Google and 11 other int'l companies fully exit Russia in October

According to a recent report from the Kyiv School of Economics (KSE), Google was among 12 international companies that fully exited the Russian market in October, as the exodus of foreign businesses from the country continues.

The KSE Institute’s “Self-Sanctions / LeaveRussia” project tracking the impact of foreign corporate departures on Russia’s economy found the total number of international firms that have now completely left Russia reached 296 last month.

Other companies ending Russian operations in October included IT firm ASBIS, brewer Carlsberg (which is preparing to fight for the right of its Russian unit to sell its brands after Russia seized control of Danone and Carlsberg subsidiaries’ shares), retailer Decathlon, electrical equipment maker Ensto, agribusiness Viterra (part of Glencore, which stopped being a Rosneft shareholder in 2022; Sberbank is trying to arrest remaining assets over an oil debt), furniture giant Ingka, electrical equipment supplier Legrand, industrial manufacturer Sulzer, telecoms operator VEON, document company Xerox, and elevator maker KONE.

Meanwhile, German industrial conglomerate ThyssenKrupp was reclassified from “exited” to “waiting” as its local units did not actually change ownership but were likely renamed to hide parent links, it noted.

As of 1 November 2023, 296 international firms have now fully ceased activities in Russia, accounting for 8.3% of all companies tracked or 23.3% of those with 2022 Russian revenue.

Another 1,215 (34.1% of all tracked) have scaled back operations and stated an intent to leave, as just 42.1% still operate without changes.

The KSE database is partially based on data from Yale’s School of Management, the University of St. Gallen, and other open sources. KSE verifies data with additional status designations.

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Google and 11 other int’l companies fully exit Russia in October