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
Still operating in Russia. UniCredit is considering leaving the Russian Federation, but with the possibility of returning after the war - Bloomberg. UniCredit Bank, a subsidiary bank of the Italian group UniCredit, in 2022 increased its net profit according to the RAS by 4 times, to 56.5 billion rubles, according to the reporting of the credit organization. It is reported that at the moment two banks — Creditas and UniCredit Bank — have confirmed that they are canceling the accounts of Russian and Belarusian citizens. According to the representative of UniCredit Bank Petr Plotsek, the bank has long been applying special rules for opening and maintaining accounts for persons from outside the EU. He emphasized that such persons, both physical and legal, must prove a reliable and justified connection with the Czech Republic, although the bank does not publish these rules due to their nature. The Italian group Unicredit, which controls the second largest foreign bank in the Russian Federation, doubled its net profit year on year in the first quarter 2024. At the same time, the group is actively reducing its loan portfolio. The Arbitration Court of St. Petersburg and the Leningrad Region seized the Russian assets and accounts of UniCredit Bank JSC and UniCredit Bank AG (Munich) based on the claim of Ruskhimalliance, it follows from the court file. Assets worth €462.6 million were seized. A Russian court eased restrictions on UniCredit, allowing the Italian bank to offer Russian sovereign bonds as collateral instead of other assets and property. UniCredit's profit from Russia-related assets rose by 20% in the first half of 2024. Italy's UniCredit reported a rise in revenue last year from its Russian business, but said it had cut loans and deposits in the country and complied with the European Central Bank's demands for reductions. Three companies based in the United Arab Emirates have approached the Italian Treasury with a proposal to buy the Russian operations of UniCredit, opens new tab at a steep discount, a document seen by Reuters showed. UniCredit is under pressure both from the European Central Bank and Italy's government to quit Russia, where it runs a commercial lender. It has so far resisted leaving at a loss, insisting instead on a gradual disengagement. This month it targeted ending its Russian retail business by mid-2026. Asset sale approved. UniCredit took seeable steps toward exiting Russia in December 2025 by selling almost its entire long-term portfolio of its Russian subsidiary UniCredit Leasing to local firm PR-Leasing, transferring contracts worth around 3 billion rubles. At the same time, several key executives left the Russian unit, including the head of UniCredit Russia Kirill Zhukov-Emelyanov, head of corporate and investment banking Vadim Aparakhov, and COO Olga Petrova. These moves indicate a dismantling of UniCredit’s operational and management structure in Russia and point to preparations for a full market exit. UniCredit said on Friday it had no plans to liquidate its Russian business or return the banking license held by its local subsidiary, which the Italian lender retained during the conflict in Ukraine. Chief Executive Officer Andrea Orsel said Italy’s second-largest lender would not “harm its shareholders” by exiting Russia at a loss. “Our operations in Russia consist of a small and focused franchise that supports international corporations in processing payments, particularly in euros and US dollars, and maintains links with the Western world,” the bank said in a statement. Italy's UniCredit said it had reached a preliminary agreement to sell part of its Russian unit to a private investor in the United Arab Emirates for an undisclosed sum, its biggest step towards exiting the country. The deal, signed by UniCredit and the unnamed UAE investor, is non-binding and completion of the deal depends on the signing of mandatory documentation and receiving regulatory approvals, the Italian bank said.
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.
Suspended commercial activities; managing existing backlog. Revenue significantly (by more than -50%) decreased in 2024 vs 2023. Russian court awards EuroChem $2.19 billion in lawsuit against Italy's Tecnimont.
Suspended its retail operations in Russia. Shipments dropped sharply after the invasion, and very few remaining shipments are all indirect. Revenue decreased in 2024 vs 2023 by more than -20%.
The company operates in Russia and has a subsidiary. Revenue significantly (by more than -50%) decreased in 2024 vs 2023.
Significantly increased revenue, assets, capital and net profit in 2022 vs 2021. Rosselkhoznadzor has banned the import of pet food from the Italian brand Farmina Pet Foods. The regulator claims that arsenic was repeatedly found in the products produced by the company’s plant in Serbia (arsenic was first discovered in these feeds on December 15, 2023). Restrictions are introduced from January 31, 2024. Significantly reduced revenue in 2023 vs 2022. Revenue decreased in 2024 vs 2023 by more than -20%.
