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 working with dealers and has its own entity in Russia. The Japanese-based power tool manufacturer Makita, which significantly reduced its deliveries to Russia after February 2022, has begun to increase their imports into the country. Makita did not officially leave the Russian market, but due to logistics problems after the start of the military conflict in Ukraine, it reduced imports, ultimately reducing its share in the Russian Federation from 20% to 1.5%.
Initially stopped exports and imports of auto parts to and from Russia. But in 2024 dramatically increased the revenue in Russia to $201 mn.
Received revenues in Russia in 2021-2024, there is no any official announcement. 23.05.2023: One of the three legal entities (CENTER SUNRISE) was liquidated. Revenue increased in 2024 vs 2023 by more than +30%.
No official statement
A&D products are available for order throughout Russia
Initiallt suspended export shipments to Russia. But revenue increased in 2024 vs 2023 by more than +100%.
Received revenues in Russia in 2021, there is no any official announcement
Received revenues in Russia in 2021, there is no any official announcement
Promised to suspend new shipments. During the two years of the war, the company continued to work in Russia, having an updated website: https://konicaminolta.ru/ru-ru, which can be accessed from the company's main website. They have 2 active legal entities in the Russian Federation: KONICA MINOLTA BUSINESS SOLUTIONS RUSSIA LLC and KONICA MINOLTA MEDICAL SYSTEMS RUSSIA. They use Russian software: https://konicaminolta.ru/ru-ru/digital-office. In the news, the Russian division is called "Russian office of Konica Minolta". Revenue increased in 2024 vs 2023 by more than +30%.
Received revenues in Russia in 2021, there is no any official announcement.
According to Nikkei, the company is suspending the export of spare parts to the plant in Vladivostok. The available stock of components will be enough for production and sale for several months. Mazda in talks to end Russia production, following Toyota exit. Mazda Could Soon Sell Its Stake In Russian Joint Venture. In a results statement, Mazda said the deal would be worth one euro, bring it the right to buy the asset back for the same amount within three years. New Mazda cars with a warranty have started to be sold in Russia again. Several models have started to be delivered to the country at once. However, this is not about the official return of the Japanese brand to the Russian market, reports the editor-in-chief of the Russian magazine "Za Rulem" Maxim Kadakov. Kadakov explained that Mazda Motor Corporation does not officially supply its cars to the Russian Federation. According to him, the Japanese brand is not going to return to Russia, and has not given permission to use its logo in the country. All Mazda cars that are currently being brought new to Russia are manufactured in China. They are mainly produced by Changan Mazda Automobile Co. This means that new Mazda cars are entering Russia through "gray imports". Kadakov noted that deliveries are handled by Mazda Motor Rus LLC, which brings cars to the Russian Federation, also carries out customs clearance and provides a three-year warranty on its own behalf. Such a scheme is carried out without the participation of the automaker. Revenue decreased in 2024 vs 2023 by more than -20%. The Russian representative office of the Japanese automaker Mazda (Mazda Motor Rus LLC) has launched online car sales in Russia. The launch was announced on the division's official website.
Received revenues in Russia in 2021, there is no any official announcement
Received revenues in Russia in 2021-2024, there is no any official announcement. Significantly reduced revenue in 2023 vs 2022. Revenue increased in 2024 vs 2023 by more than +100%.
Received revenues in Russia in 2021, there is no any official announcement
Received revenues in Russia in 2021, there is no any official announcement
Received revenues in Russia in 2021, there is no any official announcement
Ceased all imports and exports within Russia and have suspended any new investments in the country. Revenue increased in 2024 vs 2023 by more than +30%.
Promised to cancel all deliveries of Tungaloy products to the territory of the Russian Federation (through Ukrainian office), but website and a legal entity (Tungaloy Rus, LLC, tax id 3123198797) work in Russia and receive revenue there. Additional investigation showed that the company is continuing to export goods to Russia, even in 2023, having lied about the opposite in official letters.
No official statement
Promises to suspend shipments to Russia. The Russian office of Nikon Corporation - Nikon LLC, whose founder is the Dutch legal entity of the corporation, does not rule out resuming supplies of products to the Russian market in the near future. This follows from the explanations to its financial statements, published in the Federal Tax Service database in early April 2024.
