The vast majority of Japanese firms in Russia have continued to operate in the sanction-hit country despite a push to withdraw by G7 allies.
According to a survey conducted by the Yale School of Management analysed by Teikoku Databank Ltd, and reported by Kyodo News, of about 1,300 major companies worldwide, Japanese firms have been the most cautious about ending their connections with Russia.
Just under 3% of 168 Japanese companies have exited Russia after its invasion of Ukraine, the survey revealed, compared with about 48% of British companies to pull out of Russia, 33% of Canadian firms and around 29% of US businesses.
Only around 5% of Italian firms have withdrawn from Russia but that is more than the just four Japanese firms who have announced that they’ve ceased their Russia operations, the Kyodo report continued.
That puts them at the bottom of the table among their fellow G7 group of nations, the survey showed.
A significant number of Japanese firms had though chosen to suspend operations, rather than withdraw, the report went on to highlight.
Many, some 74 Japanese companies or 40%, had instead decided to pause shipments or freeze orders, Teikoku Databank noted.
- By Sean O’Meara