and power plants in Moscow, which represent the last remaining activities of the EVN Group in Russia. 1 of 4 entities was sold: 11.2023: The entry about the founder of the STATE UNITARY ENTERPRISE OF MOSCOW "EKOTEKHPROM" was removed from the Unified State Register of Legal Entities. JSC "EKOTEKHPROM" becomes the new founder of the organization.
Was selling online. Fischer restricted its business in Russia. 07.03.2024: The legal entity FISCHER SPORTS RETAIL LLC (tax id 7716885692) was liquidated, but the main legal entity FISCHER LLC (personal identification number 7716588925) continues to work.
Japanese machine tool manufacturer Mori Seiki has completely stopped doing business in Russia. President Masahiko Mori has said that the machines they make are subject to sanctions because they can be redirected to the production of weapons. President Vladimir Putin signed an order transferring 100% of the shares of Ulyanovsk Machine Tool Plant LLC to the Federal Property Management Agency for temporary management. The plant belonged to the German subsidiary of DMG MORI - Seiki Gildemeister Beteiligungen.
Received revenues in Russia in 2021, there is no any official announcement. BDO announced about ceasing to hold office as auditor of JKX Oil & Gas Limited as "The Company’s significant operations relate to producing oil and gas fields in Ukraine and Russia undertaken through subsidiaries in those countries." Disposing of all its Russian assets. Russia declares UK player ‘extremists’ and confiscates gas assets.
Received revenues in Russia in 2021. The company is actively engaged in helping the affected Ukrainians, and has already allocated more than 50 million hryvnias to finance charitable and humanitarian projects.
The Vanderlande office is closed as of 30.9.2022. Vanderlande has no more activities in Russia as of then. The decision was taken in March 2022. It took until now to close our operations in an orderly manner.
Stop shipments to Russia; maintained services. During the second quarter of 2022, Eaton decided to exit business operations in Russia in light of the ongoing war with Ukraine.
Withdraw from Russia completely
Divest Russian operations.
Suspension of any investments on the Russian market. Suspension of operations of subsidiaries in Russia APS Traction and APS Invest. APS ENERGIA S.A.: Signing the Term sheet for the sale of the company Zależnej OOO APS Energia Rus.
ASICS ceased all commercial operations in Russia after the invasion began and has since exited the Russian market.
Winding down of business activities in Russia in response to Russia's invasion of Ukraine, including write-off and relocation-related expenses of impacted associates.
Received revenues in Russia in 2021, there is no any official announcement. 07.2023: The authorized capital was increased from 101,566,029 ₽ to 120,000,000 ₽. Myasnikov Dmitry Georgievich and Pfaifer Evgeny Georgievich become the new founders of the organization. Linhardt Gruppe left 45% of shares.
Stop purchases of Russian crude
Cease orders and shipments to Russia. The Japanese technology corporation Fujitsu has initiated the process of liquidating its legal entity in Russia. According to the Russian registry, the record of the liquidation of the local LLC "Fujitsu Technology Solutions" appeared in August, and the company has already appointed a liquidator.
Stop all orders from Russia. Konecranes has now started to deliver its final crane order to Russia. The order – cranes for a Waste-to-Energy recycling site outside Moscow – was placed in 2019 by a European company and subsequently delayed by Russia’s invasion of Ukraine. Once this order has been delivered, Konecranes will have no further outstanding orders to Russia. Konecranes, a titan in the crane manufacturing industry, has initiated the liquidation of its Russian subsidiary, Konecranes Demag Rus JSC, headquartered in St. Petersburg. This decision, set to culminate by February 2, 2024, marks the end of Konecranes' operations in a country that has become increasingly isolated due to geopolitical tensions.
Received revenues in Russia in 2021-2022, there is no any official announcement. According to information provided to KSE, once Hatch had a few hundred staff operating in two offices in Russia before the Ukrainian invasion, the company is now down to a single remaining Russia-based staff person. Office in St. Petersburg has been permanently closed and office in Moscow is in place only until company is able to close out its accounts in the country. Company continue to have monies that remain owing to Russian entity from other Russian companies who are now former clients. No intention of re-establishing ourselves in Russia.
Morgan Stanley Real Estate Fund VII, which is managed by the American company Morgan Stanley, intends to sell 50% of the shopping and entertainment center "Gallery". "Gallery" is Morgan Stanley's latest asset in the real estate sector in Russia.
Closed office and warehouse facility in Moscow and no longer do business in Russia.
Avaya leaves Russia and dismisses all personnel.
Hitachi suspends business operations in Russia. 28.11.2023: One of the two legal entities (ONETEK HTS LOGISTICS (RUS)) was liquidated.
Omron fully wind down business in Russia.
Temporarily suspending shipping to Russia. Humanitarian donations.
In March 2022, Swarovski suspended its Russian business. CEO Alexis Nasard is now announcing a full exit - "in accordance with current sanctions and trade restrictions". Outside of Swarovski's vision of Russia, about how it was voiced in every other turn, already completed, remind Nasard.
Contractors representing the Big Four dredging companies (Van Oord, Boskalis, Jan de Nul, DEME), which account for over 98% of dredging works in Russian ports, have withdrawn from Russia’s Arctic infrastructure projects.
Washington Post alleges that Baker Tilly is funding Putin's efforts. No further evidence is given besides the mention of the firm.
Suspended bookings to and from Russia. CMA CGM agreed to exchange its 25% stake in Russia’s Yanino Logistics Park and Moby Dik ocean terminal for an additional 25% stake in Finnish terminal operator Multi Link Terminal. CMA CGM Completes Russia Exit: French-based shipping group CMA CGM has completed its withdrawal from the Russian market by divesting stakes in terminals through an asset swap, the company said. But local company "CMA SIGEEM RUS" stil has foreign ownership.
The discontinuation of Ekaterra means that tea brands Lipton, Saito and Brooke Bond will cease to be produced in Russia by the end of 2022. After that, the Ekaterra company will completely stop their sales and distribution on the Russian market.
Totally suspend all shipments, services and maintenance in Russia
Exit Russia completely
Allianz to sell majority stake in Russian operations to Interholding. Allianz deal to sell Russia operations initially faced delay due to regulator. German insurers Allianz and Munich Re have renewed cover for the damaged Russia-controlled Nord Stream 1 gas pipeline. Allianz has closed a deal for the sale of a controlling stake in its Russian subsidiary Alliance to Interholding, which owns Zetta Insurance. The company fully transfers control over its Russian portfolio to the Zetta Strahovanie group and ceases participation in the operational activities of the business, reports the press service of Allianz in Russia.
Received revenues in Russia in 2021 which dropped x3 times in 2022. The management of the ASK Chemicals Group has decided that all companies of the Group are withdrawing from business with Russia and Belarus.
“Coping with the consequences of pandemic, followed by the war in Ukraine and our exit from Russia, our organisation has focused on improving commercial and operational excellence."
The company suspended all shipments to customers in both Russia and Belarus. There are no statements about suspension of the local offices. Supply channels to Russia have remained open despite Western export restrictions and manufacturer bans. The Russians continue to create combat drones using technologies from Intel, Raspberry, and other Western companies. According to the Yermak-McFaul group, the Kh-101 air-launched cruise missiles contain at least 53 types of ECUs (microcircuits, chips, etc.) produced by foreign companies. In particular, components from companies such as STMicroelectronics (Switzerland), Vicor (USA), XILINX (USA), Intel Corporation (USA), Texas Instruments (USA), ZILOG (USA), Maxim Integrated (USA) and Cypress Semiconductor (USA). Intel Corporation has sold its Nizhny Novgorod office - the largest in Russia.