Last week, Michelin said it planned to hand over its Russian activities to a new entity under local management by the end of the year while rival Nokian Tyres PLC also said it would leave Russia.
Foreign companies seeking to exit Russia as a result of the war in Ukraine, which Russia calls a ‘special operation‘, also face the prospect of a new law being passed in the coming weeks which would allow Moscow to seize assets and impose criminal penalties, which has encouraged some businesses to accelerate their departure.
Diageo, the world’s largest spirits maker, Finnish elevator maker Kone and Finnish forestry machine manufacturer Ponsse have also announced plans to leave Russia.
($1 = 0.9587 euros)
(Reporting by Sudip Kar-Gupta; editing by Christopher Cushing and Jason Neely)