"60% of Japanese firms in Russia have suspended operations" 22 Feb 2023

As Moscow's invasion of Ukraine drags on, more than 60% of Japanese firms in Russia have either suspended their operations or withdrawn from the country completely.

That is the finding from the responses of 99 companies to a survey conducted last month by the Japan External Trade Organization.

4% said they had either already withdrawn from Russia or decided to leave. Another 17.2% said they had completely suspended operations, while 43.4% said they had partially suspended business activity. Only 35.4% said it was business as usual.

There was an 11-point increase in firms that had fully or partially suspended operations compared to [...] last August.

Looking ahead, 10% of companies said they expect to pull out of Russia over the next six to 12 months, while 37% expected to continue operating.

A JETRO official said more firms will have to decide whether to withdraw from Russia, but some are concerned they will lose market share to countries such as China if they leave.