Only 356 or less than 10% of foreign companies have completely severed ties with Russia – KSE research

8 February 2024

Almost 1600 international companies continue operating in Russia, more than 540 are “waiting it out,” and only 356 have left the Russian market*. In January, researchers at the Kyiv School of Economics identified eight foreign companies that sold their businesses or went through liquidation. 

These findings are part of the KSE Institute’s regular digest under the Self-Sanctions/LeaveRussia project, examining the repercussions of foreign business withdrawals on the Russian economy.

In January 2024, KSE experts identified eight international companies that have finally left the Russian market, four of them through liquidation. These are Axis Communications, a Swedish company that manufactures and sells network cameras and surveillance systems; Bank of Cyprus, the largest banking and financial group in Cyprus; and Banque Cramer & Cie SA, a Swiss company that provides institutional brokerage services; and ExxonMobil, an American multinational oil and gas corporation.

The other four were sold, in particular: Famur, a Polish manufacturer of machinery for the mining industry; Faurecia, a French automotive supplier; GEFCO Group, one of the top ten transport and logistics groups in Europe; and Royal Greenland, a fishing company.

“Most likely, after almost two years of full-scale invasion, the owners of international companies that had business in Russia gave up futile attempts to sell their businesses and decided to exit radically – through complete liquidation,” says Andrii Onopriienko, Deputy Development Director at KSE and head of the LeaveRussia.org project.

As of February 4, 2024, 356 international companies (9.6% of the total number of entries in the KSE database or 27.8% of the companies that generated revenue in Russia in 2022) have entirely ceased operations in Russia. As of 2021, they had over half a million employees, $93.1 billion in annual revenue, $46.1 billion in capital, and $71.9 billion in assets.

In addition, 1210 (32.7% of the total) companies have curtailed operations and announced their intention to leave the aggressor country. At the same time, 1,594 (43% of the total) of the companies monitored by the KSE Institute are not going to leave the Russian market and are continuing to operate without any changes. Another 544 (14.7% of the total) have suspended new investments and continue to wait.

*Next month, KSE Institute plans to move companies from the “wait” status to the “stay” group, as two years of full-scale invasion have given enough time for more active and decisive actions.