We will continue to provide updated information on a quarterly basis.

Prepared by the KSE Institute team and KSE members of the Board of Directors; 04.04.2025-05.05.2025

Disclaimer: At the beginning of the Russian invasion of Ukraine KSE Institute launched an analytical project, which was named “SelfSanctions”, aimed to collect data on foreign companies operating in the Russian market and limiting or terminating their activities. Examination of data was conducted jointly with specialists from the Ministry of Economy, the Ministry of Foreign Affairs and the Ministry of Digital Transformation of Ukraine. The database contains a lot of information, we collect daily statistics on changes in the status of foreign companies operating/operated in the Russian market and limiting or terminating their activities. Also, we created the Telegram bot https://t.me/exit_ru_bot for tracking/monitoring of news on priority foreign companies (coverage 1, 2, 3 or 7 days of monitoring). Also, we do regular analysis of changes in share prices and capitalization of parent groups of companies that have or have had business in Russia.

KSE database is partly based on the Yale’s School of Management database, the University of St.Gallen latest Paper, epravda.com.ua, squeezingputin.com, https://bloody.energy/ and leave-russia.org websites and other open sources. Data is verified and KSE status is assigned. Data on stocks is taken from Google and Yahoo Finance. At the same time, the KSE database is more complete and comprehensive and contains much more information than most other similar databases, as it also includes data on number of staff, revenue, capital and other financial indicators, the latest updates and changes in statuses, links to used sources, and daily updates from the telegram-bot etc.

KSE Institute and Leave Russia project are the part of B4Ukraine Coalition since mid-2022.

KSE Institute is glad to announce have finalized merging with project leave-russia.org which was developed by a team of volunteers.

Also, we developed an application in the  Apple Store which is available only for mobile devices in addition to our Telegram bot https://t.me/exit_ru_bot. It allows you to find any brand or company that is operating in Russia just by scanning barcodes.

On February 24, 2024 KSE Institute merged KSE status “wait” with status “stay” as 2 years of the war gave enough time for companies to leave Russia

KSE DATABASE SNAPSHOT as of 05.05.2025

Number of the companies that continue Russian operations (KSE’s status «stay»¹) – 2 285² (+15 per month)

Number of the companies that have curtailed Russian operations (KSE’s status «leave») – 1 359 (+1 per month)

Number of the companies that completed withdrawal from Russia (KSE’s status “exited”) – 494 (+7 per month)

As of May 5, 2025, we have identified about 4,138 companies, organizations and their brands from 109 countries and 58 industries and analyzed their position on the Russian market. About 40% of them are public ones, for ~1’629 public groups of companies, we also identified (where it was possible) their operating business in Russia (the presence of a controlling stake in a legal entity and revenue received) and found the data for 2021 before invasion was started, which allowed us to calculate the value of capital invested in the country (about $195.1 billion), local revenue (about $320.0 billion), local assets (about $350.7 billion) as well as staff (about 1.454 million people) and taxes paid (about $25.7 billion). 1,359 foreign companies have suspended or ceased operations in Russia. Also, we added information about 494 companies that have completed the sale/liquidation of their business in Russia based on the information collected from the official registers (4 business sales, and 3 business liquidations took place in April 2025).

As can be seen from the tables below, as of May 5, 2025, 494 companies which had already completely exited from the Russian Federation, in 2021 had at least 582,100 personnel, $107.3 bn in annual revenue, $56.3bn in capital and $93.3bn in assets; companies, that declared a complete withdrawal from Russia had 225,400 personnel, $39.6bn in revenues, $18.5bn in capital and $41.5bn in assets; companies that suspended operations on the Russian market had 100,500 personnel, annual revenue of $35.6bn, $36.2bn in capital and $85.7bn in assets.

In this digest, we will summarize the results of April 2025 and provide year-to-date statistics on full exits since the beginning of the war.

So, as of the end of April 2025, companies from 39 countries and 45 industries have already exited showing their true reaction to the war started by Russia and its not provoked aggression against Ukraine. Most of the companies were headquartered in the USA, Germany, Finland, Great Britain, France and Sweden and operated in the “Automotive”, “Electronics”, “Consumer goods and closing”, “Finance and payments”, “Construction & Architecture”, “Energy, oil and gas”, “Industrial equipment” and “IT” industries.

For a more accurate explanation of the behavior of companies, it is necessary to take into account several factors at the same time. According to our analysis, companies in the technological and communication sector are most prone to exit (as opposed to those who remain in the Russian Federation). Partially due to the fact that they have fewer physical assets in the Russian Federation than in the production sectors. Companies that produce products for the daily consumption of the population in the Russian Federation are less likely to leave (this is one of their key explanations why they do not leave). Pharmaceutical companies that explain their decisions by concern for public health tend to be the “staying” companies.

