In three years of full-scale war against Ukraine, 62% of companies from countries deemed "unfriendly" by Moscow have exited the Russian market, pro-Kremlin media outlet RBC reported on March 25, citing an audit by consulting firm Kept.
The analysis covered over 300 foreign firms with "significant assets" and annual revenue of at least 1 billion rubles ($12 million) in Russia. Of these, 183 companies had fully withdrawn by the end of 2024.
Most firms sold their assets to Russian businesses (103 cases) or local management (40 cases). In 17 instances, foreign owners withdrew from joint ventures with Russian partners, while 14 companies shut down or suspended operations.
Companies from Northern Europe had the highest exit rate, with 94% leaving Russia. Finland led with all 20 companies in the sample exiting, followed by Sweden (13 out of 15), Norway, and Iceland (both 100%). Denmark lagged slightly, with 74% of its firms having exited.
Exit rates among major Western economies varied significantly. The U.S., Germany, France, and the U.K. saw rates between 59-67%, while Canada, Australia, and New Zealand recorded a full 100% exit. In contrast, Austria had a 50% rate, Switzerland 38%, and Italy only 22%.
Tim Zadorozhnyy
For 96 companies — about a third of the sample — no exit information was available, and most continued normal operations, the outlet wrote.
The statistics come amid efforts by Russian President Vladimir Putin to lure back Western firms. On Feb. 21, he instructed his Cabinet to prepare for their return while ensuring "certain advantages" for Russian businesses over re-entering foreign companies.
Since Russia's full-scale invasion of Ukraine in 2022, hundreds of Western companies have left, unwilling to contribute to the Russian economy or war effort.
According to the Kyiv School of Economics, 472 foreign firms have fully withdrawn, while another 1,360 have scaled back operations.
Moscow has imposed strict exit conditions, including government approval, a mandatory 50% discount on asset sales, and a 10% "exit tax." The Kremlin has also seized assets from subsidiaries of Western firms that remained operational.
Despite these measures, some foreign businesses have found ways to continue operations in Russia or have quietly re-entered after a temporary pause.
Tim Zadorozhnyy
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