乌克兰冲突报告乌克兰危机对世界经济和关键部门的影响英GlobalData202234176

企业研究报告

Copyright

@

GlobalData

PLC.All

rights

reserved.Reproduction

of

part

or

all

of

this

contents

without

permission

is

prohibited.Ukraine

ConflictExecutive

BriefingUnderstand

the

impact

of

the

Ukraine

crisis

on

the

worldeconomy

and

key

sectorsMarch

4,

2022Thematic

ResearchGDGEO-TR-X0012Contents▪▪▪▪▪▪Executive

summaryCountry,

sector,

and

FX

indicesEconomic

sanctionsImpact

on

the

global

economyImpact

on

commodity

marketsImpact

by

sector:Aerospace,Defense

&

SecurityApparelAutomotiveBanking

&

PaymentsConstructionConsumerFoodserviceHealthcareInsuranceMedical

devicesMiningOil

&

GasPackagingPharmaPowerRetailSportsTechnology

&

TelecomsTravel

&

TourismWealth

management▪▪▪Social

media

influencer

viewsTop

Themes

for

2022Our

thematic

research

methodology1.

Executive

Summary研究报告撰写规范A

课题研究进入结题阶段，撰写研究报告成为最重要的工作。写作研究报告，除了课题研究与实验要有充分的基础以外，首先要确定研究报告的文体类型。课题研究报告属于教育科研应用文体。这类文体包括学术论文、调查报告、实验报告、经验总结报告等等。如果课题是对某种教育现象进行的调查，就应写作调查报货：如果课题为实验研究，就应写作实验研究报告：如果既有理论研究又有实验内容的，研究报告就要二者兼顾。我市“十一五”立项课题，大都属于实验研究报告，也有部分是调查报告的，少部分是理论与实验研究都有的，很少有单纯进行理论研究的。A

New

Era

for

Geopolitical

TensionsMarch

4,

2022▪••▪▪

While

first

and

foremosta

humanitarian

crisis,

the

Russian

invasion

of

Ukraine

risks

adding

materially

to

existing

economic

and

supply

challenges

for

the

global

economy,

just

as

the

world

was

emerging

from

the

shadow

of

the

COVID

pandemic.

The

world’s

financial

system

is

in

a

fragile

state

after

two

years

of

pandemic-

induced

disruption,

with

many

economies

facing

high

debt

burdens

and

the

challenge

of

attempting

to

normalise

interest

rates

without

derailing

the

recovery.Increasingly

punitive

sanctions

on

Russian

banks,

leading

companies,

and

prominent

individuals,

including

the

restriction

of

certain

Russian

banks

from

access

tothe

SWIFT

payments

system-

have

precipitated

a

collapse

in

both

the

Russian

stock

exchange

and

the

rouble

exchange

rate.

Russia

is

likely

to

see

the

most

severehit

to

GDP

growth

beyond

Ukraine

itself

as

a

result

of

the

current

crisis.For

the

global

economy,

the

magnitude

of

the

impact

will

likely

reflect

exposure

to

Russia

and

Ukraine

in

terms

of

overall

trade

as

well

as,

crucially,

for

energysupplies.

Existing

tensions

in

the

global

economy

will

be

heightened.

Inflation

rates

likely

to

stay

higher

for

longer

and

to

then

fall

more

slowly,

with

additionalpressure

on

energy

and

commodity

prices

(with

maize

and

wheat

also

more

in

focus).

Policy

responses

may

be

more

muted,

as

central

banks

balance

inflationarypressures

with

risks

to

economic

growth,

suggesting

an

easing

of

plans

to

tighten

currently

ultra-loosemonetary

policy

Consumer-facing

sectors

will

likely

feel

the

greatest

chill,

with

disposable

income

already

under

pressure

from

rising

energy

and

petrol

prices.

Food

prices

will

come

under

focus,

with

Ukraine

the

leading

global

exporter

of

sunflower

oil,

and

the

fifth

largest

wheat

exporter

(Russia

is

the

largest).

Wheat

prices

were

already

under

pressure

due

to

poor

harvests.

More

generally,

we

are

likely

heading

into

a

period

where

geopolitics

becomes

a

normal

part

of

boardroom

discussions.

Even

without

a

new

Cold

War,

tensions

with

Russia

are

unlikely

to

ease

in

the

short

term,

with

Germany

already

committing

to

a

significant

new

investment

in

its

armed

forces.

