Stop Doing
Business with Russia
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 or liquidated local entity(ies)
Exit Completed
Have factories in Russia and are producing parts for russian automobile industry, AvtoVAZ. Volume of revenue decreased in 2022 vs 2021. Revenue increased in 2024 vs 2023 by more than +30%.
Last year, Belupo achieved sales of 230 million kunas in the markets of Eastern Europe (mainly in Russia), which is 4.1 percent more than the year before, that is, before the Russian aggression.
The company continues to work in Russia. It is satisfied with the robot in both countries, as well as in Ukraine and Russia.
The company has not announced any plans to stop using russian gas.
Stop deliveries to Russia. Revenue increased in 2024 vs 2023.
On October 31, 2022 the Russian Savings Bank, which owned 43% of the shares of Fortenova Group (formerly Agrokor), sold this asset to Seif Al-Ketbi, a resident of the United Arab Emirates. Turning to the heart of 2023, the fate of Fortenova is still overwhelmed by the Russian Vlasnik. Sberbank prepared to please the emirates' investor, a small sheikh, having bought a piece of Fortenova from the bank. The order of Croatia did not waste time, blocking the favor, splintering, suspecting the possibility of violating the sanctions, as if sales would be without good luck. In the middle of the chest, the European Council expanded the sanctions on SBK ART, Sberbank's company, yak Volodya Fortenova. Filipovich and Boroevich, a partner of the Alketbi company, an investor from the UAE, also suffered sanctions. Croatian tycoon Pavao Vujnovac is expected to gain a majority share of the retail giant Fortenova, one of the biggest companies in the Balkans, which has struggled for more than a year to get rid of its large Russian shareholder.