Eleven international companies finalized the process of exit from the Russian market last month, according to KSE Institute.
The list includes Austrian Cosym Holding, American IT company EPAM, American business payments company Fleetcor, Dutch brewer Heineken, Japanese car maker ISUZU, Finnish chemical company Kiilto, Swedish bakery group Lantmännen Unibake, American computer technology corporation Oracle, Calvin Klein and Tommy Hilfiger owner PVH Corp, French carmaker Renault’s RCI Banque division, and German battery manufacturer Varta.
As of the end of August 2023, companies from 35 countries and 40 industries have completely exited Russia. Most of the exiteers were headquartered in the USA, Germany, Finland, United Kingdom, and France and operated in five industries: Automotive, Consumer goods and closing, Electronics, Energy, oil and gas, and Food & Beverage.
According to data from the KSE Institute, out of 1,391 Western companies with Russian subsidiaries at the start of the full-scale invasion, only 273 (19,6%) have completely exited Russia.
The majority of companies (56%) monitored by the KSE are committed to doing business in Russia.
Governments of G7 countries, EU and Switzerland must look beyond sanctions compliance to clarify the expected standard of corporate conduct. B4Ukraine calls on the Biden Administration to lead the way by issuing a business advisory.