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 CompletedReceived revenues in Russia in 2021-2022. The plow manufacturer Kverneland in Oksnavada will resume plow exports to Russia. The German company Kverneland Group, which is part of the Kubota Group, sold seed drills worth $5.2 million to Russia in 10 months of 2023. There was also a delivery of a cultivator. Shipments were made from Germany to the Russian representative office of "Kverneland Group CIS" in Moscow.
At this time, the company has not made any public statements regarding the shutdown in russia, and continues to pay taxes there, which finances russian aggression against Ukraine.
Promised to divest all Russian stocks in February 2022, but still hold a lot of Russian shares through their Oil Fund. Investments in Russia have never been big compared to other markets. Last year, the fund’s values in Moscow listed equities shrunk from about $2,7 billion at the start of the year down to less than $300 million (2,9 billion kroner), the list published by the banks shows. By December 31, 2022, Norway owned shares in 51 Russian listed companies, of which seven are in the petroleum and energy sector which helps Russia fuel its war economy.