Combined

with

a

more

assertive

China

and

ongoing

tensions

in

the

Middle

East,

the

global

geopolitical

backdrop

has

rarely

been

so

unsettled

since

the

Cuban

missile

crisisThis

executive

briefing

analyzes

the

impact

of

Ukraine-Russia

conflict

on

the

global

economy

and

on

key

industry

sectors.

We

also

analyze

the

impact

of

the

conflict

onleading

companies

in

every

major

sector.

This

report

includes

expert

opinions

from

our

industry

analysts,

macroeconomic

analysts,

thematic

analysts,

and

data

scientistsfrom

all

around

the

world.

45Sector

Impact

SummariesSource:

GlobalDataAerospace,

Defense

&▪▪Tensions

between

Ukraine

and

Russia

have

been

rising

since

the

2014

invasion

of

Crimea.

Characterized

until

now

by

lower

intensity

conflictagainst

Russian

separatists

in

the

East

along

with

ongoing

cyberattacks,

this

recent

escalation

to

high

intensity

conflict

marks

a

watershedmoment

for

the

continent.Europe

now

witnesses

the

first

major

conventional

war

in

the

region

since

WW2.Under-investment

in

defense

and

freeriding

on

the

back

of

US

security

guarantees

have

been

perennial

complaints

levelled

at

Europe

for

manyyears,

with

few

nations

in

the

region

achieving

the

NATO

agreed

target

of

2%

of

GDP.

With

Germany

now

announcing

an

increase

in

spendexceeding

this

level,

others

will

follow.

Modernization

initiatives

to

upgrade

and

replace

conventional

warfighting

capabilities

across

thecontinent

will

proceed

at

pace.SecurityRead

moreApparelRead

moreAutomotiveRead

more▪▪▪▪▪▪The

decision

of

the

European

Union

to

fund

and

organize

military

aid

to

Ukraine

represents

a

step

change

from

historical

positioning

as

primarilya

medium-

to

long-term

soft

power

actor.

Although

attempts

to

progress

defense

co-operation

across

Europe

have

always

been

stymied

due

tocompeting

national

priorities,

this

invasion

on

the

doorstep

of

the

union

fundamentally

changes

future

prospects.

With

budgets

under

pressuredue

to

the

fiscal

strain

of

the

pandemic,

it

is

likely

more

efficient

collaborative

expenditure

amongst

European

allies

will

follow

as

nations

seekto

make

the

best

use

of

existing

budgets.Sanctions

levelled

at

Russia

impact

global

Aerospace

&

Defense

supply

chains,

as

well

as

the

prospect

of

Russian

arms

sales

into

rapidly

growinginternational

markets

such

as

the

Middle

East.

The

substantial

national

Aerospace

industry

of

Ukraine

will

be

hit

hard,

as

will

prospects

for

aquick

recovery

for

the

industry

more

broadly

across

Europe

following

the

pandemic.Russia

was

the

10th

largest

apparel

market

in

2021,

making

$47.8bn,

while

Ukraine

was

only

worth

$3.5bn.

Inditex,

H&M,

Nike,

and

Adidas

leadthe

market

and

Russia

is

a

significant

market

for

them,

but

sentiment

and

the

difficulties

of

trading

under

sanctions

will

impact

operations.International

clothing

brands

and

retailers

with

a

presence

in

Russia

are

already

beginning

to

withdraw.

Nike

has

withdrawn

online

sales,

as

hasASOS.Rising

commodity

prices

as

a

result

of

the

Ukraine

conflict

will

strain

the

apparel

industry

throughout

the

supply

chain,

impacting

the

price

oftextiles

and

contributing

to

further

inflationary

pressure

on

consumers’

pockets,

which

will

result

in

spend

being

diverted

away

from

apparelpurchases

to

more

essential

items.

While

they

will

certainly

be

most

affected,

the

strain

is

not

exclusive

to

Russian

and

Ukrainian

consumers,

asboth

countries’

involvement

as

commodity

and

textile

exporters

will

impact

markets

beyond

the

European

continent.Russia

remains

significant

as

a

regional

automotive

market,

though

its

global

status

is

not

genuinely

material.

The

crisis

can,

therefore,

beweathered

by

automotive

sector

participants

who

are

increasingly

suspending

local

Russian

operations.

