In March, six more international companies finalized their exits from the Russian market, according to a report by the KSE Institute.
The most recent complete exits include four liquidations ( Biesterfeld, a German chemical and plastics distributor; GKN, a UK-based aerospace and automotive components manufacturer; Nordson, a US industrial equipment and adhesive dispensing company; Roland Berger, a German management consulting firm) and two business sales ( Aliaxis Deutschland, a German subsidiary of Belgian pipe systems manufacturer Aliaxis; and Sierentz Global Merchants, a Swiss commodity trading company).
Additionally, seven companies previously classified as exited were liquidated in March, including CNH Industrial, Continental, Inchcape, Kingspan, Lufthansa Technik, Scania, and UPS.
At the beginning of April, Russian dictator Vladimir Putin also authorized the Armenian investment fund Balchug Capital to purchase shares in nine major companies previously owned by the Russian subsidiary of US bank Goldman Sachs.
According to the KSE Institute, 2,270 international companies continue to operate in Russia, while 1,358 have curtailed their activities and 487 have fully exited the market.
The B4Ukraine Coalition urges all international companies still doing business in Russia to exit the market of the aggressor state immediately, and to pursue arbitration where appropriate.
In light of the Kremlin’s recent desperate efforts to lure foreign businesses back in a bid to revive its struggling economy, we also reiterate our call for companies that have exited to stay out of Russia until Ukraine’s sovereignty and territorial integrity are fully restored, reparations are made, and accountability for war crimes and crimes against humanity is upheld.
Ethically and socially responsible businesses have no place operating under criminal regimes like Russia’s.