RT.com
24 Jan 2023, 14:45 GMT+10
The study focused on companies that have given up their equity stake or sold at least one subsidiary
Less than 9% of companies from the EU and G7 countries that owned subsidiaries in Russia have left the country since the introduction of sanctions last year, research by economists from Switzerland's University of St. Gallen has found.
The study, based on information from OBRIS, a global database containing information on millions of companies, showed that 36,000 international companies, including 3,444 subsidiaries of foreign entities, were operating in Russia as of April 2022, with a total of 2,405 subsidiaries owned by 1,404 EU and G7 companies.
The researchers then checked how many of these companies had given up their stakes or sold their branches and concluded that of the 1,404 companies, only 120 (8.5%) did so.
The authors of the report noted that they only focused on companies that withdrew their equity stakes and did not look at other commercial ties, such as exports, licensing, and franchising. They found that at the end of November 2022 "8.5% of EU and G7 companies had divested at least one of their Russian subsidiaries."
Nevertheless, a number of prominent international companies have stopped working in Russia due to sanctions pressure. The list includes American, European and Japanese automakers (Ford, Renault, Toyota), energy majors (ExxonMobil, Shell), banks (Deutsche Bank, Soci?t? G?n?ral, Citi), consulting firms (McKinsey, KPMG), retailers (IKEA), restaurant and hotel chains (McDonald's, Starbucks, Marriott), clothing brands (H&M, Nike), among others.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Shanghai Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Shanghai Sun.
More InformationWASHINGTON, D.C. The U.S. Supreme Court will hear arguments on May 15 about President Donald Trump's attempt to restrict automatic...
WASHINGTON, D.C.: President Donald Trump has signed an executive order directing the U.S. Commerce Department to ease regulations on...
THE VATICAN - The world is in shock and mourning on Easter Monday as it woke to the news that Pope Francis had died. Having recently...
NEW YORK CITY, New York: A former New York City police sergeant, Michael McMahon, was sentenced this week to 1.5 years in prison. He...
WASHINGTON, D.C.: U.S. Interior Secretary Doug Burgum has ordered a stop to construction of Equinor's Empire Wind project off New York's...
SINGAPORE: Amid rising trade tensions, several Asian nations are stepping up energy purchases from the U.S. in hopes of easing tariff...
HANOI, Vietnam: Vietnam's Ministry of Public Security is seeking to acquire a majority stake in FPT Telecom, one of the country's top...
BEIJING, China: Apple's grip on China's smartphone market continued to weaken in the first quarter of 2025, with the U.S. tech giant...
TAIPEI, Taiwan: Taiwan's TSMC reported stronger-than-expected first-quarter earnings on Thursday, driven by booming demand for AI-related...
NEW DELHI - India is preparing to scrap import taxes on U.S. ethane and liquefied petroleum gas (LPG) as part of ongoing trade negotiations...
TOKYO, Japan: Facing the pressure of new U.S. tariffs, Honda is weighing a shift in its production strategy that could see more of...
BEIJING, China: China will raise battery safety standards for electric and plug-in hybrid vehicles, aiming to tackle fire and explosion...