But

collapses

in

Russian,

and

especiallyUkrainian,

markets

and

automotive

output

now

appear

inevitable.The

risk

of

furthercuts

is

high.The

current

situation

of

major

global

undersupply

in

light

vehicles,

stemming

from

the

still-severe

semiconductor

shortage,

means

that,

even

ifunderlying

demand

distant

from

crisis-hit

Ukraine

and

Russia

is

reduced

by

knock-on

macroeconomic

effects,

the

risk

to

the

near-term

outlookfor

global

light

vehicle

sales

and

production,

for

example

from

further

inflationary

increases,

may

be

more

limited.6▪Unlike

other

industries,

banking

and

payments

are

being

used

as

a

tool

to

arrest

Russia's

military

invasion

of

Ukraine

predominantly

throughthe

exclusion

of

major

payment

systems

such

as

SWIFT,

cutting

Russia

off

from

international

trade.

Attempts

to

move

to

alternative

paymentssuch

as

crypto

have

been

disrupted

(in

any

case,

crypto

is

outside

of

Russian

governmentalcontrol,

making

the

Kremlin

unlikely

to

rely

on

it).

Banking

&

Payments

Read

more

Construction

Read

more

Consumer

Goods

Read

more

Foodservice

Read

moreSource:

GlobalData▪▪▪▪▪▪Consumer

confidence

in

Russia's

financial

system

has

been

damaged

as

the

purchasing

power

of

customer

deposits

has

declined

rapidly,leading

to

an

increased

demand

for

cash,

particularly

foreign

currencies.

In

addition,

European

subsidiaries

of

Russian

banks

are

being

forcedinto

insolvency

as

a

direct

result

of

sanctions.

The

two

largest

banks

in

Russia

VTB

and

Sberbank,

have

so

far,

not

been

included

in

sanctions.Western-based

digital

challenger

banks

and

Fintechs

have

been

at

the

forefront

of

facilitating

customers

who

want

to

support

Ukrainiancitizens

via

money

transfers

and

supporting

charity

payments.Ukraine’s

construction

industry

had

been

expanding

rapidly

but

the

outlook

is

now

much

bleaker,

with

major

projects

currently

underway

likelyto

be

stalled

and

new

investment

plans

put

on

hold,

while

the

government’s

attention

and

resources

are

redirected

to

the

militaryefforts.

There

is

also

a

risk

that

European

markets

borderingRussia

will

suffer

disruptionif

investor

confidence

in

the

wider

region

takes

a

hit.There

will

also

be

an

indirect

impact

on

construction

further

afield,

as

Russia’s

military

intervention

exacerbates

upward

pressure

on

oil

andenergy

prices,

feeding

into

even

higher

costs

for

production

and

transportation

of

key

construction

materials.

Russia

and

Ukraine

are

alsomajor

producers

and

exporters

of

steel

(particularly

to

the

EU).The

Russo-Ukrainian

war

is

anticipated

to

accelerate

price

increases

across

the

supply

chain

and

disrupt

trade

flows,

further

squeezingdisposable

incomes

and

dampening

recovery

from

the

pandemic.

Several

FMCG

firms

have

already

halted

local

operations

in

Ukraine

whileconsumer

boycotts

of

Russian

brands

across

the

globe

have

begun,

thoughthe

impact

of

the

latter

is

not

yet

thought

to

be

significant.Accounting

jointly

for

roughly

a

third

of

the

world’s

wheat

and

being

the

top

two

exporters

of

sunflower

oil,

Ukraine

and

Russia

supplydisruptions

will

cause

global

price

hikes

particularly

for

the

bakery

channel

and

an

array

of

issues

for

foodservice

businesses

at

the

foodpreparation

stage.Inflationary

pressure

will

also

be

worsened

by

rising

energy

costs,

so

businesses

face

uncertainty

over

how

long

they

can

absorb

additionalcosts

or

maintain

stable

menu

prices

for

consumers.Sector

Impact

Summaries研究报告撰写规范B

课题规划的研究内容是课题研究报告的引言部分，这部分内容主要体现了课题组如何按照教育科研的程序对教育问题进行规划研究的。只有写好引言部分的内容才能为课题研究报告打好学术基础，为课题研究构建起严谨的学术逻辑。因此，引言的内容体现了课题组的学术功底，体现了课题研究的学术基础，也是课题组学习研究的具体体现。引言部分可分为问题的提出、对问题规划研究的逻辑建构、课题的研究过程与研究方法三个层面十一个条日的问题。这些内容的表述程序构成一个逐层推进的严谨的逻辑联系。7Source:

GlobalDataHealthcareRead

moreInsuranceRead

moreMedical

DevicesRead

more▪▪▪▪▪▪▪▪▪Russian

healthcare

is

likely

to

feel

the

indirect

effects

of

the

war

quickly.Hospitals

will

quickly

feel

daily

shortages

of

imported

medical

materials

as

sanctions

and

worsening

economic

conditions

quickly

bite.Political

risk

insurers

face

the

prospects

of

a

rise

in

claims

related

to

damage

caused

by

political

unrest

and

war.

