Over 20% of major Japanese companies that do business in Russia have decided to halt such operations following Moscow's invasion of Ukraine, a survey by a credit research firm showed.
In the Teikoku Databank Ltd. survey of 168 major Japanese firms that operate businesses in Russia, 37 companies said they plan to stop operations there as of March 15 amid Western economic sanctions and a worsening environment due to disruptions in logistics and supply chains.
Twenty-eight out of the 37 firms were manufacturers such as makers of cars and heavy construction equipment. No company planned to pull out of the Russian market completely, the survey showed.