It was the first time the monthly survey by Teikoku Databank had yielded such a result since it was started in March, following Russia’s invasion of Ukraine on Feb. 24.

According to the survey, 74, or about 40%, of 168 listed Japanese companies operating in Russia have so far announced their departure from the country.

Of the 74 companies, 34 said they would halt transactions including shipments and order placements, 14 said they would halt production, 10 said they would halt sales activities and five declared their withdrawal.

Teikoku Databank said difficulties finding alternative suppliers of rare metals and liquefied natural gas are making it difficult for Japanese companies to sever ties with Russia.

The research firm added that Japanese companies had been emphasizing Russia as an important emerging market.

Citing a Yale University survey, meanwhile, Teikoku Databank pointed out that the proportion of companies withdrawing from Russia is lowest in Japan and Italy among the Group of Seven countries.

The withdrawal rate stands at 5% for both Japanese and Italian companies, far below the 46% for British firms, 33% for Canadian firms and 27% for U.S. firms.

Outside the G7, the rate is high among North European companies, standing at 56% for Norwegian firms.