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
Received revenues in Russia in 2021, there is no any official announcement
Leo Pharma’s Russian subsidiary, LLC Leo Pharma Products, has earned at least DKK 113m (USD 17.2m) from the sale of eczema creams and ointments since the invasion of Ukraine. In addition, the company has built up equity of over a quarter of a billion Danish kroner.
No official statement
Ice-class tankers transporting Russian liquefied natural gas from the Yamal LNG plant continue to be serviced in European ports. A ban on working with them would greatly complicate the logistics of transporting LNG from the Arctic, but for now the EU is only increasing its purchases. Technical maintenance of 14 out of 15 specialized Arc7 tankers delivering LNG from Yamal to Europe was carried out by two shipyards – Damen in Brest, France, and Fayard A/S in Denmark. More than 100 parliamentarians from 16 European countries have called on Danish shipbuilder Fayard to stop servicing the Arc7 ice-class tankers that export Russian Arctic LNG, a demand that increases pressure on the last European Union shipyard still handling such a vessel.
Denmark’s Scan Global Logistics (SGL) has defended its continued use of Russia’s rail network to transport cargo between China and Europe, claiming its actions comply with all of the rules currently in place.
Suspend further marketing and clinical investment; pause new clinical trials and active enrollment but increased revenue in Russia in 2022 vs 2021. Danish diabetes care giant Novo Nordisk (NOV: N) has announced it is terminating supplies of its Ozempic (semaglutide) to Russia at the end of year 2024. Revenue decreased in 2024 vs 2023 by more than -10%.
Continue doing business as usual. Revenue decreased in 2024 vs 2023 by more than -20%.
Received revenues in Russia in 2021-2022. Coloplast’s priority is also on continuing our supply of products to our users. We provide essential products like ostomy bags and catheters that are necessary for people to maintain a dignified life. Our position is that under no circumstances should people living with intimate chronic conditions be without essential products and treatment. Since March 2022, Coloplast has, however, halted all new investments in Russia. Today, our focus is primarily on serving our existing users of ostomy products and catheters in the country.
Boco Seafoods, a company run by Kangamiut Seafood in Dronninglund, bought 203 tonnes of cod in 2023 at an estimated value of DKK 6.9 million. Kangamiut Seafood CEO Rasmus Grønborg Bak says Boco Seafood is liquidated, as are Russian suppliers. However, trade data shows that both Kangamiut Seafood and another subsidiary, DanSea Nordic A/S, last bought Russian fish in 2023. “On the one hand, the EU clearly exempts basic food products, including fish, from Russian suppliers from sanctions, partly due to food safety concerns. On the other hand, as a company, we do not want to support the Russian economy, so we have reduced the number of Russian suppliers to a few,” writes the CEO, who declined to be interviewed.
Stopped sourcing Russian coal and biomass for its power plants. Will continue to buy natural gas from Gazprom as contracted.
On June 6, 2022 will stop servicing brokerage accounts
Sakhalin Energy, the operator of the Sakhalin-2 project, faced the threat of shipment disruption after its contractor Svitzer (the structure of the largest container operator Maersk), citing force majeure, unexpectedly decided to suspend the tug freight contract. In order to prevent the departure of four Svitzer tugs, "Sakhalin Energy" obtained their arrest through the court.
Will not extend its current contract when it expires in 2030