**Foreign Companies Leave Russia in Droves**
In the three years since Russia’s invasion of Ukraine, many foreign companies have left the Russian market. According to a report by RBC, 62% of firms from countries deemed “unfriendly” by Moscow have exited.
**Most Firms Sold Assets or Shut Down**
These companies sold their assets to Russian businesses (103 cases) or local management (40 cases). In some instances, foreign owners withdrew from joint ventures with Russian partners. Some companies even shut down or suspended operations (14 cases).
**Northern Europe Leads the Way**
Companies from Northern Europe had the highest exit rate, with 94% leaving Russia. Finland led the way, with all 20 companies in the sample exiting. Sweden and Norway also saw high exit rates.
**Western Countries Have Varied Exit Rates**
The United States, Germany, France, and the UK saw exit rates between 59-67%. Canada, Australia, and New Zealand had a full 100% exit rate. In contrast, Austria had a 50% exit rate, Switzerland 38%, and Italy only 22%.
**Some Companies Remain in Russia**
For about one-third of the sample (96 companies), no exit information was available. These companies continued normal operations.
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