Only 4% of Finnish businesses are still doing business in Russia, according to a survey commissioned by the Finland Chamber of Commerce, a significant decline since the invasion of Ukraine.
The survey carried out in mid-November among 123 major export companies, and published on Wednesday, showed that a mere 4% of them are still doing business in with 81% terminating their operations in the country, and 15% reporting that the process of leaving is underway.
The leave process has been a quick one, especially during the summer months. Back in May, 24% of the companies asked were still doing business in Russia. In August, the percentage had dropped to 6%.
However, in the broader picture, changes have not been that dramatic.
According to the Head of International Affairs at the Chamber of Commerce, Leena Toivakka, at the time when the Ukrainian war broke out, exports to Russia constituted a mere 5% of Finland’s total exports. The companies had already commenced minimising risks soon after the Crimean peninsula’s annexation in 2014.
”Trade with Russia is now experiencing an ice age. That can last for decades, even generations. Since the trust has vanished, a lot should change behind the Eastern border for the trade to come back to life again,” said Toivakka in the Chamber of Commerce press release.
Eyes are now turned to Central Europe and across the Atlantic. But worryingly enough, 63% of companies said that Germany’s weakening economy could affect export prospects in 2023.
(Pekka Vänttinen | EURACTIV.com)
Source: euractiv.com
