About 20% of listed Japanese companies operating in Russia suspended business by mid-March after Russia invaded Ukraine, according to data compiled by Teikoku Databank Ltd.
Toyota Motor Corp., for example, has suspended production in Russia and is reviewing its operations there.
The trend is likely to accelerate in the future.
According to the survey, of the 168 listed companies that had production or sales bases in Russia as of February, 37 companies, or 22%, had announced the suspension of exports, local production or store operations by March 15. Of them, 22 companies suspended export and shipping transactions, seven halted production operations and four suspended stores. No firm was confirmed to have withdrawn completely.
By industry, 28 companies were manufacturers in fields such as the automotive and construction heavy machinery industries. Many cited confusion in the supply chain, such as the difficulty of procuring parts due to economic sanctions implemented against Russia.
Globally, an increasing number of companies, such as Apple Inc. and McDonald's of the United States, shut down or scaled back operations in Russia.
"Investors and consumers are taking a hard look at business in Russia," a Teikoku official said. "More companies are expected to shut down, including new investments, in terms of branding and image."
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