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
Exit CompletedOOCL Logistics, which manages a fleet of 70 container ships, including two icebreakers, has stopped shipping dresses, skirts, trousers, shoes and other clothes already paid for from its warehouses in Shanghai and Shenzhen to Vladivostok. The company cites sanctions as the reason for the refusal.
Blocked Russian state media channels from the platform, including RT and Sputnik, followed by suspension of operations. TikTok announced massive layoffs in the Russian office but is ‘shadow promoting’ banned Russian content to users and increased number of staff in Russia from 42 to 363 in 2022. Profit of Russian TikTok in 2022 grew tenfold in a year. Google, Meta, Tiktok's debts removed from Russian state bailiffs' database.
The largest logistics company in China has stopped shipments to Russia.
Suspended issuing bank cards to Russian Banks. The largest payment system UnionPay has limited work with sanctioned Russian banks but Russian Standard Bank and some other banks' customers now have access to transfers to cards of the UnionPay payment system. The Chinese payment system UnionPay has removed from its Russian-language website information about issuing its cards in Russian banks, which have recently been sanctioned by the United States and Great Britain.
Froze lending to Russia and Belarus.
Pressed the pause button on serious collaboration
The Chinese bank Chouzhou Commercial Bank informed clients about the suspension of transactions with Russia.
Commercial Aircraft Corporation of China will continue its program to create wide-body aircraft without Russia. This was confirmed by an official representative. In 2022, after the start of the war in Ukraine and the introduction of Western sanctions against the Russian aviation industry, China decided to abandon all Russian developments in the CR929 and replace them with Western ones.
New transactions in Russia on hold. The New Development Bank, the multilateral bank set up by the BRICS states, is trying to think about ways it can fulfil its obligations to founding member Russia after it had to stop funding projects there to comply with sanctions, an executive said. The New Development Bank (NDB), created by the BRICS countries to finance investment projects and which issued $30 billion in loans over 7 years, will not invest in Russia.
Initially restricted Russian accounts with over €10,000. Binance has banned Russians, as well as any individuals living in Russia, from buying and selling dollars and euros through its P2P service. But later Crypto exchange Binance removed the limit of 10,000 euros for the accounts of Russians. Binance has returned the possibility of paying deposits with Russian cards. Customers of the Binance crypto exchange from Russia can now replenish deposits from Qiwi wallets and through bank cards issued in Russia. Russian users of the Binance bitcoin exchange will be able to withdraw funds if the company leaves the country. Binance fully exits Russia after sale deal with startup CommEX. Binance asked users from Russia to close positions by December 29th, 2023. The crypto exchange has sent out the latest reminders to Russian clients about the need to migrate their accounts and withdraw funds. The world's largest crypto exchange, Binance, announced that it is in negotiations with several platforms about the sale of its Russian business and is looking for a new buyer to replace CommEX, which announced its intention to cease operations.
All CUAV products shall not be sold to Ukraine, Russia and other countries where wars are taking place. They urge not to integrate CUAV products into UAVs, directly or indirectly sell to Russia, Ukraine.
MG Motor is a brand of cars produced by the SAIC corporation. It is represented on many world markets and is actively developing in continental Europe, with the exception of Russia.
Oriental Regent Ltd, a subsidiary of Hong Kong-listed Summit Ascent Holdings Ltd, is set to sell its gaming and hotel operations in Russia. The wholly-owned subsidiary, G1 Entertainment LLC, is being sold to Russian entity Dalnevostochniy Aktiv LLC for a price consideration of $116 million.
Business as usual. The Chinese Vanke Group, which received the rights to the restoration of the Imperial Educational House and the complex of the former buildings of the Academy of Missile Forces near the Kremlin, began to look for co-investors due to the increase in the project budget. The Chinese Vanke Group has decided to finally get rid of its only project in Russia - the restoration of the former Imperial Orphanage near Zaryadye Park in the center of Moscow. The group agreed to sell the asset, estimated at 30 billion rubles, to the Kyiv Ploshchad Group of Companies, founded by God Nisanov and Zarakh Iliev. Market participants explain the Chinese group's withdrawal from the project by the decline in its attractiveness over two years of geopolitical crisis. In addition, Vanke had difficulties in its home market.