Post by account_disabled on Feb 28, 2024 4:17:58 GMT -6
More than a year after Russia invaded Ukraine, only 520 companies have broken with the country, according to a Yale University study . And this despite the fact that 1,000 companies announced that they were voluntarily reducing their operations just two months after the start of the war in Ukraine. And it's not for lack of trying: More than 2,000 companies are trying to get approval to leave the Russian market, the Financial Times reported last Tuesday , citing a person involved in an exit negotiation. But the Russian authority that handles applications only meets three times a month and reviews up to seven applications at a time, prolonging the exit process, according to the FT . Other companies operating in Russia cannot simply pack up and leave for various business and non-business reasons. It's simply not that easy for a company to leave Russia right now, and there are three main reasons for this.
Companies have tried to leave Russia in an orderly manner Many companies were quick to announce their intention to leave the Russian market after the invasion of Ukraine. While some big brands, like McDonald's or Starbucks , have left the country entirely, others are taking a slow and orderly approach to their exit strategy for a variety of reasons. As Hassan Asia Phone Number List Malik, principal analyst at Boston-based investment management consultancy Loomis Sayles, explained to Business Insider in June last year : "Translating boardroom decisions into on-the-ground actions takes time." Some companies also point to obligations to their local employees when deciding whether to leave or stay. 2 German volunteers went to Ukraine to fight the Russians: confusion, chaos, and then the coronavirus, defeated them instead Lukas and Tobias, two German volunteers, arrive in the city of Lviv, just over a week after the Russian invasion of Ukraine began.
Arvind Krishna, CEO of IBM, one of the first companies to leave the market , said in a statement in June : "Our colleagues in Russia have endured, through no fault of their own, months of stress and uncertainty." "We do not believe it is right to abandon our people in Russia," British consumer giant Unilever said on February 13 . The group, which currently employs 3,000 people in Russia, last year stopped all imports and exports of its products, as well as capital flows to and from the country, but continues to supply Russian-made products domestically. There are also concerns about what would happen to companies if they simply closed their operations in Russia. "It is clear that if we abandoned our activities and brands in the country, the Russian state would take over and exploit them," Unilever said.