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
Donation to UNHCR. Declared they will leave Russia in May. Enel writes down Russian unit's value pending sale completion. LLC was sold to a local legal entity. Putin authorises Enel to sell Russian unit to Lukoil.
JSC "INDEZIT INTERNATIONAL" was sold to Turkish investors on September 16, 2022.
The Chinese manufacturer of household appliances Haier intends to liquidate the factory of Candy household appliances in Kirov. 08.07.2024: The legal entity LLC "CANDY С.I.S." was liquidated. The exact share of Candy's participation in JSC VESTA is unknown, but we assume that it is insignificant. Also, in July 2024, JSC "VESTA" changed its general director - Moos Marek replaced Ruocco Vincenzo in this position. 07.03.2025: HAIER SHERHOLDINGS (HONG KONG) LIMITED becomes the new founder of the organization JSC "VESTA".
Received revenues in Russia in 2021-2023, there is no any official announcement. 28.10.2024: LLC "MANAGEMENT SYSTEMS", LLC "MANAGEMENT AND INVESTMENT" and LLC "BUSINESS ALLIANCE" become the new founders of the organization. The records about the founders LIMITED LIABILITY PARTNERSHIP "CO-INVESTMENT PARTNERSHIP III, SI.VI.", LIMITED LIABILITY PARTNERSHIP "CO-INVESTMENT PARTNERSHIP I, L.P." and LIMITED LIABILITY PARTNERSHIP "CO-INVESTMENT PARTNERSHIP V, L.P." have been removed from the Unified State Register of Legal Entities.
Received revenues in Russia in 2021-2022, there is no any official announcement. Significantly reduced revenue in 2023 vs 2022. 03.10.2024: VB PARTNERS LLC becomes the new founder of the organization. The entry about the founder MARELLI AUTOMOTIVE LIGHTING REUTLINGEN (GERMANY) GMBH has been removed from the Unified State Register of Legal Entities.
Temporarily suspended all commercial activity in Russia. (Between Russia and Ukraine, commercial activity includes e-commerce sites, two directly operated stores, three wholesale mono-brand stores, and about 100 multi-brand wholesale entities. Russian market estimated at <2% of company revenues). 16.10.2024: The legal entity MONKLER RUS LLC was liquidated.
Suspend stipulation of new oil contracts; divest from investments in Russian pipelines; continued buying Russian gas for rubles. Eni opened Gazprom arbitration proceedings after gas supply cuts. Italian major Eni has closed its corporate representative office in Russia after stopping purchases of Russian pipeline gas for delivery to Turkey.
Continued processing Russian oil. Lukoil is close to completing a deal to sell the Isab refinery in Sicily for $1.58 billion. Italian officials are still concerned about some aspects of the transaction. And one senior Italian energy official said he was concerned that "a group of unknown investors running a newly created company from Cyprus could acquire an asset that Rome considers a "strategic". 11.04.2023: Italy gave conditional approval to the sale of the Lukoil-owned refinery (LKOH.MM) in Sicily to Cypriot private equity firm G.O.I. Energy.