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
Company was originally founded in St. Petersburg, over $60 milllion exports to Russia after February 24, 2022. In 2022 $28 million exports to Russia, or 28% of that year revenue. Increased revenue and profit in 2022 vs 2021.
The Russian market has been replenished with new brands.
The St. Petersburg-based JSC Lomo manufactures optical systems for the Russian Navy, Space Forces and Ground Forces, such as the Mowgli-2 (“Maugli-2”) night vision goggles and the Mowgli-2M thermal imaging sight for man-portable air defense systems (MANPADS). Lomo’s European supplier is the Estonian Marker Nordic Ou. The Tallinn-based firm has supplied the Russian defense contractor with fiber optic harnesses, industrial adhesives, and other goods.
As it follows from Russian customs declarations, during the war in Ukraine, the Silmet NPM factory purchased goods worth 41.6 million euros from a Russian state company: ore of rare metals.
The main wholesale regions of AS Silvano Fashion Group are Russia and Belarus. During 9 months of 2023 the group paid €3 071 000 income tax. Out of total revenue of €46 739 000. Russia amounts €27 800 000 (59,5%) out of this. Therefore the amount of income tax paid to Russia should amount to about: €2 187 000. Also, Value Added Tax of a similar sum should have been paid to Russia during the period.
New restrictions on payments received from banks in Russia and Belarus
The bus carrier Lux Express will suspend bus services between Russia and Finland starting from November 18th, 2023. Lux Express hasn't suspended bus travel between the Baltic states and Russia, only reason why Bus travel was suspended between Finland and Russia was the closure of the border from the Finnish side. Otherwise the company is resuming business as usual in Russia.
Metaprint has announced the imminent closure of a plant in Russia. In turn, Kraag assured that in September 2023 Stark Logistics will completely stop transportation to Russia for Metaprint.
Estonian authorities banned Operail from transporting Russian and Belarusian cargo.