Belgian multinationals have reduced their activities in Russia - Economic Policy

Belgian multinationals have reduced their activities in Russia – Economic Policy

At least nine Belgian multinationals have voluntarily suspended or drastically reduced their activities in Russia following the Russian invasion of Ukraine, according to an updated list published Monday by the Yale School of Management.

This includes 1,000 companies around the world that have responded to the American business school or have publicly announced that they have adapted their activities in Russia. There are well-known Belgian names such as the beer giant AB InBev, the chemical multinational Solvay or the bank insurance group KBC.

Since the start of the invasion of Ukraine, the Yale School of Management explains that it has followed the responses of more than 1,200 companies. A process that is still ongoing, says the institution in a press release posted on its website.

According to their responses, more than a thousand of the companies surveyed have publicly announced that they are voluntarily reducing their activities in Russia to some extent and beyond the bare minimum required by international sanctions.

Several well-known Belgian companies on the list have thus reduced or entirely suspended their activities in Russia. AB Inbev, the world’s largest beer brewer, has in effect “sold its stake in joint ventures and suspended the use of its license in Russia”. The chemical multinational Solvay has also “suspended its activities in Russia”. Steel wire specialist Bekaert has “reduced its activities there”, while silicone producer Soudal has canceled its investments in a brand new factory “but maintains other activities”. The banking and insurance company KBC Group has, for its part, “suspended its transactions with certain Russian banks”.

Deceuninck, a designer and producer of PVC systems for windows and doors, has “stopped its investments and cut its ties with other establishments in Russia”. The list further mentions Sarens, the Association of European Universities and La Lorraine Bakery Group among the Belgian-based business organizations that have reduced their activities.

Besides suspending its operations in Russia, Belgian beer giant AB InBev also had to close its factories in Ukraine due to the invasion of the country. The company therefore transferred the production of the popular Ukrainian beer Chernigivske to its facilities in Leuven. A beer which has also been introduced on the Belgian market and of which all the profits from sales will be donated to charities, assured the Brabant company.

This includes 1,000 companies around the world that have responded to the American business school or have publicly announced that they have adapted their activities in Russia. It includes well-known Belgian names such as the beer giant AB InBev, the chemical multinational Solvay or the bancassurance group KBC. Since the start of the invasion of Ukraine, the Yale School of Management explains that it has followed the responses from over 1,200 companies. A process that is still ongoing, says the institution in a press release posted on its website. According to their responses, more than a thousand of the companies surveyed have publicly announced that they are voluntarily reducing their activities in Russia to some extent and beyond the bare minimum required by international sanctions. Several well-known Belgian companies on the list have thus reduced or entirely suspended their activities in Russia. AB Inbev, the world’s largest beer brewer, has in effect “sold its stake in joint ventures and suspended the use of its license in Russia”. The chemical multinational Solvay has also “suspended its activities in Russia”. Steel wire specialist Bekaert has “reduced its activities there”, while silicone producer Soudal has canceled its investments in a brand new factory “but maintains other activities”. The banking and insurance company KBC Group has, for its part, “suspended its transactions with certain Russian banks”. Deceuninck, a designer and producer of PVC systems for windows and doors, has “stopped its investments and cut its ties with other establishments in Russia”. The list further mentions Sarens, the Association of European Universities and La Lorraine Bakery Group among the Belgian-based business organizations that have reduced their activities. Besides suspending its operations in Russia, Belgian beer giant AB InBev also had to close its factories in Ukraine due to the invasion of the country. The company therefore transferred the production of the popular Ukrainian beer Chernigivske to its facilities in Leuven. A beer which has also been introduced on the Belgian market and of which all the profits from sales will be donated to charities, assured the Brabant company.

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