The Influence of Foreign Sanctions on International
Business and Trade in Russia:
Exploring Consequences and Responses
Evgeny Kiselev（Kobe Pharmaceutical University）
Abstract
The present research is an investigation of reactions from over 300 international companies that declared their withdrawal from Russia as a result of sanctions and ongoing conflict in Ukraine. These target companies were selected from the list developed by Yale School of Management, which is focused on foreign companies involved in business with Russia. The Apologia Theory, which is suited for the exploratory nature of this research and is actively incorporated in similar studies, is applied as a theoretical framework. The results of the analysis of 222 statements from foreign organizations suggest that the bolstering strategy is the most actively applied communication strategy, followed by the denial strategy. The study also reviews high-frequency words found in the responses and discusses correlations between chosen communication strategies and the organization’s country and industry.