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
The company, whose ties to Russia had exacerbated its financial difficulties after the Kremlin’s invasion of Ukraine, is restructuring its debt for the second time in less than a year. Hilding Anders, which owns a 73% equity stake in Russian bed manufacturer Askona Group (through the Cypris-based company HAILCROFT LIMITED), hasn’t been receiving dividends from the unit as it was ring-fenced from the rest of the group amid sanctions-related red tape. Hilding Anders AB still has major Russian operations is a key supplier of beds for IKEA. "At that time, Hilding Anders also acquired a prestigious customer in the form of the current large network of IKEA stores. The two Swedish companies began a cooperation, which has lasted to this day." (https://www.curem.pl/en/o-curem). "The group includes major retailers such as Ikea, Otto and Amazon as significant customers." (https://www.prnewswire.co.uk/news-releases/hilding-anders-a-kkr-portfolio-company-appoints-jason-forbes-as-president-of-online-brands-and-global-chief-digital-officer-838142990.html).
On 01.06.2022, the company announced the continuation of its operations in russia: "One of the most popular questions to our team and me in particular is whether we plan to stay in the russian market. The answer is unequivocal: we will continue to work!" said Alexey Nuzhny, CEO of ESAB, russia and CIS. The Director of ESAB Welding Materials continued: "We are facing challenging times, but the ESAB team sees them as opportunities. Our task is to increase production and expand the local range of products." In June 2023, ESAB announced the start of production of vacuum-packed welding electrodes in Russia. ESAB, through its russian distributors Acropolis and Weldexpert, also presented high-tech welding equipment at the STT Expo and Metalworking 2023 trade shows.
Auriant Mining, through its subsidiary LLC Tardan Gold (named after the Tardan deposit), is involved in geological exploration and gold mining in Russia. Its asset portfolio includes four projects, with operations in the Republic of Tyva (notably the birthplace of former Russian Defence Minister Sergei Shoigu), ongoing since 2008, and at the Solkokon deposit in Transbaikalia, which was previously deemed unprofitable. Auriant’s shares are traded on Sweden’s Nasdaq First North Premier Growth Market. The board of directors includes esteemed experts and EU citizens such as Lord Daresbury, Preston Haskell, and Jukka Pitkäjärvi.
Received revenues in Russia in 2021, there is no any official announcement
Received revenues in Russia in 2021, there is no any official announcement
According to the Federal Tax Service of Russia, in 2023, Swedbyte's Russian subsidiary (ООО “Сведбайт”) paid RUB 94 million (~USD 1 million) in taxes and fees to the Russian budget. Its revenue increased by 38%, reaching RUB 501.1 million (~USD 6 million).
Received revenues in Russia in 2021, there is no any official announcement
The "luxury brand" AUREZZI, founded by Swedish rich kids in 2023, has business with Russia and their products are being sold on Russian websites.
The tire plant in Ulyanovsk, a former Bridgestone asset in the Russian Federation, will resume operations in November under the Gislaved brand.
According to the Russian Customs, in 2021 the leadership belonged to the Swedish company Vaderstad, which accounted for 34% of Russian imports. After the Russian invasion of Ukraine, Vaderstad ceased sales, and its share was divided by competitors.