More than 100 companies from European Union countries are still active in Russia almost four months after the invasion of Ukraine, which has led to a plethora of international sanctions against Moscow, according to a study cited by Bloomberg.
The 116 EU companies are almost half of the 247 multinationals still operating in the country despite growing public pressure to punish Russian President Vladimir Putin’s regime for invading Ukraine, according to a survey by the Yale Chief Executive Leadership Institute. led by Jeffrey Sonnenfeld.
The study comes after a Russian think-tank reported last week that more than half of the 5,000 foreign companies operating in the country have not announced restrictions on their local operations and continue to employ 2 million people. Only 90 companies, mainly in the consulting and IT sectors, have sold their businesses and relocated employees to other countries, according to the study.
Researchers at the Yale Chief Executive Leadership Institute published a paper in May showing that for most companies that left Russia, gains in the stock market far outweighed the cost of leaving the country.
Source: Capital
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