Companies with larger local revenue and public companies are also inclined to leave the market: presumably, large multinational corporations are more responsible for their reputation and respond to investors’ requests. In addition, it is likely that the exit of the largest multinationals from the Russian Federation is not as painful for them for global business as it is for smaller companies, for which the share of the Russian market can be significant.

Here is the list of “exiters” that we were able to identify recently: IDEMIA (liquidated), ITT Inc. (initiated liquidation) and YKK Group (liquidated). Also, 4 business sales were accounted for in April 2025: Caterpillar (One of the world’s largest manufacturers of construction and mining equipment located in the United States. In fact, the sale happened in June 2024 when Putin accepted the sale and most of Caterpillar’s Russian assets were transferred to the firm owned by the Armenian fund. The remaining legal entities saw their revenues fall significantly or to 0 in 2024 so formally the company is fully exited), Goldman Sachs (the American bank Goldman Sachs had closed a deal with CJSC “Balchug Capital” who became the owner of a 100% stake in Russian Goldman Sachs Bank on April 23), HDI Global SE (German insurance company HDI Global has sold its business in Russia. The company had been part of the German insurance group for the past 15 years. According to SPARK, the Russian subsidiary came under the control of one of the partners of the consulting firm Russia Partners. A subsidiary of the German insurance company HDI Global SE has changed its name to SK Ganza) and Metabowerke.

Additionally assets of 2 more companies were partly seized with unfair decisions in April 2025 (but we don’t change their statuses to “exited” as there were no changes in ownership structures and companies can appeal these decisions): STADA (Vladimir Putin has transferred the management of one of Russia’s largest pharmaceutical manufacturers, Nizhpharm, under temporary control. The decree applies to 100% of the shares owned by Luxembourg-based Nidda Lynx S.A.R.L., which is part of the German Stada group. The new temporary manager of the assets is the Russian company Farmirus. It was founded in 2020 and specializes in the supply of medicines. In 2022, the company operated at a loss with revenue of about 92 million rubles or ~$1 million) and Silgan Metal Packaging, part of Silgan Holdings (The Russian assets of a major Austrian-American manufacturer of metal food packaging Silgan Holdings, which were transferred to the Federal Property Management Agency in the summer of 2024, ended up under the control of a company owned by the Republic of Adygea. This is evidenced by data from the Unified State Register of Legal Entities).

Also, in April 2025 Belgian developer Ghelamco has agreed to sell its only asset in Russia and a pharmaceutical company based in Prague, Czech Republic Zentiva sells operations in Russia and CIS markets, no details disclosed officially so far.

To read more details on 32 identified cases of full and partial business seizures in Russia – please read our new study named “Assessing foreign companies’ direct losses in Russia: financial impact, market consequences, and strategic adjustments”.

The next review of deals for May-June 2025 and 2nd quarter will be available in early July.

What’s new last month – key news from Daily monitoring

(updated on a monthly basis)⁵

Recently we made a lot of significant improvements in our Telegram-bot with improving the interface, adding overall statistics and reflecting on the latest KSE statuses of companies taken from the KSE public database.

KSE team has incredible news about the project again! We are not standing still, and in addition to supporting and developing our database, which currently contains the world’s most comprehensive information on the activities of global corporations on the Russian market, we are also developing our technical products. We developed a barcode scanner, which is available at the link https://leaverussia.kse.ua/ (only for mobile devices!) or in our Telegram bot https://t.me/exit_ru_bot! To use the scanner, you need to have a mobile phone, scan the barcode of the product in the store (or anywhere else) with a camera, and you will see information about its manufacturer and whether it also operates in Russia.

Also, thanks to the use of ChatGPT, for most companies in the consumer sector, we have created the most complete list of 7500+ major brands and trademarks, so the search has become even more convenient and better. In addition, the scanner can be saved as a regular app on the smartphone home screen and Eng/Ukr versions are available.

In July 2023, the KSE Institute, jointly with the B4Ukraine coalition partners published a new research entitled “The Business of Staying: a closer look at multinational revenues and taxes in Russia in 2022”, you can download its full text in English using the following links: https://kse.ua/wp-content/uploads/2023/07/The-Business-of-Staying-1.pdf and https://b4ukraine.org/pdf/BusinessOfStaying.pdf 

In September 2023, the KSE Institute jointly with the B4Ukraine coalition partners published another research entitled “The Business of Leaving: How Multinationals Can Responsibly Exit Russia”, you can download its full text in English here: https://b4ukraine.org/pdf/B4Ukraine_Business_of_Leaving_report.pdf 

At the end of November 2023, the KSE Institute published a new study entitled “Analysis of foreign business exits from Russia“, which analyzed and systematized the results of 300 exits of foreign companies from the Russian Federation. This paper includes detailed analysis of the largest deals, main buyers/beneficiaries, continuation of trade relations after sales and many other interesting insights. You can download the full text of the study in English here:

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4648135 

Also, at the end of February 2024, the KSE Institute jointly with the B4Ukraine coalition partners published the report entitled “2024 Is the Year to Defund Russia’s War – The West Holds the Key” where, among other things, we estimated that the amount of taxes paid by foreign companies operating in Russia in 2022-2023 may amount to $20 billion annually. You can download its full text in English here: https://b4ukraine.org/pdf/b4u_report_2024.pdf

In January 2024, KSE Institute with support of volunteers developed a new application for Apple Store in addition to our database, which currently contains the world’s most comprehensive information on the activities of global corporations on the Russian market.

