Over 30 percent of listed Japanese firms which operate in Russia have decided to stop doing so as Moscow continues its war in Ukraine, a survey by a credit research firm recently showed.
In the Teikoku Databank Ltd. survey, 60, or 36 percent, of the 168 companies that do business in Russia said they plan to stop operations in the country, up from the 37 in the previous study in March.
Some firms have continued to work in Russia due to having to fulfill backorders, among other reasons.
As of April 11, a total of 31 firms said they decided to "suspend trade," including postponing shipments, increasing by nine from the survey last month.
The number of companies that plan to halt manufacturing, including work at factories, increased by four to 11 firms. Nine said they will suspend business operations, such as closing stores, up by five.
In March, no companies said they planned to withdraw completely from Russia, but the number grew to three in the most recent survey.
Many firms cited disruptions in logistics and supply chains for suspending operations in Russia, with the prolonged crisis in Ukraine deepening wariness among businesses.
However, others noted that they would continue operating in the country, taking into account that their products would not be impacted by sanctions implemented by Western countries.
"There is a possibility that more firms will opt to withdraw from Russia" amid uncertainty over when the business environment may return to normal, a spokesperson from Teikoku Databank said.
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