Russia Goodbye. Jack Wolfskin among nine firms concluding Russian exits in May 2024
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In May 2024, nine 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 American chemical company Chemours, the German producer of outdoor wear Jack Wolfskin, the British copper company KAZ Minerals, the French food company Danone, the Japanese manufacturer of automotive & medical products HI-LEX, the British bank HSBC, the French manufacturer of containers for agrochemicals Ipackchem, the Finnish forest industry group Metsä Group, and the Finnish construction company SRV.

This brings the number of businesses that have fully left Russia since the full-scale invasion of Ukraine to only 396, while more than 2,200 are still doing business as usual in Russia, thus contributing to its highly militarized economy.

Companies remaining in Russia are not only contributing financially to Moscow’s war chest, they are also obliged to assist the government with employee mobilization to the frontline, as mandated by Russia’s Partial Mobilization Order. This involvement makes foreign companies potential accomplices in Russia’s increasing number of reported war crimes in Ukraine, which currently exceeds 130,000.

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. The least risky option is not to wait and see but to exit immediately, write off the loss, and/or pursue international arbitration.

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