Leave Russia App allows you to find any international brand or foreign company that is operating and paying taxes in Russia. Additionally, you can find out such statistics (if a company has local entity/ies in Russia): number of staff, revenue generated, amount of capital, assets etc. With our service, you can not only find such a company, but also check proof links with information about the company’s public statement or public news that can confirm this information. Click to download Leave Russia from the App Store!

In September 2024, the KSE Institute published the analytical note entitled “What are the financial results of foreign business in Russia in 2023, and have exit rates slowed down?” where, among other things, we estimated that over the two years since the full-scale invasion, Russia has lost USD 125 billion in revenue from Western companies, equivalent to about 5.6% of the country’s GDP“. You can download its full text in English here: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4961551 

In January 2025 the new research was published by the B4Ukraine coalition in collaboration with the Kyiv School of Economics and Squeezing Putin which reveals how foreign businesses, including many household names, continue to channel billions in taxes to the Russian state nearly three years into its war on Ukraine. The report named “Corporate Enablers of Russia’s War in Ukraine: A Closer Look at Multinational Taxes and Revenue in Russia in 2023” calls on companies to make a swift responsible exit from the Russian market and urges the G7 and allied countries to establish standards for corporate behavior, promoting immediate exits from the Russian market.

Also, at the end of February 2025, the KSE Institute published the study “Assessing foreign companies’ direct losses in Russia: financial impact, market consequences, and strategic adjustments” where, among other things, we estimated that Foreign businesses’ direct losses in Russia exceed $170 billion due to write-offs, seizures, unfair court rulings, and exit taxes. You can download its full text in English here: https://kse.ua/wp-content/uploads/2025/03/KSE_Assessing-Foreign-Companies-Losses-in-Russia.pdf  

KSE’s Barcode Scanner (mobile devices only)

KSE’s application in the Apple Store

KSE Telegram bot on news monitoring @exit_ru_bot

Twitter of SelfSanctions project

Leave-russia.org website

BI analytics @ Leave-russia.org

Company news @ Leave-russia.org

Twitter of leave-russia.org website 

LinkedIn of leave-russia.org

YouTube of leave-russia.org

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¹ – KSE status “leave” – Companies that have published on the company’s official website (or their release has appeared in a foreign publication such as FT, NYT, etc.) that are completely shutting down in Russia or companies that have officially announced that they are temporarily reducing operations in Russia
– KSE status “wait” – Companies that have published on the company’s official website (or their release has appeared in a foreign publication such as FT, NYT, etc.) that they are reducing only part of their business operations by continuing to work on other operations or companies that have reported delaying future investment / development / marketing , while continuing their core business On February 24, 2024 KSE status “wait” was merged with status “stay”
– KSE status “stay” – Companies that ignore exit / downsizing requirements in Russia, as well as companies that have officially stated that they remain in Russia or news of their exit have not been found
– KSE status “exited” – Companies that sold its business/assets or its part of the business to a local partner and leaved the market

² When we analyze # of local companies, # of staff and local financials (such as revenue, capital, assets, taxes paid) – KSE Institute uses data according to Russian Accounting Standards (or RAS) from the official EGRUL register, all steps how we do it are explained in detail in the Methodology we published here. The key source for local financials is data from the Federal Tax Service of Russia. The latest available consolidated data for each group’s largest Russian units reported in line with local accou

³ On 24 July 2022, we introduced the new status “exited”, which reflects the companies’ actions to finalise the exit from the Russian market. The status relies on data from the Uniform State Register of Legal Entities in Russia (USRLE or EGRUL) and complementary analysis such as companies’ announcements and media publications of company activities. At the same time, companies’ activities can be hard to track and can be missed in the analysis, especially for companies less covered in the media. We encourage our readers to inform us if they are familiar with the companies’ actions that contradict their announcements about the exit via the Feedback Form at https://leave-russia.org/

⁴ It needs to be mentioned that open access to Russia’s EGRUL register was partly classified recently, so KSE Institute could miss some of the exits but we found the new solution allowing us to get the proper access to the registers in the future.

⁵ A “Company news” section is available on the project site https://leave-russia.org/, follow daily updates directly on the website