Posted 20 января 05:11

Published 20 января 05:11

Modified 20 января 07:33

Updated 20 января 07:33

Less than 9% of Western companies have left Russia by the end of 2022

20 января 2023, 05:11
Most companies with headquarters in the European Union and the "Big Seven" continue to work in the Russian market.

Simon Evenett, Professor at the University of St. Gallen and Professor at the International Institute for Management Development in Lausanne Niccolo Pisani conducted a study, according to the results of which it turned out that the majority of companies with headquarters in the EU and G7 countries are still operating in Russia, and less than 9% left the Russian market by November 2022. Among those who left the country, 18% of subsidiaries are from the United States, 15% from Japan, 8.3% from the European Union, of the remaining 19.5% are from Germany, 12.4% are from the USA. Since the beginning of the Russian special operation in Ukraine, only 8.5% of Western firms have left Russia.

The authors of the study note that the figures call into question the willingness of Western companies to "separate from the economies of those countries that their governments now consider geopolitical rivals." As of February 2022, 2,405 subsidiaries of 1,404 companies from the EU and the Big Seven were operating in the Russian Federation. At the end of November, 120 Western companies managed to sell at least one structure in the country. At the same time, half as many foreign brands entered the Russian market last year as a year earlier, according to another study.

New retail chains in Russia are Turkish clothing and footwear brands Perspective, Efor, Ipekyol, Twist and Alex YVN from Armenia, a sporting goods store from China Li-Ning, cosmetic chains L&L Skin (Japan) and Vilhelm Parfumerie (USA), Coffee Boom coffee shops from Kazakhstan and Uzbekistan.