Received revenues in Russia in 2021, there is no any official announcement
No statement made regarding Russian operations, Operating out of its office in Moscow
Received revenues in Russia in 2021-2024, there is no any official announcement. Significantly reduced revenue in 2023 vs 2022. Revenue increased in 2024 vs 2023 by more than +50%.
Received revenues in Russia in 2021, there is no any official announcement
Iida Group Holdings Co., a major housing company, also intends to continue its operations in Russia, saying, “Our management policy has not changed.”
Has not disabled purchasing of games in Russia
Ferrotec products were supplied to Russian defense companies, including Epiel, Mikron, Vimpel, and others. In April, some of these contracts were terminated and deliveries were placed under constant monitoring.
Hiroshima Gas signed a contract with the new operator of the Sakhalin-2 Russian liquefied natural gas (LNG) production project for the supply of this LNG.
The consortium consisting of Mitsui & Co and the Japanese national oil and metals company JOGMEC retained a ten percent stake in the Novatek Arctic LNG-2 project. With the only clarification that since March of last year, Japan has frozen new investments in this project due to financial sanctions.
Signed a deal with thenew operator of the Sakhalin-2 energy project in Russia to maintain long-term deliveries of liquefied natural gas (LNG)
JRC/Alphatron Marine proudly announced before Russian Maritime Register of Shipping certification for a wide range of JRC products.
Still operating in Russia, providing online sales, and cooperating with dealers
Kitanura is imported through the Russian hub in Turkey.
Will not buy Russian coal this year, which is used as fuel for thermal power plants.
Still operating in Russia
Japan's largest shipping company, Mitsui OSK, President and CEO Takeshi Hashimoto said that Japan had no choice but to continue buying Russian liquefied natural gas (LNG). The EU blacklist includes three tankers of a Japanese company that transported gas from the Arctic LNG project; the 17th package of EU sanctions announced earlier this month includes three ships of Japan's leading LNG tanker operator Mitsui OSK Lines. In what appears to be a first, the European Union has delisted three previously sanctioned Mitsui O.S.K. Lines (MOL) LNG carriers. The move comes as part of the EU’s 18th package of economic sanctions against Russia, which imposed measures against 105 additional shadow fleet vessels. Russian company Novatek is advancing in negotiations to acquire 10 ice-class LNG tankers controlled by Japanese shipowner Mitsui OSK Lines and South Korean shipbuilder Hanwha Ocean, with deliveries scheduled for this year.
Still operating in Russia
Were searching to replace Russian supplies. Exports continue, with a significant portion being direct.
Received revenues in Russia in 2021, there is no any official announcement
Onkyo has resumed operations in Russia and is actively promoting their return through announcements on their website (https://onkyo.ru/company/news/onkyo-back-russia/)
Sakhalin-2, PRIME notes, also has other long-term contracts. In particular, with the Japanese Tohoku Electric, Osaka Gas, Saibu Gas, the South Korean Kogas, the Taiwanese CPC, the former Gazprom structure Gazprom Global LNG, which fell under countersanctions of the Russian Federation.
Sakhalin-2, PRIME notes, also has other long-term contracts. In particular, with the Japanese Tohoku Electric, Osaka Gas, Saibu Gas, the South Korean Kogas, the Taiwanese CPC, the former Gazprom structure Gazprom Global LNG, which fell under countersanctions of the Russian Federation.
The Orlan-10 drone manufacturer buys electronics in the US, EU and China to circumvent sanctions (one of the companies supplied it is Saito Seisakusho).
The company owns Sakhalin 1 LNG. Russia approves Japan's SODECO participation in new Sakhalin 1 oil, gas project operator.
Japanese companies Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance initially promised to stop war risk insurance for ships passing through Russian waters from January 1, 2023. But on 30.12.2022 the largest Japanese insurance companies have decided to continue the insurance of military damage vessels in Russian waters at least until March 2023.
The Russian film company Russian World Vision (RWV) became the owner of the rights to ten animated films of Studio Ghibli by the Japanese animation director Hayao Miyazaki.
Received revenues in Russia in 2021, there is no any official announcement
The Russian oil was imported by Japanese refiner Taiyo Oil, which took delivery in December 2022. Tokyo-based Taiyo Oil is receiving 600,000 barrels of Sakhalin Blend crude oil from the Voyager tanker, according to vessel tracking data compiled by Bloomberg. The tanker loaded from the Prigorodnoye terminal on the southern tip of Sakhalin Island, off Russia’s east coast, on May 25, 2025.
