By early 2023, that figure had dropped to just over 6%, with 13% still in the process of winding down their business. The latest survey, conducted in early September, shows that Finnish businesses have now largely completed their exit.

“Finnish companies have acted responsibly, initiating withdrawal processes as quickly as possible after the war began, despite the challenges it posed for many,” said Päivi Pohjanheimo, Director of International Affairs at the Central Chamber of Commerce. “We are now either in the final stages or very close to complete disengagement.”

The survey, which polled over 100 export-focused member companies, also examined the issue of sanctions evasion attempts. About 28% of respondents reported encountering attempts to bypass sanctions against Russia, while more than 60% had not observed such activity. Around 10% were unsure whether they had experienced any such issues. These figures remain consistent with previous surveys.

“Savvy companies know to seek advice from authorities and foreign trade organizations regarding sanctions to ensure their business complies with the rules,” Pohjanheimo added.

Additionally, 20% of the companies surveyed expressed intentions to participate in the reconstruction of Ukraine, a slight drop from 30% in a previous survey.

“Rebuilding Ukraine is already underway, and some Finnish companies are involved. However, nearly half of the companies are still undecided, which is understandable as many are waiting for the war to end before committing fully. There’s still time to make a decision, but companies can begin planning now,” Pohjanheimo noted.

The survey highlights the ongoing adaptation of Finnish businesses to the geopolitical challenges posed by the war and their potential future role in Ukraine’s recovery.

HT