An unexpected stability in domestic consumption and restrictive regulations introduced by the Kremlin are slowing the emigration of foreign companies from Russia. L’Oréal, Colgate, Carlsberg, and Unilever are just some of the groups that continue to sell their products. Ukraine calls for more effort to increase pressure on Moscow
As the European Union prepares to enact The tenth package of sanctions against MoscowPressure from the Ukrainian government is mounting on Western executives who occupy senior positions in Russian companies. For Kiev, in fact, the (legal) presence of European and American members of the boards of directors carries risks. Weaken efforts to isolate Russia internationally. The work of Western top management in Russian companies sends A false signal for Russian society and the whole world Moscow did nothing wrong. Agia ZagrebelskaHe is a leading figure in the National Agency of Ukraine for the Prevention of Corruption.
The government has created a public database that lists the names of more than 300 American and European administrators seated – Without violating any penalties – in the leadership of Russian companies. Among the countries included in the list Germany 40 directors, the United States (30) and the United Kingdom (26).. The most affected sectors are Finance and trade. It should be noted that following the outbreak of the war, many executives resigned, while others remained, citing a variety of reasons, ranging from a sense of responsibility towards investors to that towards employees. with regard to ItalyAccording to the list compiled by officials in Kiev, responsible managers must be firmly thirteen distributed among the companies magnet, Russia’s largest supermarket chain, energy supplier Rosenergospetpharmaceutical company Sandoz U subsidiaries and companiesnicredit and Intesa Sanpaolo.
The campaign launched by Kiev aims to push the states that support it militarily into the gods restrictions To the possibility, so far fully legal, for their compatriots to occupy senior positions in Russian companies. This is confirmed by Zagrebelska herself: “We would like to see More government activities In informing these managers of the consequences of their decision to continue operating in Russia.” While the Ukrainian government has not yet sanctioned Western leaders, Zagrebelska nonetheless emphasized how the efforts ofAnti-Corruption Agency is a “warning” and that professionals in key positions “may be subject to restrictions in the future”.
In short, Kiev’s pressure on the allied countries to isolate Moscow economically is very strong. And also because the list of European and American companies that have remained in Russia is long. L’Oreal, Colgate, Carlsberg, Unilever These are just some of the groups that continue to sell their products on the Russian market. Nothing illegal, mind. In fact, these are companies that supply consumer products above all else Food that is not subject to restrictions. Moreover, if for some companies the decision to stay is dictated by the fear of losing an important niche market, for others it must be more than just a decision. Mandatory route. Indeed, many in recent months have vowed to abandon Russia, no avail. In fact, the Kremlin has issued a series of rules aimed at submission More difficult to sell assetsfirst defining operations and then imposing a 50% discount in the event of a sale.
Added to this is the fact that Western sanctions That hit banks and the Russian financial system they are making more and more Hard to work in the country. As reported by the agency bloomberga British multinational corporation Reckitt BenckiserIt said in April it would relinquish ownership of its Russian plants, but has so far not done so. French too Danone And in October it announced its exit from Russia without finding any buyers. this time Philip Morris, Which has pledged to abandon its activities in the country by the end of 2022, it has not yet received the approval of the Kremlin.
Another factor contributing to the slowdown in exit plans is Better than expected performance of the Russian economy. Despite the disastrous forecast, last year ended with a 2.5% drop in GDP: In short, consumption retains as well as corporate profits. Not surprisingly, last week Unilever issued a note to its investors warning them of the financial risks associated with leaving Russia, while Lacqla It revised its estimate of losses in the event of an exit from the Russian market upwards. Meanwhile, in front Sanctions in the coming days of the European Union Commission The tenth package of measures must be presented. always the second bloombergBrussels should ask European banks to provide information on Assets of the Central Bank of Russia And other state institutions frozen by previous procedures. The goal is to use these assets to finance the reconstruction of Ukraine. Based on a 2022 report by the Russian Central Bank itself, European officials estimate that the assets credited to the accounts of EU credit institutions amount to $258 billion. “Russia” recently announced the President of the Commission, Ursula von der Leyen “He will also have to pay for the destruction he has caused and he will have to contribute to the reconstruction of Ukraine,” he said, adding that he is working out “how to use Russia’s public goods for the benefit” of Kiev.
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