Ongoing Business Ties Between Spain and Russia Amid Global Retrenchment

By late 2022, surveys from IMD Business School and Yale University showed a large but varied exodus of Western companies from Russia after the war. An IMD study covering 1,404 firms and led by Simon J. Evenett of Gallen University and Niccolò Pisani found that a minority kept some level of activity in Russia, while roughly a third paused operations or exited entirely. Brands such as Benetton, Yamaha, Hard Rock Café, Veolia, and Yamaha had limited or temporary ties, whereas others like Amazon, Audi, Bang & Olufsen, Blackberry, Burberry, and Canon suspended or reshaped their presence. A remaining group, including H&M, Ikea, Mercedes Benz, and McDonalds, fully withdrew. Yale University compiled a separate list with about 1,587 Western companies reporting public announcements about their Russia stance. These shifts reflect a broad trend rather than a uniform retreat.