Exiting Russia
Journal: American Political Science Review
Year: 2026

As of February 24, 2022, over forty thousand foreign-invested firms operated in Russia, a host state that initiated an interstate war—an exceptional shock in the modern era of economic globalization. Using company registration data, we document that after 18 months of war, 33.3% of foreign-invested firms had changed ownership or become inactive. We conceptualize exit as a politicized transaction in which sellers and buyers face external pressures and bargain over terms. Concerning pressures to s