Some

insurers

have

stoppedunderwritingpolitical

risk

insurance

policies

covering

risks

in

the

Ukraine

and

Russia.Sanctions

will

lead

some

insurers

to

automatically

cease

aviation

or

marine

cover.

EU

insurers

and

reinsurers

have

been

banned

from

providingservices

for

goods

and

technology

intendedto

enhance

Russia’s

aviation

and

space

industries.The

heightened

risk

of

cyberattacks

poses

significant

challenges

to

cyber

insurers.

Cyberattacks

are

likely

to

spill

across

the

borders

potentiallyleading

to

significant

losses.

Cyber

insurers

are

unlikely

to

be

able

to

hold

to

the

Acts

of

War

exclusion.Premiums

for

lines

where

the

risks

of

losses

increase

due

to

the

political

instability

are

bound

to

increase.

Such

lines

include

political

risk,marine,

aviation,

goods

in

transport,

and

cyber

insurance.The

Medical

Devices

sector

in

Russia

will

be

negatively

impacted

by

the

Russo-Ukrainian

War,

as

a

result

of

worsening

economic

conditions,financial

sanctions,

and

technology

embargos,

as

most

medical

devices

are

imported

from

the

US

and

Europe.As

the

conflict

continues,

there

will

be

serious

disruption

to

civil

aviation

over

Europe

and

Russia,

affecting

the

distribution

of

medical

devicesthat

are

delivered

by

air.

Some

further

disruptions

to

the

medical

supply

chain

are

expected

to

arise

as

a

result

of

certain

materials,

such

astitanium,

that

are

sourced

from

Russia.Little

impact

is

expected

from

the

loss

of

exported

Russian

medical

devices

as

these

account

for

less

than

0.04%

by

value

of

all

medical

devicessold

globally.Mining▪Broad

impact

of

the

war

is

expected

to

be

upward

pressure

on

prices

of

metals

produced

by

Russia,

with

the

country

particularly

critical

as

asupplier

of

palladium

and

amongst

the

leading

producers

of

platinum,

diamonds,

gold

and

nickel.Read

moreOil

&

GasRead

more▪▪▪Ukraine

is

a

less

significant

commodity

producer,

accounting

for

3%

of

global

iron

ore

production

and

smaller

shares

of

uranium

and

coal.

Todate,

miners

in

Russia

have

not

reportedany

impact

on

productionThe

initial

impact

of

the

Russia-Ukraine

war

has

seen

global

oil

and

gas

prices

spike.

As

Russia

is

among

the

world’s

leading

exporters

ofhydrocarbons,

any

disruption

to

its

supplies

would

put

additional

inflationary

pressures

on

global

economies,

particularly

on

countries

withhigh

import

dependency.Major

oil

and

gas

players

including

BP,

Shell,

Equinor

and

ExxonMobil

have

announced

divestments

of

their

interests

in

Russian

assets.Meanwhile

sanctions

will

limit

delivery

of

capital,

technology

and

equipmentto

the

Russian

oil

and

gas

sector.▪With

Russian

pipelines

the

main

source

of

Europe’s

gas

imports,

the

conflict

present

a

potentially

major

supply

risk.

However,

gas

flows

toEurope

from

Russia

have

actually

increased

since

the

invasion

of

Ukraine

and

SWIFT

sanctions

to

date

still

allow

energytransactions.Sector

Impact

SummariesSector

Impact

Summaries▪Major

international

packaging

providers

have

largely

been

unaffecteddue

to

divestments

beyond

Russia

and

Ukraine.PackagingRead

morePharma▪▪▪Mondi

is

an

exception,

as

it

owns

Mondi

Syktyvkar,

the

largest

paper

producer

in

Russia.

Approximately

12%

of

total

revenues

come

from

thecountry

so

it

is

vulnerable

to

ruble

depreciation.

