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 CompletedThe Bulgarian state-owned company Bulgargaz intends to obtain about €400 million in compensation from the Russian Gazprom for stopping supplies in 2022. The Bulgarian state gas company Bulgargaz announced the start of an arbitration process against the Russian Gazprom (MOEX: GAZP). The company filed a claim against Gazprom Export for damages due to the cessation of gas supplies in 2022. The Bulgarian state company estimates the amount of losses at €400 million.
Stop operations in Russian ruble
Continues to refine Russian crude. Neftochim Burgas - the largest oil refinery in Bulgaria, abusing the exception granted to this country regarding the purchase of Russian oil, helps Russia sell oil on world markets. Lukoil refinery in Bulgaria completely abandoned Urals. Russian state energy group Lukoil is planning to sell its refinery in Bulgaria — its largest asset in the Balkans — to a Qatari-British consortium by the end of the year in a sign of Moscow’s weakening influence over energy supplies in south-east Europe.
Bulgaria will replace Russian nuclear fuel at its nuclear power plant for the first time. Previously, the Kozloduy NPP used exclusively Russian fuel. The last time the fifth power unit was refueled was last spring. There are a total of two reactors operating at the facility. For the sixth power unit, fuel will be supplied by Framatome, a subsidiary of the French energy giant EDF. The first batch of tapes will go to Bulgaria in 2026. The country will completely abandon Russian nuclear fuel in 2029. The management of the Bulgarian nuclear power plant Kozloduy will carry out the first refueling with nuclear fuel from the United States in May this year.
Euroins Insurance Group (EIG) has agreed to dispose of its wholly-owned subsidiary in Belarus and to shed its 48.61% equity stake in a Russian business as part of its strategy to focus only on key markets with a positive growth outlook.
Bulgaria's sole Kozloduy nuclear power plant (NPP) will terminate its contract with Russia for the supply of fresh nuclear fuel, having switched to fuel delivered by U.S.-based Westinghouse Electric for one of its two operating reactors.