Only 372 global companies have completely withdrawn from the Russian market, according to a monthly study by the Kyiv School of Economics. This is 10% of global companies in the KSE database or 26.4% of companies that earned income in Russia in 2022. Another approximately 32.5% declare their intention to exit their market.
In particular, in February, the company Inditex, owner of the Zara, Massimo Dutti, Bershka, Oysho, Pull & Bear, and Stradivarius brands, completely liquidated its business in the Russian Federation.
Among others, the company IKEA exited the Russian market after selling its business there.
At the same time, as of March 3, 2024, more than 2,150 international companies continue to operate and do not plan to leave the Russian market. This represents 57.5% of the companies in the KSE database.
If the percentage of companies winding down their business in Russia sharply increased from the beginning of the Russian invasion until mid-April 2022, then over the last 18 months, the ratio of those leaving or staying has practically not changed. Additionally, an increase in the number of companies remaining in the Russian market is periodically recorded, according to the analysis results.
The full results of the study can be found at the link.
