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ANALYSIS: Which Swedish companies have yet to exit Russia?

The Local Sweden
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ANALYSIS: Which Swedish companies have yet to exit Russia?
Alfa Laval's head office in Lund. Photo: Johan Nilsson/TT

Sweden ranks sixth out of the 30 major investors in Russia in terms of how many of its major companies have decided to exit the country since the invasion of Ukraine, according to an analysis by the KSE Institute. But some big companies, such as Alfa Laval and Essity are still doing business.

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According to the #Leaverussia project, run by the Kiev School of Economics (KSE), Sweden ranks just behind Finland, Ukraine, Ireland, and Lithuania in terms of the percentage of major companies which have announced an intention to leave Russia. 

When it comes to the share of companies which have actually fully exited Russia, Sweden ranks fifth, behind Denmark, Norway, Ireland and Finland. 

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According to the project, 59 percent of Swedish companies had taken a decision to leave Russia, 12 percent had already exited, 19 percent were classed as 'waiting', and 10 percent had taken an active decision to continue operations in some form. 

The engineering giant Alfa Laval and the sanitary products company Essity are the two biggest among the ten Swedish companies which have actively decided to remain active in the country, with Alfa Laval in December winning a court case which granted it the right to export goods to a customer in Russia which Swedish customs had judged to be covered by sanctions. 

The deliveries, to B.I. Kolesnikov Nadezhdinsky Metallurgical Plant, were blocked by the Swedish customs authority (Tullverket) because the company is owned by Norilsk Nickel, whose owners Roman Abramovich and Oleg Deripaska are covered by sanctions. But, according to an article in Dagens Industri the court judged that because Abramovich and Deripaska hold only minority shares, that the deliveries could go ahead. 

Alfa Laval wrote in a statement following Russia's invasion that it would "pause all shipments in and out of Russia", but that it would maintain its "competent team of 240 employees in Russia and Ukraine... while assessing the longer-term implications of the war on the Russian market".

SEB and Swedbank, two of Sweden's biggest banks, are among businesses classed as 'waiting' or simply 'scaling back'. 

According to Dagens Industri, SEB had by January this year failed to close down its operations in Russia, despite having promised to do so. 

The biggest Swedish companies KSE judged to have already totally exited the Russian market are Tetra Pak, Electrolux, SKF and Ferronordic. 

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