Toho Gas has renewed its contract to purchase liquefied natural gas from the Sakhalin 2 oil and gas project in Russia.
Tohoku Electric Power, which sources around 10% of its LNG from Sakhalin, said it is diversifying its imports to guard against a sudden cutoff.
Tokyo Gas concluded a contract with the new operator of the Russian Sakhalin-2 LNG production project for the supply of this energy resource.
Japanese precision machinery from Tsugami is imported into Russia through China. Japanese authorities have investigated the supply of high-precision equipment to the Russian defense industry and have identified large-scale violations of sanctions. This was announced by the presidential commissioner for sanctions policy Vladislav Vlasyuk. According to Vlasyuk, the Japanese Ministry of Economy and Industry (METI) has confirmed the disappearance of more than 300 Tsugami machines after they were sold to seven Chinese companies. Some of them - about 30 machines - have already been found in Russia. Japan has ordered Tsugami to terminate contracts with intermediaries. The company will stop supporting machines that have already been sold in Russia, and will also stop cooperating with other suspicious Chinese partners.
The company continues to work in Russia and has its own Russian website for orders.
Continue operations with local staff. Aeroflot offered the lessor SMBC to buy out 17 leased aircraft for $644 million. The company also received an offer to “discuss potential solutions” from S7 and NordStar. Also, Japanese companies Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance will stop war risk insurance for ships passing through Russian waters from January 1, 2023.
Decision to renew production in Russia despite previous announcements to halt production
Continues oil & gas exploration partnerships. Japan's Inpex selling stake in Russian oil project to Itochu. Ceased new projects and reduced investments.
Scaling down but still in numerous projects across Russia
Japan’s Takeda suspends new clinical trials in Russia and halts new investments in Russia, Supplies of drugs and clinical trials will continue. Takeda has taken further action to discontinue activities in Russia that are not essential to maintaining supply of medicines to patients and providing ongoing support to employees. This includes suspending all new investments, suspending advertising and promotion, not initiating new clinical trials and stopping enrollment of new patients in ongoing clinical trials. Despite statements about halting investments and transferring its manufacturing asset, Takeda continues to maintain an operational presence in Russia. The active Head of Legal Russia vacancy on the company’s official careers site indicates ongoing business operations requiring full legal and regulatory support.
Initially stopped production at its St. Petersburg plant and stopped imports of vehicles; no statement about retail operations and services inside Russia. 23.09.2022: Toyota Motor decided to close its factory in Russia. But at the end of 2022 the Toyota concern was the first automaker to resume direct deliveries of spare parts to Russia. "We are talking about details that did not fall under the sanctions". Also, the Russian daughter of Toyota Motor (the official supplier of products in the Russian Federation) allowed its dealers to parallel import spare parts that are subject to restrictions, such as electronics. 07.2023: FEDERAL STATE UNITARY ENTERPRISE "CENTRAL ORDER OF LABOR RED BANNER SCIENTIFIC RESEARCH AUTOMOBILE AND AUTOMOTORNY INSTITUTE "NAMI" becomes the new founder of the organization. The record about the founder of JSC "TOYOTA TSUSE CORPORATION" has been deleted. The record about the founder of JOINT-STOCK COMPANY "TOYOTA BOSHOKU YUROP" was deleted. Toyota plant in St. Petersburg transferred to Aurus. Significantly (4x! times) decreased revenue in 2023 vs 2022. The dealer holding SP Business Car (94% of the company belongs to Toyota Motor) is again selling new cars of the Japanese brand. This follows from the announcements of the Moscow car dealership. Revenue stabilized in 2024 vs 2023. Toyota held a secret meeting with Russian dealers. Toyota and Mitsubishi have registered new trademarks in Russia for 10 years, preserving rights to a range of model and sub-brand names despite their suspended operations.
Suspended new clinical trials in Russia. Astellas halts antibiotics production in Russia. In a significant development, Astellas, a leading Japanese pharmaceutical company, has decided to halt the production of its antibiotics, Vilprafen and Vilprafen Solutab (Josamycin), in Russia. This decision has instigated a scarcity of these drugs within Russian pharmacies, with virtually no supplies available in Moscow. 24.02.2022: One of the two legal entities (ASTELLAS PHARMA JSC) was liquidated. Astellas had/has a legal presence in Russia, engaged in certain activities (production, sale of drugs). However, after the start of the full-scale Russian invasion of Ukraine, it suspended the production of certain drugs in Russia and transferred the rights to some products to another entity.
