Why Western Companies Still Can't Quit Russia| MENAFN.COM

Tuesday, 28 March 2023 05:59 GMT

Why Western Companies Still Can't Quit Russia

(MENAFN- Swissinfo) McDonald's is one of the 120 companies that have divested in Russia. Keystone / Roman Pilipey

Despite public and political pressure, the mass exodus of Western firms from Russia hasn't materialised according to a recent study. Why aren't more cutting ties with Russia despite pledges to do so?

This content was published on January 27, 2023 - 18:04 January 27, 2023 - 18:04

Jessica covers the good, the bad, and the ugly when it comes to big global companies and their impact in Switzerland and abroad. She's always looking for a Swiss connection with her native San Francisco and will happily discuss why her hometown has produced some of the greatest innovations but can't seem to solve its housing crisis.

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In early March 2022, just a week after the Russian invasion of Ukraine, ABB became the first major Swiss multinational to announce it was suspending business with Russia. A few months later, it announced a complete exit from the country.

But nearly a year after the start of the war, the company is still“working on completing the exit as soon as possible in compliance with all applicable laws and sanctions”, a company spokesperson told SWI swissinfo.ch. The company had two production sites and around 750 people in the country when the war broke out.

ABB isn't alone. While big names like McDonalds, Renault and Siemens pulled out of the country, the overwhelming majority of EU and G7 firms operating in Russia have stayed put or have not completed any plans to divest according to a studyexternal link published last week by the University of St. Gallen and IMD Business School.




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