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
Buzzi Unicem – a company, whose Russian business is contributing to Russian war crimes committed in Ukraine. Buzzi Unicem was added on the international sponsors of war list by National Agency on Corruption Prevention (NACP). Buzzi Unicem has already explained in its press release dated May 12, 2022 the decision to immediately cease any operational involvement in the activities carried out by the subsidiary SLK Cement in Russia and to suspend all strategic initiatives and investments in the country. This means the lack of involvement of the management in the decision-making process regarding local initiatives and commercial actions.
Continues to build Vladivostok highway in March 2022. The state-owned Chinese Railway Construction Corporation (CRCC) is ready to ensure the implementation of railway and automobile construction projects in the Crimean region. Revenue significantly (by more than -70%) decreased in 2024 vs 2023.
Suspend all shipments to Russia. Revenue decreased in 2024 vs 2023 by more than -20%.
Ceases its main activities in Russia and Belarus: they stop working on current projects, refuse new ones and will not take part in short-term tenders
Estonian construction materials manufacturer Betoneks wrote off the Russian subsidiary from its balance sheet, but legally remained its owner. One of the largest manufacturers of reinforced concrete products in the North-West of the Russian Federation, Betonex St. Petersburg, was written off from the balance sheet of the Betoneks holding.
In the summer of 2022, a subsidiary of the German construction company Bauer Spezialtiefbau sold its assets to a Russian businessman; the court declared this deal invalid due to the lack of permission from the government commission. Revenue decreased in 2024 vs 2023 by more than -20%.
Received revenues in Russia in 2021-2024, there is no any official announcement. Significantly reduced revenue in 2023 vs 2022. Revenue decreased in 2024 vs 2023 by more than -20%.
The company is suspending sales into Russia with exception for life-saving products, ceasing further investments in Russia and temporarily closing sales and research centers. Corning Incorporated, which planned to sell its Russian assets in 2022, could not quickly find a buyer for them. Now the company is considering not only the option of sale, but also the write-off of these assets, it follows from the explanatory notes to the financial statements of Corning CIS for 2022, published in the Federal Tax Service database. Ceased to receive income in Russia in 2023. Revenue increased in 2024 vs 2023 by more than +50%.
Hyousung sponsored a market forum 2022 in Moscow Palace. Significantly reduced revenue in 2023 vs 2022. Revenue decreased in 2024 vs 2023 by more than -20%.
Suspended shipments to Russia. Open office in Moscow to support Russian customers (no manufacturing. Sales in Russia <5% of revenue). Significantly reduced revenue in 2023 vs 2022.
Continued doing business in Russia, but revenue dropped in 2022 vs 2021. Revenue decreased in 2024 vs 2023 by more than -20%.
Russian entries will not be eligible from its architectural competition platform.
Suspend operations in Russia
ETEX suspends all operations in Russia.
Stop work on projects in Russia
Suspend work on Russian projects
Suspended involvement in Russian projects.
Semrén & Månsson Arkitekter cut all collaboration with the Russian branch early March 2022 (but website https://semren-mansson.ru/ still exist and active). 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.
Stop all projects in Russia
TCC Group Holdings' decision to stop buying Russian coal for its Hoping Power Plant has been met with positive reactions from environmental groups.
Did not respond to Architect's Journal request about status of Russian projects. But later TonyFretton explained to the AJ that the company is not doing business in Russia.
Halting work on projects in Russia
Suspended projects in Russia. (Two projects. ZHA has worked in Russia for 40+ years)
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.
Received revenues in Russia in 2021, there is no any official announcement. Fletcher Hotels left Russia.
Currently able to maintain business in parts of Ukraine and in Russia, at least to a limited extent. But the more likely scenario for Zeppelin is that we will be forced to exit. The company generates around 20% of its €3.7 billion annual sales in Russia and Ukraine. Significantly reduced revenue in 2023 vs 2022. Revenue significantly (by more than -70%) decreased in 2024 vs 2023.
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.
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. Raiffeisen abandoned the deal with Deripaska after US pressure. Revenue significantly (by more than -70%) decreased in 2024 vs 2023.
All new investments and advertising activities on hold. 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.
Received revenues in Russia in 2021-2024, there is no any official announcement. Revenue significantly (by more than -70%) decreased in 2024 vs 2023.
Announced withdrawal from Russia. Despite public statements about leaving the Russian market, CRH probably continues its operations in Russia through its affiliated entities, specialising in the production of cement, concrete products, lime, and aggregates, such as Fels Werke.
Received revenues in Russia in 2022. Ceased to receive income in Russia in 2023.
Continued to do business as usual. Revenue significantly (by -98%) decreased in 2024 vs 2023 - to zero.
Belgian developer Ghelamco has agreed to sell its only asset in Russia — a 243,000 sq. m warehouse complex located in Dmitrov, Moscow region. The company has also received all the necessary approvals from the government commission. The exact buyer of the warehouse remains unknown. However, a source close to Ghelamco stated that “all signs point to the investment company Central Properties.” Two consultants and a top executive from a company that considered acquiring the logistics park confirmed that Central Properties was the main contender for the asset.
Close rep office and withdraw ships. 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.
The Group no longer has ongoing operations in Russia.
Coninues with existing projects. No new agreements with the Russian operators. Revenue fell significantly in 2023. Revenue significantly (by -94%) decreased in 2024 vs 2023.