Mondi

has

also

suspended

operations

in

Ukraine

for

now,

while

its

share

price

is

down

roughly20%

since

24th

February,

the

first

day

of

the

invasion.The

conflict

in

Ukraine

could

result

in

trial

disruptions

in

Ukraine,

Russia

and

surroundingcountries.Healthcare

spending

and

pharma

sales

in

Ukraine

will

likely

see

a

sharp

decline

in

the

upcoming

month.

Destruction

and

looting

of

pharmacies

andRead

morePower▪▪hesitancy

of

patients

to

seek

treatment

for

chronic

illnesses

will

also

undermine

prescribingactivity

and

market

access

in

UkraineImpact

on

healthcare

spending

and

pharma

sales

in

Russia

will

be

more

muted

compared

to

Ukraine

in

the

short

term

but

can

accelerate

overtime.

Russian

pharmaceutical

exports,

limited

as

they

are,

will

also

be

adversely

affected.The

Power

sector,

especially

in

Europe

is

expected

to

be

impacted

due

to

the

gas

availability

and

price

issues.

Utilities

will

have

to

look

for

alternatesources

of

gas

or

shift

to

other

sources

of

generation.Read

moreRetailRead

moreSportsRead

moreSource:

GlobalData▪▪▪▪▪▪▪LNG

prices

will

also

increase

as

it

will

be

difficultto

increase

LNG

supply

in

the

short

run.Coal

prices

are

also

increasing,

so

utilities

will

try

to

reduce

dependence

on

coal,

especially

imported

coal-based

plants.The

electric

vehicle

and

energy

storage

market

will

be

impacted

due

to

shortage

of

Nickel

and

increase

in

commodity

prices.While

retail

in

Ukraine

is

heavily

affected,

and

rapid

inflation

in

Russia

will

have

a

major

effect,

the

impact

will

be

felt

across

Europe

in

lesser,

butstill

significant

ways.

Russia

is

the

fifth

largest

retail

market

in

Europe

and

was

set

to

become

the

third

largest

by

2025,

but

sanctions

and

thebacklash

in

sentiment

will

halt

this

progress.International

retailers

only

accounted

for

6%

of

total

retail

sales

in

2020,

but

they

do

have

over

8,500

stores

across

the

country

and

for

some,

suchas

Auchan,

Spar

and

Inditex,

Russia

is

a

significant

market.

International

retailers

in

Russia

are

likely

to

be

put

under

pressure

to

exit

the

country

inorder

not

to

be

seen

as

profiting

from

the

Putin

regime.

Online

clothing

pureplay

Asos

has

already

stopped

deliveries

to

Russia,

as

has

Nike

andApple

and

we

expect

other

retailers

that

deliver,

but

do

not

have

significant

operations

in

the

country,

to

follow

suit.The

International

Olympic

Committee,

FIFA,

F1,

IPC

and

UEFA

have

moved

to

isolate

Russia

by

banning

all

Russian

teams

from

participating

insporting

events,

in

addition

to

cancelling

planned

events

in

the

country.

UEFA

have

moved

the

Champions

League

Final

from

St

Petersburg

to

Paris,while

Formula

One

has

cancelled

the

Russia

Grand

Prix

and

the

ATP

has

moved

the

St

Petersburg

Open.There

are

87

media

rights

deals

under

threat

in

the

Russian

market.

Sponsorship

deals

from

Russian

brands

worth

a

total

of

over

$493m

are

nowunder

threat,

with

the

likes

of

the

UEFA,

Manchester

United

FC,

Chelsea

FC,

National

Hockey

League

(NHL),

Real

Madrid

CF,

Ferrari

and

Haas

F1

all

8impacted.9Sector

Impact

Summaries▪▪Technology

and

telecom

markets

in

Russia

and

Ukraine

will

contract

significantly,

due

to

war-related

disruptions

in

Ukraine,

and

sanctions-relatedtrade

restrictions,

interest

rate

hikes,

currency

devaluation,

and

financial

sanctions

in

Russia.Both

countries

are

regionally

significant

TMT

markets,

but

global

technology

vendors

will

not

feel

major

impact

to

their

top

line

revenues.Technology

&

TelecomRead

moreTravel

&

TourismRead

more▪▪▪▪▪Demand

globally

is

higher

than

supply,

and

shipments

for

Russia

or

Ukraine

will

be

easily

reroutedelsewhere.Russia

and

Ukraine

are

not

significant

technology

exporters

but

do

command

significant

shares

of

supply

for

neon

gas

(used

in

silicon

lithography)and

palladium

(used

in

electronics).

