Report: more than 90 percent of EU, G7 companies operating in Russia despite restrictions

(MENAFN) A recent report indicated that just 8.5 percent of EU and G7 firms had taken a move to departure from Russia or blocked their works in the nation.

As said by a report issued by Switzerland-based St. Gallen University on Thursday, in spite of restrictions decisions versus Russia, the firms carry on their ties with this nation as usual.

Following Russia began what it named a "special military operation" in its bordering nation on at the beginning of last year, 2022, several industries and nations confirmed restrictions or blocks for attempting to add pressure on the Russian economy.

Some companies blocked their works and distributions in Russia, whereas additional closed their funds or withdrew from their cooperatives in Russia, as well as in Belarus.

The report stated that there were 2,405 subsidiaries possessed by 1,404 EU as well as G7 firms as of April last year and just lower than 9 percent of them were ended or sold.

"Confirmed exits by EU and G7 firms that had equity stakes in Russia account for 6.5 percent of total profit before tax of all the EU and G7 firms with active commercial operations in Russia for which information is available in the ORBIS database, 8.6 percent of tangible fixed assets, 8.6 percent of total assets, 10.4 percent of operating revenue, and 15.3 percent of total employees," the report asserted.

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