The research reveals 'a very limited retreat of EU and G7 firms' from Russia.
A large number of companies headquartered in the European Union and G7 nations are still operating and investing in Russia, according to research from Switzerland’s University of St. Gallen and International Institute for Management Development.
In the wake of Russia’s invasion, a host of Western companies announced the suspension of their Russia operations and pledged to exit Russia. The researchers found that there have been more confirmed exits by companies headquartered in the U.S. than by those based in the EU or Japan. However, the results imply that fewer than 18% of U.S. subsidiaries operating in Russia have been completely divested since the invasion of Ukraine. Among Japanese firms, 15% have completely divested from Russia, and among EU firms, that number is 8.3%.
“These findings call into question the willingness of Western firms to decouple from economies their governments now deem to be geopolitical rivals,” the university said in its statement. “The study’s findings are a reality check on the narrative that national security concerns and geopolitics is leading to a fundamental unwinding of globalisation.”
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