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26 Jun, 2022 13:42

Number of foreign businesses planning to leave Russia revealed

Only 4% of German and 3% of Japanese firms say they will cease all operations in the country
Number of foreign businesses planning to leave Russia revealed

Only a small percentage of German and Japanese businesses reportedly wish to completely halt all operations in Russia in response to Moscow’s military operation in neighboring Ukraine, which was launched in late February.

According to the latest figures released by the Russian-German Chamber of Commerce on Sunday, only 4% of the 1,050 member companies surveyed that once operated in the sanctions-hit country wanted to leave.

“The rest are planning either to continue their activities in the market without any changes, or partially abandon new projects or change their structure,” the business lobby said.

Among the Japanese firms, less than 3% said they wanted to withdraw from Russia following the events in Ukraine, Kyodo News reported earlier in the day.

A significant number of Japanese businesses were cautious about leaving the Russian market, with many of them only suspending operations in hopes of returning in the future, according to analysis by Teikoku Databank, as cited by the media.

The analysis, based on a poll carried out by the Yale School of Management, which covers around 1,300 major companies worldwide, shows that only four (2.4%) of the 168 Japanese companies that used to work in Russia had decided to stop working completely in the country as of June 19.

The mass exodus of international businesses from a wide array of industries in Russia began as a result of the unprecedented sanctions imposed on Moscow by the West over the offensive in Ukraine.

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