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
Despite sanctions and other risks related to business with Russia, many Latvian companies still export to this country. Recently, the Central Statistical Bureau (CSB) published a list of businesses continuing exports to Russia after the war began. Another noteworthy company is Green Trace Ltd, which exports technology from the Electrolux, Zanussi and other brands through Latvia. In 2021 the company had an EUR 107 million turnover in Russia, which is around 90% of its total turnover of EUR 116.8 million.
Kyrgyz and Kazakh companies have exported sanctioned dual-use technology to Russian suppliers of the Kremlin's war machine amid Western efforts to stymie such transfers through the Central Asian nations, an investigation by RFE/RL has found. OTK Group, the Latvian firm that shipped goods "at the request" of Kompaniya Elektroniks, is affiliated with ITC via Russian citizens who have served as its managers and shareholders.