In the more than 21 months of the full-scale invasion, only 302 foreign companies have finally cut ties with Russia. This update includes seven additional global firms that ceased operations in November and for one company the status “stay” was returned.

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.

Recently, the KSE research team managed to identify a number of international companies that have fully completed their withdrawal from Russia: Amedia (another example of business confiscation), Bonava, Clancy Engineering, Eastnine AB, Flugger, and Laude Smart Intermodal S.A. (likely an internal transfer, as the new owner is ASIA INTERMODAL LLC from Kazakhstan). Furthermore, Sandvik ceased its Russian operations in addition to liquidation of the Sandvik Coromant Group’s legal entity, in May 2023.

Moreover, an update on TP-Link’s status (from “exited” to “stay”) has been provided, following the revelation that its prior sale was an intra-group transaction, and the company is actively continuing its business dealings with Russia.

As of December 3, 2023, the total count of international companies that have completely halted their operations in Russia stands at 302. This represents 8.3% of the total entries in the KSE database and 23.6% of firms that generated revenue in Russia in 2022. Additionally, 1227 companies (33.7% of the total) have scaled back operations and announced plans to exit the Russian market.

Conversely, 1,563 companies (43% of those monitored by the KSE Institute) have not yet decided to leave the Russian market, continuing their operations as usual. Another 547 companies (15% of the total) have paused new investments, adopting a wait-and-see approach.”