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An oil refinery operated by Rosneft in Novokuibyshevsk, Russia.

An oil refinery operated by Rosneft in Novokuibyshevsk, Russia.

Source: Bloomberg

The List of Foreign Companies Pulling Out of Russia Keeps Growing

What was an enticing new market 30 years ago is now spurned.

Updated on

The invasion of Ukraine is causing a mass exodus of companies from Russia, reversing three decades of investment by Western and other foreign businesses there following the collapse of the Soviet Union in 1991.

The list of those cutting ties or reviewing their operations is growing by the hour as governments around the world ratchet up sanctions against Russia, close airspace to its aircraft and lock some banks out of the SWIFT money messaging system. With the ruble plunging and the U.S. banning transactions with the Russian central bank, operating in Russia has become deeply problematic. Some companies have concluded that the risks, both reputational and financial, are too great to continue.