It was announced that 43 percent of Japanese companies suspended their activities in Russia after the war against Ukraine.
Japan Foreign Trade Organization (JETRO) researched the activities of Japanese companies in Russia after the Russia-Ukraine war.
According to the research, after the negative impact of the economic sanctions, 43 percent of Japanese companies have stopped their activities in Russia so far.
On the other hand, 44 percent of the companies declared that they will shrink in the scope of their activities or withdraw from the market in the next 12 months.
JETRO expert Shimoyama Manabu said that after the depreciation of the Russian national currency, the ruble, personal purchasing power in Russia fell.
Shimoyama reported that it will take time for Japanese firms to regain the “positive view” of Russian markets.
Teikoku Databank reported that as of February 2022, 347 Japanese companies were active in Russia.