59 World Brands Make Things Better Than Keeping Promises

by Olha Povaliaieva
Tuesday, August 16, 2022
59 World Brands Make Things Better Than Keeping Promises

Western companies that claimed to withdraw from the Russian market are still active there

The Kyiv school of economics has published studies that concern Western companies and their statements about the Russian market. After the Russian Federation launched a large-scale military action against Ukraine, popular brands opposed the aggressor. Several parent companies have announced their withdrawal from the Russian market. So, the Kyiv school of economics checked the correspondence of words and actions of different brands after 6 months of the war.

The results were disappointing. A group of companies announced they were going out of business with Russia but then changed their mind. For example, Air Serbia returned plans to Russia. Also, the Kyiv school of economics inspected brands under constant monitoring. According to research, 47% of companies were ready to leave Russia because of the war against Ukraine. However, 19.9% of brands expect a change in the situation around Russia and Ukraine. Among such companies were giants:

  • ExxonMobil;
  • Alphabet;
  • Toyota;
  • Microsoft.

31.2% of Western companies remain on the market and serve Russians. And only 1.9% of companies have wholly severed business relations with the aggressor country.

An article published in The Village notes that foreign organizations do not want to cooperate with Russia despite such results. Therefore, they are preparing to exit the aggressor market.1649 companies have already left Russia.

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