Received revenues in Russia in 2021-2024, there is no any official announcement. The Italian arms manufacturer Beretta, despite the sanctions, still exports small arms to the Russian Federation through its own "daughter" and the company of Russian arms baron Mikhail Khubutia. Revenue significantly (by more than -70%) decreased in 2024 vs 2023.
Restrict Russian operations to medical services. Significantly reduced revenue in 2023 vs 2022.
Sales of tours for Russians were suspended in the spring.
Received revenues in Russia in 2021-2022, there is no any official announcement. Luxury international brands, which suspended operations in Russia after the start of the military conflict in Ukraine and initially took a wait-and-see attitude, are beginning to get rid of their stores. Italian Prada and Fendi followed the same path. It is simply unprofitable for retailers to rent space under non-working stores for a long time. Italian Fendi reported in a report that it refused to rent three premises in Moscow. At the same time, as follows from the materials of "Fendi Ru", the contract for the lease of the boutique in the Center is still valid, but it is planned to be terminated from August 1, 2024. Revenue decreased in 2024 vs 2023 by more than -20%.
Suspended exports to Russia but still operates two authorized dealerships, donation of 1 million to UNHCR. Despite the decline in the Russian car market, demand for luxury cars has grown sharply, in particular, for Rolls-Royce and Ferrari. The leader of the premium segment was the Rolls-Royce brand - 100 cars were sold in six months, which is 56% more than a year earlier. Bentley took second place with 90 cars sold (+4%), followed by Lamborghini (72 units, -5%), Ferrari (43 units, +115%), Aston Martin (11 units, +83%) and Maserati (4 units, -75%). Despite the fact that official deliveries of luxury brands to Russia were stopped in 2022, cars continue to enter the country through parallel imports.
The company operates through its subsidiary Fiocchi of America Inc, Missouri. Fiocchi ammunition was also imported into Russia between March and September 2022, several months after the invasion of Ukraine. The name of the exporting company is missing in official Russian documents. Stefano Fiocchi said the company "autonomously suspended all shipments to Russia, even before receiving any instructions from the competent authority, which subsequently suspended all export permits."
Suspended official deliveries to Russia. Donation to Fondazione Francesca Rava for Ukraine after 1 month of war
Stopped operations in Russia. Lavazza officially announced the suspension of all its operations in Russia in March 2022. The company’s 2023 Annual Report does not list any Russian subsidiary in the Group structure, and Russia is not included among Lavazza’s official country markets on its website. At the same time, Lavazza products are still listed for sale in Russia by third-party sellers, including websites presenting themselves as distributors of Lavazza products.
Suspended all shipments to and production for Russia partners.
No statements about suspending or closing business. Italian bank Intesa Sanpaolo's (ISP.MI) Russian subsidiary saw profits more than six times higher in 2022 than the year before, independent audit documents showed, as Western sanctions on Russia's banking sector gave foreign lenders an unlikely boost. Intesa closer to gaining Moscow's OK for Russia asset transfer. The largest Italian bank, Intesa Sanpaolo, has decided to close its representative office in Moscow, although it was unable to obtain permission to completely withdraw from Russia due to restrictions on the sale of assets. Banca Intesa has increased the fee for legal entities to open euro accounts tenfold.
Italian transport caterer Autogrill is selling its operations in Russia
Iveco to leave Russia, to transfer stake in truck JV to local partner. Revenue increased in 2024 vs 2023 by more than +100%.
Closing office and reducing operations in Russia. Resigning board positions held on minority joint venture Ingosstrakh Ins. Co. Pledged over $3.2 M to refugee programs like UNHCR and employee matched donations to UNICEF.
Ceased to receive income in Russia in 2023.
UAC United Aircraft Corporation (Zhukovsky) has said it will completely withdraw from SuperJet International, a joint venture it owns together with Italy’s Leonardo that is responsible for marketing SSJ 100/95 regional jets outside Russia. The Russian aerospace and defence corporation would sell its 49% stake in SuperJet International to Mark AB Capital Investments of the United Arab Emirates and exit the program entirely. Emirati investors want to receive a European certificate for the SSJ 100 aircraft for release in the UAE.
The Czech Republic is on course to end its 60-year dependence on Russian crude imports next year as major technical upgrades to the Transalpine Oil Pipeline (TAL) near completion. Known as TAL-PLUS, the project will double the country’s import capacity from the west and allow it to fully meet annual oil demand of around 8mn tonnes (160,000 barrels per day). It will mark the end of Russian crude deliveries to the EU member state via the Soviet-era Druzhba pipeline system, one of the world’s longest oil corridors.