Some

disruptions

to

supply

chain

are

possible,

and

prices

of

neon

in

particular

have

risen

significantlyalready.Both

countries

are

home

to

a

significant

share

of

the

global

software

developer

workforce,

which

will

be

mostly

unavailable

to

global

clients

dueto

warfare

in

Ukraine

and

sanctions

against

Russia.

The

impact

on

software

development

supply

chains

will

be

felt,

but

its

magnitude

is

hardto

predict.Inbound

tourism

to

Ukraine

was

expected

to

reach

83.1%

of

pre-pandemic

(2019)

levels

in

2022,

and

domestic

tourism

was

projected

to

surpasspre-pandemic

levels

this

year.

This

positive

outlook

has

now

been

destroyed

by

the

crisis,

with

a

full

recovery

of

Ukraine's

industry

potentially

yearsaway,

when

also

factoring

in

the

ongoing

pandemic.Destinations

that

are

popular

with

Ukrainian

and

Russian

tourists

will

be

heavily

impacted.

For

example,

Ukraine

and

Russia

are

important

sourcemarkets

for

Turkey.

In

2021,

Russian

and

Ukrainian

tourists

combined

to

create

4.9

million

visits

to

Turkey,

which

was

36%

of

the

total

visits

from

itstop

10

inbound

source

markets.The

conflict

has

created

severe

repercussions

for

the

airline

industry.

The

EU

(and

the

UK)

has

introduced

a

blanket

flight

ban

on

Russian

aircraftusing

its

airspace.

Many

commercial

airlines

are

also

avoiding

airspace

around

Belarus,

Ukraine,

and

Moldova.

Russia

has

responded

by

imposinglike

for

like

bans

on

external

airlines

using

its

airspace.Wealth

ManagementRead

moreSource:

GlobalData▪Global

wealth

managers

will

be

negatively

impacted

by

declining

financial

markets

and

the

knock

effects

for

client

AUM.

Significant

regulatory

andreputational

risk

will

have

banks

in

offshore

centers

continuallyreviewing

clients

in

the

light

of

the

evolving

sanctions

environment.▪Asset

managers

with

exposure

to

Ukrainian,

Russian

or

Belarusian

investments

will

be

forced

to

mark

down

values

or

even

wind-upaffected

funds.研究报告撰写规范C从我市进入课题鉴定程序所提交的研究报告来看，这项内容存在问题较多。课题的问题表述不清楚，或者表述不当，课题研究报告就失去了基础，鉴定也就难以通过。问题表述不当主要表现在以下几个方面：1.没有表述问题。只交代了课题研究的背景，没有把问题交代清楚。没有问题表述的课题研究成果就不能算是真实的研究成果。只有把问题表述清楚、准确、真实，才有进行真正意义的研究。2.问题的表达大而空。虽然表达了问题，但不从教育实际问题入手的，只是宽泛或者概括地表达了一般的问题，是从我国、我省的角度表达的，很多课题研究报告只是把搜集到的有关问题表述粘贴过来，没有根据自己的实际情况进行分，没有本校的实际问题。问题的表达大而空，不具体也不明确，课题研究中很难把握，使课题研究失去了研究的真实基础，甚至失去了方向和目标。3.问题的表达单一概略。虽然表达了本校的问题，但只有观察性概述性表达，缺乏实证性表达，缺乏数据统计和分析，对问题的研究方式比较单一，科学性不强。CompanyHQUkrainesubsidiariesBungeUS10ScatecNorway10RaiffeisenBankInternationalAustria9WPPUK9InditexSpain8AccionaSpain7CortevaUS6UNIQAInsuranceGroupAustria6InternationalFlavors&FragrancesUS5DXCTechnologyUS4GEAGroupGermany4GeberitSwitzerland4HenkelGermany4NestleSwitzerland4PKOBankPolskiPoland4PZUPoland410MNC

exposure

in

Ukraine

is

relatively

small.

Less

than

1%

of

the

370,320subsidiaries

recorded

in

our

database

are

established

in

Ukraine.Source:

GlobalData’s

Multinational

Companies

DatabaseMultinational

Companies

with

Exposure

to

Ukraine

Just

over

300

MNCs

have

at

least

one

subsidiaryin

Ukraine,

and

about

one-quarter(27%)

of

them

are

US-headquartered.More

than

half

(57%)

are

based

in

western

Europe.

Proportion

of

MNC

subsidiaries

in

Ukraine