After Russia invaded Ukraine in February 2022, companies across the G-7 and European Union announced plans to cease business operations in Russia.
More U.S. firms were confirmed to have exited Russia than those based in the EU and Japan, Evenett and Pisani noted, but the report still found that fewer than 18% of U.S. subsidiaries operating in Russia were completely divested by the end of 2022, compared to 15% of Japanese firms and just 8.3% of EU firms.
"These findings call into question the willingness of Western firms to decouple from economies their governments now deem to be geopolitical rivals," Evenett and Pisani wrote. The British lender's European consumer staples analysts said that while most of the companies they cover had pledged to exit Russia, partly in response to ESG-related pressure from stakeholders and the threat of sanctions, few have managed to do so yet. Various companies told Barclays that there were a host of challenges to fully divest.
"There have also been suggestions that the assets of companies that leave Russia will be nationalised."
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