Do you know how many companies leave Russia?

After the invasion of Ukraine on February 24, western countries, such as the US, UK, Europe, Japan and Australia imposed a raft of sanctions on Russia, including cutting off Putin’s country from the cross-border payments system SWIFT, which is dubbed as ‘financial nuclear weapon.’

As their governments sanction Russia, companies also follow the suit and are leaving the country in haste.

International media reports show, as of Tuesday, around 250 western companies have left Russia or halted their operations inside the country.

The list of multinationals leaving Russia is extending, and it includes tech giants like Apple, Microsoft, energy majors like BP Shell and other automakers and their retail chains.  

Among the multinationals, some of them left the country entirely while some others have announced sales and shipment suspension.

The consequences of such suspensions, exits and closures are wide. If the multinationals close operations in Russia, it may also create a negative impact on the Russian job market as a notable number of local staff are engaged in those businesses.

Economically, Russia will be more isolated. And in the near future, the country may witness the worst economic crisis in its history after the fall of the Soviet Union.

Meanwhile, the Russian ruble has been devalued since it invaded Ukraine.

The multinationals are declining to operate inside Russia for several factors, including the waves of Western sanctions which make ‘doing business’ difficult for them. 

Companies staying in Russia, such as Starbucks, Coca-Cola, and McDonald’s, are also facing pressures from the West to pull out the business of the country.

Alternatively, Russia has also slapped a set of restrictive measures, like ban on foreign currency transfer out of Russia. It also took measures in stock markets and rejected sell orders from foreign clients.