Volvo, Mondi, and British American Tobacco among 11 foreign firms concluding Russian exits in September
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11 international companies concluded the process of leaving the Russian market in September 2023, according to the KSE Institute monitoring.

The list of exiteers includes British American Tobacco, Fletcher Hotels, IHI Corporation, Ingram Micro, Magna International, Mondi Group, National Investment Company, Ponsse PLC, PPG, Volvo Cars, and Bilfinger (likely an internal transfer, since a foreign individual became the new owner).

Three more companies, Philips, Softline International and Knorr-Bremseleft, left partially, having sold part of their local assets.

As of 5 October 2023, 285 international companies have completely departed Russia by selling or liquidation of business, and 1,217 are in the process of leaving the Russian market.

2,006 or 57% of international companies which had ties to Russia at the start of 2022 continue to do business within the country.

19 months after the invasion and nine years since the beginning of Russia’s aggression, this is far too little progress!

B4Ukraine calls on G7, EU, and Swiss governments to urge their businesses to cut ties with Russia and issue market guidance advisories to warn of the heightened risks of continuing business there.

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