Only 8.5 percent of all EU and G7 companies have actually left Russia, according to research from the University of St. Gallen and the IMD business school in Lausanne, Switzerland.
Before the outbreak of war, there were more than 2,400 company branches and 1,400 companies from the EU and G7 operating in Russia. By the end of November last year, only 120 companies had left Russia or sold their company there.
The research indicates that the news of a mass exodus of Western firms from Russia has been largely exaggerated.
In fact, businesses have resisted calls from governments, media, and civil society, according to the Belgian daily newspaper Het Laatste Nieuws.
Companies remain skeptical and reluctant about leaving Russia over fears of losing their business and staff.
Those who have left have ended up transferring assets into Russian hands, even for a single symbolic ruble or euro, as was the case with Renault and Nissan.
According to Forbes, the biggest beneficiary was oligarch Wladimir Potanin, whose Interros company bought Rosbank from Societe Generale, making nearly 50 billion rubles (€667 million) in the process.
The second-biggest earner was Vladyslav Sviblov, whose Highland Gold Mining bought the assets of Canada’s Kinross corporation, which netted him almost 40 billion rubles.
Not far behind was Ivan Tirishkin from SPB, who bought 49.5 percent of the shares in HKF-Bank LLC, making over 35 billion rubles.
Fourth on the list was the state research center FSUE NAMI, which took over the plants owned by Renault and Nissan, gaining assets worth just under 35 billion rubles.
The Liberty Beacon Project is now expanding at a near exponential rate, and for this we are grateful and excited! But we must also be practical. For 7 years we have not asked for any donations, and have built this project with our own funds as we grew. We are now experiencing ever increasing growing pains due to the large number of websites and projects we represent. So we have just installed donation buttons on our websites and ask that you consider this when you visit them. Nothing is too small. We thank you for all your support and your considerations … (TLB)
Comment Policy: As a privately owned web site, we reserve the right to remove comments that contain spam, advertising, vulgarity, threats of violence, racism, or personal/abusive attacks on other users. This also applies to trolling, the use of more than one alias, or just intentional mischief. Enforcement of this policy is at the discretion of this websites administrators. Repeat offenders may be blocked or permanently banned without prior warning.
Disclaimer: TLB websites contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available to our readers under the provisions of “fair use” in an effort to advance a better understanding of political, health, economic and social issues. The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes. If you wish to use copyrighted material for purposes other than “fair use” you must request permission from the copyright owner.
Disclaimer: The information and opinions shared are for informational purposes only including, but not limited to, text, graphics, images and other material are not intended as medical advice or instruction. Nothing mentioned is intended to be a substitute for professional medical advice, diagnosis or treatment.