🇺🇦 #UkraineWillPrevail
#RussiaIsATerroristState

New 12-pager on "What Are the Financial Results of Foreign Business in #Russia in 2023, and Have Exit Rates Slowed Down?"

by Oleksii #Hrybanovskyi, Andrii #Onopriienko, Nataliia #Rybalko, all #Kyiv School of Economics, #Ukraine

TL;DR:

• Profit tax paid by foreign companies that disclose their figures for Russia rose from USD 5.4 billion (2021) to USD 6.4 billion (2023)¹, mostly due to tax increases;

• Staying in Russia increased profits (due to reduced competition), leaving has now become expensive

• Foreign banks have seen the biggest rise in profits, especially #Raiffeisen (🇦🇹 #Austria) and #OTPBank (🇭🇺 #Hungary)

• Also, food companies like #Mondelez and #Pepsi, that keep saying they're only selling essentials, but actually sell much more

• 🇨🇳 #China seizes the moment, expanding its business considerably (no sanctions on Russia)

• Some companies are camouflaging their ongoing business by fake "exits", like #LeroyMerlin from 🇫🇷 #France

• about 1/3 foreign businesses have exited, exits are slowing down

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4961551

A useful data analytics tool, showing e.g. the changes in revenues and profits from 2021-2023 for industries or companies:

https://leave-russia.org/bi-analytics

¹roughly the equivalent of 6,400 "Kalibr" cruise missiles:
https://en.defence-ua.com/news/what_is_the_real_price_of_russian_missiles_about_the_cost_of_kalibr_kh_101_and_iskander_missiles-4709.html