Data show that there are still many Western companies that have not withdrawn from the Russian market.

(Reuters)

[Financial Channel/Comprehensive Report] Russia invaded Ukraine in February 2022 and was subject to Western economic sanctions. Many companies have called out to withdraw from the Russian market and threatened to boycott Russia. Companies from a few G7 (Organization of Seven Industrial Countries) countries continue to operate in Russia.

"CNBC" reported that according to statistics, before the war between Russia and Ukraine, about 2,405 subsidiaries of enterprises from the European Union and G7 countries were active in the Russian market. However, until last November, less than 9% of enterprises had completely withdrawn from at least one Russian subsidiary. Among them, only 18% of American companies have completely withdrawn; 15% of Japanese companies; only 8.3% of EU companies have withdrawn. The study found that 19.5% of foreign companies that are still staying in Russia are German companies; 12.4% are American companies, and the rest 7% are Japanese multinationals.

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The report seems to run counter to Western countries' actions to sanction Russia, and also highlights the problem that Western companies have not yet been economically decoupled from Russia.

Analysts at Barclays Bank of the United Kingdom (Barclays) pointed out that since the Russia-Ukraine conflict still does not seem to see the light of day in the short term, considering the commercial interests and the impact of withdrawing from Russia on the company's operations, coupled with the fact that the original assets after the withdrawal will be lost to Russia The risk of nationalization puts more pressure on foreign capital that originally planned to withdraw from Russia.

Among them, European daily consumer goods such as Coca-Cola HBC AG, chemical giant Henkel, tobacco giant PMI, coffee giant JDE Peet's, and wine merchant Carlsberg are most dependent on the Russian market.

Even though many companies have suspended advertising and reduced investment in Russia, they still seem to intend to continue to operate in Russia. Analysts believe that these companies are likely to be condemned in the future.

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