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55 pct of Japan-linked biz halted Russia operations: JETRO

  • April 25, 2022
  • , Jiji Press , 8:51 p.m.
  • English Press

Tokyo, April 25 (Jiji Press)–A JETRO survey Monday showed that 54.9 pct of Japanese-affiliated companies doing business in Russia have suspended some or all of their Russia operations following Moscow’s invasion of Ukraine.

 

According to the survey, conducted April 15-19 by JETRO, or the Japan External Trade Organization, the share rose 11.6 percentage points from the previous March 24-28 survey.

 

Respondents that completely suspended their operations accounted for 9.9 pct of the total, said the latest survey, which drew response from 111 of the 211 surveyed companies.

 

“The move by companies to reconsider their Russian operations is becoming more prominent,” a JETRO official said.

 

While no companies in the previous survey said they have either made a complete exit from Russia or decided to withdraw in the near future, the latest survey showed that one company had made either move.

 

Of the total respondents, 44.1 pct, including those discussing future actions, said they are running their operations in Russia as usual, down from 55.7 pct in the previous survey.

 

On the outlook for Russian operations in six to 12 months’ time, 35.5 pct said they will downsize their operations, while 30 pct said they will make no changes. A total of 28.2 pct were not sure what to do.

 

While 74.8 pct of respondents said that all of their expatriate employees have left Russia, 14.4 pct said that all their expatriate employees remain in the country.

 

In the survey, companies that have pulled their expatriate employees out of Russia were asked, with multiple answers allowed, what would prompt them to reassign their employees to Russia.

 

A total of 68.4 pct said that their employees may return if Japan’s Foreign Ministry eases its travel advisory for Russia, while 61.1 pct cited a ceasefire agreement between Russia and Ukraine.

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