Posted 20 февраля 2023,, 04:19

Published 20 февраля 2023,, 04:19

Modified 20 февраля 2023,, 07:42

Updated 20 февраля 2023,, 07:42

18 out of 53 Swiss companies have left the Russian market

18 out of 53 Swiss companies have left the Russian market

20 февраля 2023, 04:19
Each of the departed firms did this after February 24 last year.

Jeffrey Sonnenfeld, a professor at the Yale School of Management, conducted a study, finding out that 18 out of 53 Swiss companies that attended it left the Russian market completely. The professor's work was published by Tages-Anzeiger.

Among the Swiss organizations no longer operating in the Russian Federation, for example, the manufacturer of equipment for hydraulic engineering Sulzer, the industrial group ABB, the manufacturer of building materials Holcim, the insurance company Zurich Insurance Group, the oil trader Vitol, the manufacturer of chocolate Lindt & Sprungli, the manufacturer of computer peripherals Logitech. Currently, the largest watch manufacturers Swatch Group, Richemont and Rolex, the raw materials company Glencore and the International Football Federation (FIFA) allow the return to the Russian market.

Four companies remain in the country today, and they are still operating in full on the territory of the Russian Federation: polymer manufacturer Ems-Chemie, construction equipment manufacturer Liebherr, woodworking company Swiss Krono, manufacturer and seller of consumer goods Zepter. UBS, Credit Suisse, Julius Bar, Kuhne+Nagel logistics company, Sika building materials manufacturer, Georg Fischer industrial group have significantly reduced business here. Eight firms stopped selling or investing, including pharmaceutical companies Roche and Novartis, the manufacturer of Nestle products, the manufacturer of Barry Callebaut chocolate.

By the way, Nestle last week stated that it was not going to completely leave Russia, although it stopped exporting products to Russia in March 2022. So far, only the "socially significant" category of products is supplied. The head of the firm, Mark Schneider, stressed that the company's decision does not run counter to its values. And Lindt & Sprüngli started the process of exiting the Russian business in early February. The company produced chocolate, sweets and confectionery products in Russia under a variety of brands, including Lindor, P&M, Caffarellino, Swiss Classic, Excellence.