In June of this year, 13 international companies left the Russian market

In June of this year, 13 international companies left the Russian market, including Michelin Group, one of the leading tire manufacturers, Bosch, a German company, and 3M, an American chemical corporation. These data were published in a new study by the KSE Institute.

In total, as of today, 254 international companies have completely ceased their operations in Russia. This is 7.7% of the total number of entries in the database or 17.6% of the companies that received income from their activities in Russia in 2022. In addition, 1191 foreign businesses have curtailed their activities and expressed their intention to leave the country, which is 35.9% of the total.

However, 1,352 companies, accounting for 40.8% of the total number of participants in the KSE Institute survey, have no plans to leave the Russian market and continue their operations unchanged. Another 519 foreign businesses have suspended new investments in Russia and are monitoring the situation.

According to the study, 254 international companies that have completely left the Russian market provided employment for at least 417,500 people. The annual revenue of these companies was $62.2 billion, the capital was estimated at $28.6 billion, and the total value of assets was $52.4 billion.

It should also be noted that the companies that completely withdrew from Russia had 263.1 thousand employees, annual revenues of $50.5 billion, capital of $18.7 billion, and assets worth $21.2 billion.

According to the KSE Institute's monitoring, as of the end of June 2023, companies from 35 countries and 39 industries have already left the Russian market. Most of them were headquartered in the United States, Germany, Finland, the United Kingdom, and France, and operated in the automotive, energy, oil and gas, electronics, consumer goods and clothing, and food and beverage industries.

These data indicate a continuing trend of international companies withdrawing from the Russian market, which could have significant consequences for the country's economy. Further developments in this situation require close monitoring and analysis.