More than 60% of Japanese companies have suspended work in Russia
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Over the year, 60.6% of companies from Japan partially or completely suspended their work in Russia, follows from the report of the Japanese Foreign Trade Development Organization (JETRO), writes TASS.
At the same time, 4% of companies decided to leave the Russian market completely. Another 35.4% continue to work “as before”. In total, 168 Japanese companies worked in Russia.
According to JETRO data, the most common reason why companies decided to suspend their activities in Russia was “a change in policy towards Russia by headquarters/representative offices in Europe” (61.7%). Because of the fear of incurring reputational risks from working in Russia, 60% made such a decision, another 48.3% pointed to problems with logistics.
After the start of Russia’s special operation in Ukraine on February 24, 2022, foreign companies began to leave the Russian market en masse. In particular, among the Japanese companies that have made such a decision are automakers Toyota, Nissan, tire manufacturer Bridgestone, clothing brand Uniqlo. In addition, the Swedish IKEA, Electrolux, the Spanish group Inditex (Zara, Bershka, Massimo Dutti, Oysho, etc.), the German Siemens and etc.
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