A large number of foreign investors are still doing business in Russia in spite of the Kremlin’s full-scale invasion of Ukraine, according to the European Commission.
“International trade and foreign business presence in Russia has decreased significantly.
“Over 40 per cent of foreign investors either decided to leave Russia or already exited,” the European Commission said in response to a question by European Parliament member Moritz Körner.
The Brussels-based authority drew data from the Yale Management School and the Ukrainian KSE Institute.
However, reports said many foreign companies are still operating in Russia, with pharmaceutical company Stada and health-care group Fresenius still active in Russia.
The companies had justified this in the past with providing medical care for local people.
Also among those continuing operations in Russia are Swiss food company Nestlé and Belgian alcoholic beverage company Anheuser-Busch InBev, according to the KSE Institute.
“Every European company that continues to make profits in Russia is directly supporting Putin’s war machine through taxes to the Russian state,” Körner said.
The EU must tighten its sanctions regime accordingly.
“Keeping European companies in the Russian market must be made an economic losing proposition,” said Körner.
The EU would continue to provide Ukraine with determined political, financial, humanitarian and military assistance against Russia’s war in the country, the European Commission said
