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Number of subsidiaries in Ukraine
| Company | HQ | Ukraine subsidiaries |
|---|---|---|
| Bunge | US | 10 |
| Scatec | Norway | 10 |
| Raiffeisen Bank International | Austria | 9 |
| WPP | UK | 9 |
| Inditex | Spain | 8 |
| Acciona | Spain | 7 |
| Corteva | US | 6 |
| UNIQA Insurance Group | Austria | 6 |
| International Flavors & Fragrances | US | 5 |
| DXC Technology | US | 4 |
| GEA Group | Germany | 4 |
| Geberit | Switzerland | 4 |
| Henkel | Germany | 4 |
| Nestle | Switzerland | 4 |
| PKO Bank Polski | Poland | 4 |
| PZU | Poland | 4 |
For context, MNC exposure in Ukraine is relatively small. Less than 1% of the 370,320 subsidiaries recorded in our database are established in Ukraine.
Bunge, a leading agri-food company, and Scatec, a leading renewable power producer, each have ten subsidiaries in Ukraine. Bunge employs about 1,000 people in Ukraine and has has suspended its operations due to the Russian invasion. Scatec opened its fifth solar plant in Ukraine in July 2021 after only entering the Ukrainian market in 2017.
Similar precautions are in place for other companies. Inditex has closed stores, while Henkel has temporarily suspended production and Nestlé has halted the manufacturing and distribution of its products in Ukraine. Most of the companies listed have expressed some form of concern regarding the current situation and are monitoring the progress closely. Some companies such as Raiffeisen Bank International had actually made provisions in 2021 to de-risk their exposure to potential conflict.
Ukraine’s information and communications technologies (ICT) industry accounts for about 5% of its total gross value added. Our Ukraine FDI profile echoes the sector’s importance in terms of inward investment. Software and IT services and communication sectors account for about one-third of the total number of inbound greenfield FDI projects in Ukraine, according to our FDI projects database. Those MNCs with subsidiaries in Ukraine are primarily involved in ICT-related activities.
Leading MNCs have even more exposure to Russia. Our database shows 759 leading MNCs having 2,225 subsidiaries in Russia. Of these, 222 are US-based companies, with 417 subsidiaries. Although there are only 36 Russian MNCs in the listing, they account for 30% of the total number of subsidiaries. With sanctions being imposed on Russia by a significant number of governments, MNC operations in Russia should become more difficult. Dutch-registered Yandex and British-registered Evraz, who are both primarily active in Russia, have witnessed sharp falls in share prices since the invasion began.https://www.investmentmonitor.ai/special-focus/ukraine-crisis/mncs-companies-risk-ukraine-russia-conflict
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