Canon Medical Systems had a joint venture production facility in development with Russia’s R-Pharm. Despite the company not being under sanctions, Canon stopped supplying the joint venture without explanation or announcement. Canon too could not bear the cost of getting export licenses. It is likely that Canon wanted to escape the bad publicity of pulling medical equipment out of Russia and harming ordinary people.
Received revenues in Russia in 2022-2024. Revenue decreased in 2024 vs 2023 by more than -20%.
Stop coal imports; lubricants business unchanged. Revenue decreased in 2024 vs 2023 by more than -20%.
Takes part in Sakhalin 2 LNG project, join new Sakhalin-2 Russian operator. Russian carmaker Avtovaz has completed the acquisition of RN Bank, a joint venture between Italian lender UniCredit and the Renault-Nissan-Mitsubishi Alliance. The buyer of the leasing subsidiary of Mitsubishi became ExpoCapital, a fund owned by Kim and his partners (LLC "ExpoCapital"). Revenue decreased in 2024 vs 2023 by more than -20%.
Promised to suspend all shipments of devices to Russia. Made donation of $1.15 million to Japanese Red Cross. Judging by the official Russian site of the company https://ricoh-imaging.ru/, which is owned by Ricoh and serviced by the Russian distributor "Pentar", deliveries of Pentax and Ricoh brand photographic equipment and binoculars to Russia continue. There are the latest novelties of the company, the number of products in stock is updated. This indicates either direct deliveries to Russia, or deliveries through third countries, such as Cyprus, Lithuania or Kazakhstan.
Promised to totally suspend all shipments, services and maintenance in Russia. In advertisements placed in Russia in 2024, MITT (one of the companies that Ukrainian intelligence says was involved in Oreshnik, and is a leading institution in the development of Russian solid-fuel ballistic missiles) states “we adhere to FANUC, SIEMENS, HAIDENHEIN systems.” The ad asks for “knowledge of CNC systems — Fanuc, Siemens, Haidenhain [sic].” A video posted by Titan Barrikady, a third defense company involved in Oreshnik production, also shows a worker standing in front of a control device that bears the Fanuc brand.
Initially stopped car export to Russia. Japanese Suzuki will remain on the markets of Russia, Belarus and Kazakhstan. This was stated by Iryna Zelentsova, the operations director of Suzuki Motor Rus LLC, during the brand's recent dealer conference. According to the top manager, the preservation of the Suzuki brand in the markets of these countries will be the key philosophy of its development, but for this the company will have to make certain adaptations and build a basis for development. What exactly is meant by "adaptation" is not yet known. Significantly reduced revenue in 2023 vs 2022. In Russia, sales of Suzuki Swift resumed at a price from 1.95 million rubles. The new Suzuki Swift hatchback of the fifth generation is now possible to buy on the Russian market. The car is supplied within the parallel market. Revenue decreased in 2024 vs 2023 by more than -20%.
Received revenues in Russia in 2021-2024, there is no any official announcement. Revenue decreased in 2024 vs 2023 by more than -20%.
Stopped supplying some of their drugs, there are substitutes
Stopped supplying reagents for cancer blood tests due to logistics
Has Been Selling Russian Assets Since March, RF bonds and stocks down by 95% compared with a year prior
JBIC (govt bank) has suspended loans to a Russian natural-gas project in Siberia operated by Russian energy company Novatek.
We will suspend export shipments to Russia and advertising activities, We will continue to use only products that can maintain the hygienic life of women and infants at a minimum,
Continuing business in Russia and exports but significantly reduced volumes.
Continuing business in Russia and exports but significantly reduced volumes.
Japanese expats working for MUFG Bank (Eurasia) have moved out of Russia to work outside of the country on a temporary basis
Continuing business in Russia and exports but significantly reduced volumes. Sodick EDM tools, in particular, can be used to produce dies for stamping ammunition shells and highly precise components with complex shapes for missiles and aircraft.
Suspend new contracts and repatriate employees. 30.12.2022 The largest Japanese insurance companies have decided to continue the insurance of military damage vessels in Russian waters at least until March 2023 charging 80% more for LNG carriers in Russian waters.