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Maybe they'd actually get positive reviews if none of those things happened in the first place
I am speaking exclusively within the framework of the actions related to the topic and starting from March of this year. First, the "buy" button for Russians was removed, which caused a strong reaction from users not only from Russia, but also from China and some other countries, which significantly spoiled the statistics of their games. Then the pages became completely unavailable for visiting.
Understand that non-Russian developers aren't just concerned about their reputation in Russia. They're concerned about their reputation worldwide. Banning Russian sales gets them acclaim elsewhere. Russia essentially became a third-world country overnight, a pariah state like North Korea. They drastically overestimated how valuable Russian consumers are to the West.
I personally think gaming bans in Russia are stupid. The spread of Western culture through games would be far more devastating to Putin's war machine than just banning the games. And in some cases, the Russian response is just as stupid; the Stalker devs got in hot water in Russia for banning sales in Russia and setting up a fund for the Ukrainian, even though they're Ukrainian themselves and some of their devs are fighting on the front.
https://www.pcgamer.com/a-leaked-stalker-port-is-a-strange-new-front-in-the-war-in-ukraine/
Also, its worth noting that if Western devs had kept selling games in Russia, Putin's regime would have probably banned quite a few games anyway; taking a page out of China's book and banning any media that doesn't glorify their authoritarian culture.
Finally, SEGA is a Japanese company, which has a very personal reason to be wary of Russia. Russia and Japan are still technically at war (they never signed a peace treaty after WWII), and have disputed claims over the Kuril Islands (a chain of tiny islands to the north of Japan and south of Kamchatka). While a Russian invasion of Japan is staggeringly unlikely, they still share an uncomfortably close sea border, and they have a long history of tensions from the Cold War.
https://en.wikipedia.org/wiki/Kuril_Islands_dispute
Without a doubt, the reasons you describe can be called exhaustive, with some reservations, but until SEGA themselves voice the reasons for their actions, is there any point in guessing and justifying their motives? The reasons may be valid for them, but until we know what exactly prompted them to such actions, we will never be able to draw a reasonable conclusion. I will be convinced that if SEGA does not answer, then they have nothing to tell us. It also means that their motives are at odds with the gaming community. If they ask for understanding, but do not explain what we need to understand, then there is nothing to understand. This is still the time when understanding can be achieved with a simple verbal statement revealing good reasons. The only page with their game available on Steam for Russians is Sonic Frontiers. Which indirectly may indicate that this action was not connected with Russian-Japanese relations, but only with the world agenda, and SEGA is still conducting an advertising campaign for Russia.
To put it simply, SEGA does not need to justify why they won't do business with a genocidal dictator. Not selling games there is simply good business.
Continuing to sell in Russia would be a FAR more controversial political statement than suspending sales.