More than 1,000 companies have left Russia since war with Ukraine began: Report

More than 1000 companies have pulled back from Russia since it began its military offensive in Ukraine. According to the statistics given by the Kyiv School of Economics, as many as 1037 companies have left Russia and 438 others have reduced their operations in the country. The Kyiv School of Economics has noted that 590 companies continue to operate in Russia. 

It is to mention here that the companies have announced exit, suspension and scaling down of operations after Russia launched a military offensive in Ukraine on February 24. As of May 29, companies that declared a complete withdrawal from Russia had $32.5 billion (₹25,24,01,33,75,000) in revenues and $19.9 billion (₹15,45,47,28,05,000) in the capital, according to the statistics given by Kyiv School of Economics in the report. Companies that have suspended their operations in the Russian market had yearly revenue of $58.7 billion (₹45,59,02,64,85,000) and $32.7 billion (₹25,39,91,85,45,000) in the capital. 

28.6% companies continue to operate in Russia 

The Kyiv School of Economics said that more than half of companies (50.2%) have already announced their withdrawal from the Russian market. Furthermore, 28.6% of companies continue to operate in Russia. The Kyiv School of Economics identified about 2,065 companies and organizations from 70 countries as well as 55 industries and analyzed their operation in the Russian market. The Kyiv School of Economics in the report said that the agricultural companies hold back in Russia. However, they have announced scaling down their operations in the country. These agricultural companies include Archer Daniels Midland (ADM), Bunge, Cargill and Louis Dreyfus.

Operation of Companies in Russia following February 24

According to Yale School of Economics, the companies that have suspended nearly all operations or temporarily curtailing most include Adidas, Air France, Marks & Spencer, McCain Foods, Air Astana, Alphabet, Amazon, Amway, Audi, Burger King, Canon, Chanel, Disney, Mango, Electrolux, Ford, H&M and IBM and others. The companies who have scaled down their business operations include Adobe, Bosch, Carrier, JPMorgan, Maruti Suzuki, Pepsi and Whirlpool and others. Companies that continue to function as usual in Russia include Haier, Acerinox, Air China, Antal, Benetton, Diesel, Oppo, Emirates Airlines and Gioergio Armani and others.

Image: AP