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.
Donating $50,000 to support humanitarian efforts in Ukraine. Also donated $1million to support Ukrainian refugees. Promised to suspend operations in Russia but Customs data shows that the latest deliveries were in Feb 2023.
Promised to suspend deliveries and sales to Russia. But was discovered to have continued sales to Russia through Feb 2023 despite claiming the contrary.
Nobel Foundation reverses decision to invite Russia to prize ceremony following backlash.
Initially suspended all postal items to and from Russia and Belarus. But as of July 11, 2022 mail flows to Russia and Belarus resumed and since October 21, 2022 postal shipments from Belarus and Russia have been resumed. For commercial logistics flows not covered by Universal Postal Union rules, the previously announced suspension is still in effect.
Semrén & Månsson Arkitekter cut all collaboration with the Russian branch early March 2022 (but website https://semren-mansson.ru/ still exist). The board of Semrén & Månsson has since June 2022 decided to divest the Russian branch, aiming to minimize the impact on the employees and ensure an orderly and responsible process in accordance with regulatory and legal obligations. Furthermore, Semrén & Månsson donated 100,000SEK to support the UNHCR’s humanitarian efforts in Ukraine and will, of course, always follow the political directives set by the Swedish government.
Has decided to suspend all financial transactions where payments are made to or from Russia and Belarus. Latvian branch of Swedbank to pay 3.4 million dollars over Crimean sanction violation.
Yubico does not directly ship keys to Russia, it has informed channel partners to immediately halt any sales of YubiKeys to Russian companies, unless they are for humanitarian efforts,
Pause all deliveries to Russia and no operations domestically
Stop exports to Russia & halt investments
Shipments and sales to Russia discontinued
Halted delivery and sales
Suspend all sales to Russia. Temporarily discontinuing all deliveries.
Not leaving or suspending. Paused all shipments in and out of Russia. Starting deliveries again after legal actions taken to be able to continue them. Alfa Laval expects to have largely completed the wind down of business activities in Russia by mid-2023. The company has not accepted any new orders for delivery to Russia, or for use in Russia, since 3 March 2022. Since the Russian invasion of Ukraine, Alfa Laval has decreased the number of employees from 230 employees to 60 at the end of March 2023, and the number will continue to decrease until the wind down is completed. Some employees will remain somewhat longer to manage the premises and entity. Significantly reduced revenue in 2023 vs 2022.
The Swedish electronic and audiobook service Storytel will leave the Russian market on October 1, funds for unused subscription days will be returned to customers. pause its operations in Russia until further notice, including halting all content production and new content acquisitions in Russia.
Freezed all business activities.
Put all Russian activities on hold
Planned exit of business in Russia and gradual wind down business activities in Russia over the coming months. Previously had suspended deliveries to Russia while evaluating further actions. Said "it is only providing software and technical support to Russian clients and has not sold any telecommunications equipment to mobile operators there since the Ukraine war started", after Swedish media reported the company had continued its exports. Early in February 2023, Maxcomm LLC declared the import of components for 20,000 base communication stations of the Swedish company Ericsson AB, which officially ceased operations in the country a year ago, to Russia. The Swedish government did not allow Ericsson to supply equipment to Russian companies. Ericsson suspended its business in Russia in April and said in August that it would leave the country in the coming months. It booked 900 million Swedish crowns ($81 million) in costs and laid off 400 employees in the country as it winds down operations. Ericsson said it only provides software and technical support to Russian customers and has not sold any telecommunications equipment to mobile operators since the start of the war in Ukraine after Swedish media reported, the company resumed exports. Court overturns Ericsson brand protection in Russia following lawsuit by air conditioner manufacturer.
The global transport of precious metals is dominated by security companies like Brink’s Co. and Loomis, which stopped carrying Russian bullion after the war began.
This organization has been supporting Ukraine since the first days of the Russian invasion, but recently all references to it disappeared from their social media: NiP is no longer a Swedish organization, their owners are from China, and their League of Legends team plays in a Chinese league. And it was this league that asked NiP to remove all references to Ukraine from social media because it was "all politics."
Temporarily pausing Russian orders for crude oil. (Russian imports make up 7% of Preem’s total crude oil purchases)
Suspend all business operations in Russia
SCA has no operations or direct exposure in the form of purchasing or sales in Russia, Ukraine or Belarus.
Stop all projects in Russia
Suspended production and sales in Russia. One factory and about 3% of its sales in Russia, Ferronordic and Volvo CE have agreed to terminate the dealer agreement for 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.
Scaling down operations in Russia. Silver Wohu, Head of Marketing and Communications at SEB Estonia, said that the group is expanding its business in Russia, and the plan is to fully consolidate its business in Russia.
Halt sales (170 locations). H&M is selling its business in Russia. The brand's stores were temporarily open to sell off leftovers. The main legal entity of the Swedish retailer H&M has started the process of liquidation of its Russian branch.
Received revenues in Russia in 2021. Dometic has stopped all business activities in Russia and as a consequence SEK –22 m mainly related to write down of assets were recorded in the first quarter 2022.
The company found a buyer for its Russian business. CEO Brett told the news outlet that the company is in the approval process and is expected to complete the sale within the next two to three months. Financial conditions and the identity of the buyer are not disclosed.
Kährs started a process to evaluate the possibilities and conditions for divesting its operations in Russia. Kährs Group (Kährs) 05.12.2024 announces the divestment of its previously isolated business unit and asset operating in Russia. With the divestment, Kährs concludes the previously announced intention to leave the country and has no further ties or connections to Russia, either directly or indirectly.
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 company "Sony Mobile Communications Rus" - the Russian division of Sony Mobile Communications - has filed an application for self-liquidation, according to the database of the Federal Tax Service of Russia. Sony Mobile Communications, which operates in the field of portable electronics, is a subsidiary of Sony.
Divest from all Russian investments
Remove all Russian alcohol from stores
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.
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.
Fold 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.
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.
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. Scania trucks continue to enter the Russian Federation (usually through third parties), despite the fact that the company previously withdrew from Russia.
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. 06.2024: Souzan Sabri is no longer the CEO of the organization. Bespalov Alexander Viktorovich becomes the new general director of the organization. 27.06.2024: JSC "FORUM ENERGO" becomes the new founder of the organization. The entry about the founder of VOLVO CAR NSC HOLDING AB was removed from the Unified State Register of Legal Entities.
End sales and production in Russia
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.
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.
Suspended operations in Russia (including online and regular stores). 08.08.2024: Legal entity LLC "DANIEL WELLINGTON (RUSSIA)" was liquidated.
02.09.2022: 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.
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
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.