Despite the legitimate complexities of Russia’s current business and legal environments, a responsible corporate exit from the market of the aggressor state is still possible.
In April 2024, ten international companies successfully concluded the process of withdrawing from the Russian market by selling or liquidating their operations in the country, according to an analysis by the Kyiv School of Economics.
The list of the most recent Russia leavers includes the Spain-based world’s largest producer of stainless steel Acerinox, the Austrian battery producer Banner Batterien, the Belgian offshore construction company DEME, the French video game publisher Gameloft, the Danish wind turbines manufacturer Vestas, the German manufacturer of materials handling equipment KION, the Lithuanian crab taste sticks producer Viciunai, the American commercial real estate company WeWork, the Spanish multinational clothing company Inditex (liquidated legal entities for Bershka and Stradivarius), and the German multinational technology conglomerate Siemens (final liquidation).
This brings the number of businesses that have fully left Russia since the full-scale invasion of Ukraine to only 387, while how many are still doing business in Russia, thus contributing to its highly militarized economy?
Over two years have passed since the full-scale invasion, and it has been a decade since Russia’s aggression began. Despite this, the progress made is significantly inadequate! For those prioritizing ethics and people over profits, the path forward is clear: minimize losses, pursue litigation if necessary, but exit immediately in order to defund Russia’s illegal war against Ukraine.