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
According to Russian customs, Serbian company AgsTeh DOO supplied lasers from German company Z-Laser to Russia. These devices are used in machine vision systems integrated into metalworking equipment, as well as for quality control, defect detection and sorting. The buyer in Russia was JSC "Firma Tvema", which specializes in diagnostic equipment for railway infrastructure.
There is no an offical statement of the company. Since Feb 24, AirSerbia has doubled the number of flights to the Russian capital. AirSerbia will go back to one flight a day to Moscow, according to the Serbian president. Serbia's airline is the only European company that has kept on flying to Russia since the international flight ban. Air Serbia will stop operating flights from Belgrade to the Russian cities of Kazan and Sochi from the end of January. The last Air Serbia flights to these cities are scheduled for January 18 and 20. However, the company still maintains its flights to the largest cities in the Russian Federation: Moscow and St. Petersburg.
A large producer of alcohol - ASG (brands "Belaya Berezka", "Sybbitter", "Five Lakes") - created the company ASG Global Balkans in Serbia to develop sales in foreign markets. This follows from the Serbian register and published ASH vacancies.
The United Kingdom has imposed sanctions on companies from six countries for exporting equipment to Russia. Serbian company Avio Chem, which sent numerous batches of spare parts and accessories for aircraft to Russian enterprises.
Kominvex shipments of dual-use goods began the month after Russia's February 2022 invasion and continued at least until August 2023, the customs records show. The exported goods included microchips, processors, disk-storage devices, and digital cable communication systems.
MCI Trading DOO Beograd Palilula (MCI) is a Serbian company that acts as an intermediary in the supply of high-tech goods from manufacturers in Asia, Europe and the Middle East to Russia.
Partnership with Gazprom Neft; Gazprom has a 50% stake in NIS. Serbia expects US sanctions against local Gazprom Neft structure Serbian NIS, where 56.15% is owned by Russian companies, may fall under US sanctions as early as January 1, 2025, said the country's President Aleksandar Vucic. In 2022, the company's main shareholder, Gazprom (MOEX: GAZP) Neft, reduced its stake to avoid restrictive measures, and so Gazprom appeared in NIS's capital. Now Belgrade is talking about the need for a new reduction in the package. The most likely contender for the stake is the Serbian authorities, analysts believe.