That’s according to a list published by the Yale School of Management, which confirms the withdrawal of Russian business by over 400 companies.
In the last few weeks, firms have been placing sanctions against Russia as a result of its invasion of Ukraine.
Air Products, however, is not one of those companies, despite its industrial gas giant fellows stopping various levels of business in the country.
According to the Yale list, put together by Jeffrey Sonnenfeld and Steven Tian, Air Products has two offices, 130 staff and an industrial gases plant in Russia.
Pressure is rapidly growing on those that have not yet announced placed sanctions against Russia.
According to gasworld Business Intelligence, the industrial market in Russia has been one of the fastest growing gas markets in Europe since 2000. The average annual growth was about 11% per year in local currency. The largest market falls in values USD occurred in 2009 (-20%), as well as in 2015-2016 (-26% and -11%, respectively).
According to our estimates, the size of the market in Russia was about 0.95 billion in 2021, the expected growth of the market was about 6-7% per year for five years.
Air Liquide and Linde, each occupying a quarter of the Russian market, were leaders until Linde and Praxair, merged took about 40%. Air Products hold about 5% in 2021. The remaining 30% belonged to other, local and international companies.