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 CompletedInvestigators and journalists uncovered the Catrosa network, companies based in Spain and Russia that used methods to conceal chemical exports to Russia, and found that the Russian importer's clients included well-known weapons developers and agencies linked to Russian intelligence and allegedly involved in the Novichok program. The dual-use chemicals exported included diethylamine, a chemical used in the production of the nerve agent VX.
Still operating in Russia. The Spanish company Maxam, one of the world's largest manufacturers of explosives, continues to manufacture its products in Russia despite EU and US sanctions. In particular, through its division in Uzbekistan, Maxam supplies ammonium nitrate to both Russia and Iran. Revenue significantly (by more than -50%) decreased in 2024 vs 2023. Indian company Ideal Detonators Pvt. Ltd. exported 20 tons of the powerful explosive HMX to Russia in December 2024, despite warnings from the U.S. government. The shipment was intended for Maxam, a Spanish firm controlled by American private equity company Rhone Capital. Documentation confirmed that the cargo was bound for the Russian market, including entities linked to the defense sector. Although Rhone Capital declined to comment, it remains the owner of Maxam, which directly received the HMX shipment.