Record Closure of Foreign Companies in Russia in the Third Quarter
In the third quarter of this year, the Russian Federation witnessed a record level of liquidation of foreign businesses. During this period, 23 international companies completely ceased operations, including several global leaders in various industries.
This is reported by AgroReview
List of Companies Exiting the Russian Market
Among the closed enterprises are the British home appliance manufacturer Dyson, the American corporation Rockwell Automation, which specializes in industrial automation, the German legal and auditing group Rödl & Partner, as well as the laboratory equipment manufacturer Eppendorf SE. This list also includes the Mexican Orbia Advance Corporation and the international telecommunications company Sony Mobile Communications.
Additionally, the British chemical company Croda International, the Japanese audio and video equipment manufacturer JVC Kenwood, the American pharmaceutical company Allergan, the Danish medical equipment manufacturer Ambu, the Belarusian Good Lakk, the German company Technoform in the field of building materials, and the Lithuanian optics manufacturer Yukon Advanced Optics Worldwide have announced the completion of their business liquidations.
Currently, four companies are in the liquidation process: the Swedish Embracer Group, the Austrian Lisec, the French Louis Dreyfus Company, and the Finnish Orion Pharma.
Asset Seizures and Further Business Exits
In addition to voluntary exits, Russia has also initiated asset seizures: the assets of the French company Air Liquide, valued at approximately 700 million USD, have come under state control. The business of New Zealand’s Airwork Group, which is involved in air transportation and aircraft maintenance, has also been seized.
Among the recent asset sale agreements are the exits of the French company Alstom, the American brand Burger King, the Israeli Fishman Group/Mirland Development, the Swedish Hilding Anders AB, and the Liechtenstein Hilti.
As of early October, 526 international companies (12.5%) have completely left the Russian market. Another 1,377 companies (32.6%) are in the process of exiting or scaling down operations, while 2,315 companies (54.9%) are still operating in the Russian Federation.