Companies are finding it s not so simple to leave Russia Others are quietly staying put | iNFOnews infotel.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from infotel.ca Daily Mail and Mail on Sunday newspapers.
When Russia invaded Ukraine, companies were quick to respond, some announcing they would get out of Russia immediately. Others vowed to curtail sales and new investment. Billions of dollars' worth of factories, energy holdings and power plants were written off or put up for sale. More than a year later, it’s clear: Leaving Russia isn't as easy as the first announcements might have made it seem. Increasingly, Russia has put hurdles in the way of companies that want out, requiring approval by a government commission and in some cases from President Vladimir Putin himself, while imposing painful discounts and taxes on sale prices. They also risk running afoul of Western sanctions and public opinion.
When Russia invaded Ukraine, global companies were quick to respond, some announcing they would get out of Russia immediately, others curtailing imports or new investment. Billions of dollars’ worth of factories, energy holdings and power plants were written off or put up for sale, accompanied by fierce condemnation of the war and expressions of solidarity with…