fbpx

17 foreign companies fully liquidated or initiated the liquidation of their businesses in Russia in Q3 2025 — one of the highest figures since the start of the full-scale invasion — KSE Institute

14 October 2025

Between July and September 2025, Russia saw one of the highest numbers of foreign business liquidations since the start of the full-scale invasion. According to the KSE Institute, 23 international companies completely ceased operations in the third quarter — 13 through completed liquidation, four that initiated the liquidation process, five through business sales, and one case involving asset seizure. In total, 526 companies have exited Russia since the invasion began.

These findings are presented in the monitoring by KSE Institute as part of its project “SelfSanctions / LeaveRussia,” aimed at assessing the economic impact of foreign companies exiting the Russian market.

Among the companies that completed liquidation were the well-known British household appliances manufacturer Dyson, the U.S. industrial automation company Rockwell Automation, the German legal and audit group Rödl & Partner, the German laboratory equipment producer Eppendorf SE, Mexico’s Orbia Advance Corporation, and Sony Mobile Communications, a global telecommunications company.

Other companies that finalized liquidation include the British chemical manufacturer Croda International, Japanese electronics producer JVC Kenwood, U.S. pharmaceutical company Allergan, Danish medical equipment maker Ambu, Belarusian Good Lakk, German Technoform (construction materials), and Lithuania’s Yukon Advanced Optics Worldwide, a manufacturer of optical and night vision devices.

Four companies are currently in the process of liquidation: Sweden’s Embracer Group (gaming industry), Austria’s Lisec (glass production), France’s Louis Dreyfus Company (agriculture and commodities trading), and Finland’s Orion Pharma (pharmaceuticals).

In addition, Russia initiated the seizure of assets belonging to France’s Air Liquide, valued at around $700 million, as well as the arrest of New Zealand’s Airwork Group, which specializes in air transport and aircraft maintenance.

Among the completed business sales were France’s Alstom (transport engineering), U.S.-based Burger King, Israel’s Fishman Group / Mirland Development (real estate development), Sweden’s Hilding Anders AB (furniture and mattresses), and Liechtenstein’s Hilti (construction tools).

As of early October 2025, 526 international companies (12.5%) have fully exited the Russian market. Another 1,377 companies (32.6%) are in the process of exiting or downsizing, while 2,315 (54.9%) continue to operate in Russia.

A detailed list of companies, their statuses, and recent updates can be accessed on the LeaveRussia platform. Users can also verify the status of products and services through the Leave Russia mobile app, available in the App Store.

The next review of deals for October–December 2025 will be released in early January 2026.