Almost 200 companies pull from Russian market

Almost 200 companies pull from Russian market

As of February 12, a total of 191 foreign companies completely withdrew from the Russian market, which is a mere 6.2% of all foreign businesses present there.

This was reported by Kyiv School of Economics, Ukrinform saw.

"The number of companies that have completed their exit from the Russian Federation is 191 (+8 over the past week)," the statement reads.

Another 496 foreign firms curbed current operations or suspended new investments in Russia. At the same time, 1,223 companies continue to operate in the market of the aggressor state.

According to KSE, as of February 12, the companies that have already completely left the Russian Federation had nearly 326,600 employees, $45.2 billion in annual revenue, $35.2 billion in capital, and $41.2 billion in assets.

Read also: Kuleba: Many countries and institutions to impose new sanctions on Russia to mark invasion anniversary

The companies that suspended their operations on the Russian market had 239,000 employees. personnel, annual revenue of $32 billion, $13.6 billion in capital, and $28.6 billion in assets.

Kyiv School of Economics notes that at the outset of Russian invasion, the share of companies closing down operations in Russia rose sharply until mid-March but during the last five months, the ratio of those who are leaving or staying has practically not changed, although a periodic increase is observed in the share of companies that remain on the Russian market (as new companies are added to the database). Nevertheless, if general figures are used in the KSE database, about 38.0% of companies have already announced their exit from the Russian market or have suspended their operations, while 39.7% are still present in the country, 16.1% are yet to make a decision, and only 6.2% have completed their exit.

As reported by Ukrinform, at least 109 large and medium-sized Ukrainian businesses suffered direct losses due to the full-scale invasion, with the total amount of damages estimated at $13 billion.

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