Almost 70% of Austrian companies continue to work in Russia - KSE

This is stated in the press release by the Kyiv School of Economics, Ukrinform reports.

"Some 160 companies with foreign capital have completed their withdrawal from the Russian Federation. Another 1,163 international companies have announced their withdrawal and ceased operations. At the same time, about 2/3 of the companies from Austria, represented on the Russian market before the war, continue to work there without any self-limitations," the report says.

It is noted that as of January 15, a total of 160 foreign companies (5.3%) have completely pulled out of the Russian market. Over the last week, their number increased by another two businesses. Another 1,163 foreign enterprises (38.5%) have shut down Russian operations and are in the process of exiting the market. At the same time, 493 international companies have suspended new investments, but remain in the Russian Federation. And another 1,202 continue their activities on the Russian market without changes.

As noted, in the last pre-war year, Austrian investments in the Russian Federation amounted to about $6 billion, while Russian investments in Austria – to $29 billion.

According to the KSE Institute, 69% of 63 Austrian companies continue to work in Russia. 14% of enterprises from Austria received the "pending" status from the KSE. Another 14% are in the process of exiting the market. And only 3% of companies with Austrian capital have completed the withdrawal.

Among the Austrian companies that left the Russian Federation are MM Packaging, which has sold factories in Pskov and St. Petersburg, and Petro Welt Technologies, which provides services in the field of natural gas and oil production. Swarovski has suspended all sales in the Russian Federation and is in the process of winding down its operations.

At the same time, Raiffeisen Bank, which is seen as important for the Russian banking system, is currently ignoring calls to leave the Russian market. Also, the Austrian company Rotax, whose engines were found on Iranian drones that attacked critical infrastructure in Ukraine, is not planning to go.

As reported by Ukrinform, 11 companies left the Russian market in the first week of 2023, while another 1,161 companies are in the process of exiting the market.