Western businesses backtrack on their Russia exit plans Companies such as Avon Products, Air Liquide and Reckitt remain in country as bureaucratic obstacles to leaving increaseWestern banks in Russia paid €800mn in taxes to Kremlin last year Figure represents a fourfold increase on prewar levels and comes as profits jump at European lenders still in the countryRaiffeisen Bank trumpets Russia growth plans in dozens of job adsAustrian lender, which has pledged to exit Russia, orders internal probe following FT findingsRussian copycats fill market gaps left by western brandsLocal lookalikes replace departed companies ranging from Ikea and Zara to McDonald’s and StarbucksDanone’s Chechen takeover: inside a Russian expropriationBusiness handed to warlord’s nephew has retained much of the French dairy group’s previous management‘Blood in the water’: How Carlsberg lost its Russian businessBaltika’s success made it a target for seizure as Kremlin loyalists are rewarded with key assetsMore from this SeriesHave western brands that stayed in Russia made the right call after all?Two years into the war, European and US consumers barely know which companies are still there and which have leftRussia tightens capital controls on western companiesRestrictions on foreign currency transactions are aimed at shoring up roubleEuropean companies suffer €100bn hit from Russia operationsEnergy and utility groups have reported more than half the combined losses, according to FT analysis of direct impact of the Ukraine warBillions of dollars in western profits trapped in RussiaBusinesses from ‘unfriendly’ countries have amassed more than $18bn in earnings since the start of the invasion of UkraineThe increasing absurdity of staying in RussiaWestern companies still in the country face an ever harder time repatriating profits and risk state seizuresRussia’s war on Ukraine holds still more pain for European businessIndirect costs of conflict will have longer-lasting consequences but could help drive efficiency and competitiveness
Western businesses backtrack on their Russia exit plans Companies such as Avon Products, Air Liquide and Reckitt remain in country as bureaucratic obstacles to leaving increaseWestern banks in Russia paid €800mn in taxes to Kremlin last year Figure represents a fourfold increase on prewar levels and comes as profits jump at European lenders still in the countryRaiffeisen Bank trumpets Russia growth plans in dozens of job adsAustrian lender, which has pledged to exit Russia, orders internal probe following FT findingsRussian copycats fill market gaps left by western brandsLocal lookalikes replace departed companies ranging from Ikea and Zara to McDonald’s and StarbucksDanone’s Chechen takeover: inside a Russian expropriationBusiness handed to warlord’s nephew has retained much of the French dairy group’s previous management‘Blood in the water’: How Carlsberg lost its Russian businessBaltika’s success made it a target for seizure as Kremlin loyalists are rewarded with key assetsMore from this SeriesHave western brands that stayed in Russia made the right call after all?Two years into the war, European and US consumers barely know which companies are still there and which have leftRussia tightens capital controls on western companiesRestrictions on foreign currency transactions are aimed at shoring up roubleEuropean companies suffer €100bn hit from Russia operationsEnergy and utility groups have reported more than half the combined losses, according to FT analysis of direct impact of the Ukraine warBillions of dollars in western profits trapped in RussiaBusinesses from ‘unfriendly’ countries have amassed more than $18bn in earnings since the start of the invasion of UkraineThe increasing absurdity of staying in RussiaWestern companies still in the country face an ever harder time repatriating profits and risk state seizuresRussia’s war on Ukraine holds still more pain for European businessIndirect costs of conflict will have longer-lasting consequences but could help drive efficiency and competitiveness
