8.2 C
London
Sunday, February 5, 2023
HomeOver 90% Of Firms Have Remained In Russia
Array

Over 90% Of Firms Have Remained In Russia

Date:

Related stories

Paying The Bills. Elon Musk Expresses Regrets For Selling $30 Billion Of His Tesla Stock to Purchase Twitter.

The good news for Elon Musk is that he gained control of the rudderless Twitter social media app, what he refers to as the “town square of our time:  and who knows, maybe one day it will become a trillion-dollar company. The bad news for Musk appears ...

Apple’s Crash Detection Feature Triggers False 911 Calls At Ski Resorts

Apple's Crash Detection Feature Triggers False 911 Calls At Ski Resorts Apple's Crash Detection feature is causing severe headaches for emergency dispatchers around ski resort areas.  Skiers and snowboarders, with supported iPhone and Wat...

I Love The Fact That We Got Biden…

#shorts/”>short #valuetainment #pbdpodcast The post I Love The Fact That We Got Biden… appeared first on Valuetainment.

US To Open 4 New Sites In Philippines, Accelerating ‘Pivot To Asia’

US To Open 4 New Sites In Philippines, Accelerating 'Pivot To Asia' Authored by Kyle Anzalone & Connor Freeman via The Libertarian Institute, Washington and Manila are close to inking an agreement that would see four new American installa...

JPMorgan Warning: Israel Poses Higher Investment Risk

JPMorgan Warning: Israel Poses Higher Investment Risk In an internal memo posted on Thursday, JPMorgan warned that Israel presents a greater investment risk due to recent developments associated with the ascent of Benjamin Netanyahu's new ...
Over 90% Of Firms Have Remained In Russia

Authored by Grzegorz Adamczyk via Remix News,

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. 

Tyler Durden Tue, 01/24/2023 - 06:30

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here