In October, the KSE Institute reported that an additional twelve global firms, including industry giants such as Google, have ceased operations in Russia. This brings the total number of international firms and corporations that have completely withdrawn from Russia to 296.
These updates are part of the KSE Institute’s SelfSanctions/LeaveRussia project, which assesses the ongoing economic impact of international business withdrawal from Russia.
Notable exits last month encompassed a diverse range of industries, from Google’s officially bankrupt Russian subsidiary to Carlsberg grappling with brand rights issues following the Russian seizure of shares. Other departures included ASBIS, Decathlon, Ensto, Viterra (part of Glencore), Ingka, Legrand, Sulzer, VEON and Xerox. KONE’s previously reported exit has now been finalized.
The KSE Institute has also revised ThyssenKrupp’s status from “exit” to “wait,” indicating that the company’s local entities have not changed ownership and have been rebranded, potentially to conceal connections to the parent company.
As of November 1, 2023, our data shows that 296 international companies (8.3% of the total entries or 23.3% of companies with the revenue identified) have completely ceased operations in Russia.
Moreover, 1,215 companies have reduced their activities and are planning to leave, while 1,503 firms (34.1% of the total number of entries) show no indication of exiting the Russian market. An additional 552 businesses have scaled down operations and suspended new investments as they adopt a wait-and-see approach.