Norwegian paint manufacturer Jotun, which has been present in Russia since 1989, has sold all its Russian assets and is leaving the country due to sanctions. This is stated in the message of the company.
The company sold all of its shares in the Russian subsidiary of Jotun Paints to Atomstroykompleks. Jotun has promised that all of its employees will retain their positions.
“We have been working on finding a solution to continue our activities in Russia since the end of February. It is becoming more and more difficult to work in the country under sanctions regimes, and we understand that the situation will not change in the near future.”
In total, since February 24, after the start of the war against Ukraine, more than 1,000 companies have left Russia. Among them are Microsoft, Netflix, McDonald's, Johnson & Johnson, Diageo, which owns the brands Smirnoff, Black Label, Johnnie Walker, Guinness, Baileys, Captain Morgan, H&M and others. Yale University tentatively estimated their losses at $59 billion. In particular, due to the exit from the Russian market, McDonald's lost $4.01 billion, Microsoft – $126 million, H&M – $190 million, Inditex – $300 million.