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Jetro Survey: 20 Percent of Japanese Companies Begin to ‘Reduce’ Business in Russia

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TRIBUNNEWS.COM, TOKYO – Almost as much as 20 percent of Japanese companies “cut” Russian business since February 2022 when economic sanctions by Europe and the United States intensified following the military invasion of Ukraine.

JETRO or the Japanese Foreign Trade Organization conducted an urgent questionnaire to about 210 Japanese companies expanding into Russia on February 24 and 25, immediately after the start of the Russian military invasion, and 89 companies responded.

According to the survey, 77 companies answered that economic sanctions by Europe and the United States were “bad for business” (87 percent of the total respondents).

When asked about the specific impact with multiple answers came in as follows:

The impact on selling prices due to the fall of the ruble was 71 percent.

Read also: Joint Statement of G7 Leaders on Russia: Immediately Withdraw Military Troops from Ukraine

Difficulty in remittances and settlement of payments overseas is 52 percent.

Changes in business policy due to the decline in Russia’s image accounted for 39 percent.

When asked about their business in Russia six months to a year later, 17 percent of companies answered that they would “cut down”.

This figure is an increase of 14 points (which reduces business with Russia) compared to a similar survey conducted in January 2022.

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