More than 600 days since Russia invaded Ukraine, over 1,400 international companies are still operating in Russia. Only a small percentage of western firms have been able to close down their operations in the country since it invaded Ukraine in February 2022.
As a result, there is now a group of “trapped multinational subsidiaries” operating in Russia – in several cases unwillingly. This includes firms, like Danish brewer Carlsberg Group, which struggled to sell its Russian subsidiaries before the business was seized by the Russian government in August 2023.
