Ukraine calls on Hungary's OTP as well to exit Russia

Kuleba addressed the issue at an online briefing on Monday, 14 March, according to an Ukrinform correspondent,

"Putin has in fact ruined the investment climate, business climate, and Russia's reputation as a business partner. As of this morning, 209 Western companies have completely withdrawn from the Russian market and ceased cooperation with Russian partners. Another 378 partly limited their work. We are dissatisfied with this, we know these companies, we know their maneuvers, tricks, and attempts to remain in the Russian market in one form or another, so we will be pressing them," Kuleba said.

According to the foreign minister, international businesses must leave the Russian market for both moral and pragmatic reasons. After all, working in Russia is, firstly, a blow to reputation, and secondly, Russian economy is rapidly approaching collapse, and the government's economic policy is becoming increasingly unpredictable as threats of nationalization are already being voiced.

Kuleba noted that there are a number of large companies that have not yet pulled out of Russia. These include Leroy Merlin, Metro, Auchan, Spar, Pirelli, Bridgestone Tires, Accor, and Intercontinental. In the field of mechanical engineering, it's OTIS Worldwide, Honeywell, Mohawk Industries, and Arconic.

In cosmetics and related products, it’s Oriflame, Kimberly-Clark, Koti, Ecco, Salvatore Ferragamo, and Philip Morris. In the food industry, it’s Papa John's and Kellogg's restaurants. In healthcare, it’s Bayer. Among banks, it’s Raiffeisen, OTP Bank, City Group, Société Générale, UniCredit, and Intensa Sanpaolo.

I urge them once again to leave the Russian market as soon as possible, while the rest of the governments and consumers – to boycott these companies until they cease operations in Russia,

he said.

Sándor Csányi, Chairman-CEO of Hungary's largest lender, announced at the press conference following the release of the bank's Q4 2021 earnings report on 4 March that

OTP expects to maintain a long-term presence in Russia and Ukraine.

Cover photo: Ákos Stiller/Bloomberg via Getty Images