77th issue of the regular digest on impact of foreign companies’ exit on RF economy
7 July 2025
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; 06.05.2025-04.07.2025
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 07.07.2025
Number of the companies that continue Russian operations (KSE’s status «stay»¹) – 2 285² (+2 per 2 month)
Number of the companies that have curtailed Russian operations (KSE’s status «leave») – 1 387 (+28 per 2 month)
Number of the companies that completed withdrawal from Russia (KSE’s status “exited”) – 503 (+9 per 2 month)
As of July 7, 2025, we have identified about 4,177 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 ~1’632 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 $195.2 billion), local revenue (about $320.1 billion), local assets (about $350.7 billion) as well as staff (about 1.454 million people) and taxes paid (about $25.9 billion). 1,387 foreign companies have suspended or ceased operations in Russia. Also, we added information about 503 companies that have completed the sale/liquidation of their business in Russia based on the information collected from the official registers (5 business sales, 2 business seizures and 3 business liquidations took place in May-June 2025).
As can be seen from the tables below, as of July 7, 2025, 503 companies which had already completely exited from the Russian Federation, in 2021 had at least 589,500 personnel, $108.7 bn in annual revenue, $56.9bn in capital and $94.2bn in assets; companies, that declared a complete withdrawal from Russia had 216,900 personnel, $28.9bn in revenues, $16.9bn in capital and $53.4bn in assets; companies that suspended operations on the Russian market had 104,700 personnel, annual revenue of $43.0bn, $40.5bn in capital and $89.9bn in assets.
If since the beginning of the Russian invasion of Ukraine, the percentage of companies that closed operations in Russia has risen sharply by mid-April 2022, in the last 34 months the ratio of those who leave or stay is virtually unchanged, although we still see a periodic increase in the share of those companies that remain in the Russian market (by adding new companies to the database, 39 were added in May-June 2025). However, if to operate with the total numbers in KSE database, about 33.2% of foreign companies have already announced their withdrawal from the Russian market or suspended their activity, but another 54.8% are still remaining in the country and only 12.0% made a complete exit³
At the same time, it is difficult not to overestimate the impact on the Russian economy of 503 companies that completely left the country, since in 2021 they employed 40.6% of the personnel employed in foreign companies, the companies owned about 26.9% of the assets, had 29.1% of capital invested by foreign companies, and in 2021 they generated revenue of $108.7 billion or 34.0% of total revenue and paid ~$6.3 billion of taxes or 24.2% of total taxes paid by the companies observed. Data on 1,632 TOP companies is presented in the table above.
In September 2024, KSE Institute published a study 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.
On January 13, 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://papers.ssrn.com/sol3/papers.cfm?abstract_id=5149548
Analysis of data for 2022-2023
KSE Institute has already published detailed data for 2022-2023 many times. Below we provide just summary tables with key statistics. Also, we just received new data for 2024 – it is provided in the separate section below.
DIGEST’S FOCUS: On leaving the Russian Federation. Results of 2nd quarter 2025
In this digest, we will summarize the results of the 2nd quarter 2025 and provide year-to-date statistics on full exits since the beginning of the war.
In our project, we pay special attention to companies that have their own legal entities in Russia, pay taxes, hire staff, etc.
We would like to remind you that we assign the status of “exited” exclusively based on the results of changes in the composition of company owners in the Russian Federation reflected in the official register, or when the closing of the transaction was notified in another official way (for example, in press releases or during the disclosure of information on the Stock Exchange by public companies) or based on company’s liquidation.
There are about 1’632 companies identified in the KSE database with revenue data available of about $320 billion in 2021 and $246 billion in 2022 (which dropped to ~$198.1 billion in 2023 and then stabilized at the level of ~$200.6 billion in 2024). And at least 503 of them have already been sold by local companies or were liquidated and left the Russian market. In 2Q 2025 KSE Institute identified +16 new exits (9 business sales, 2 business seizures and 6 liquidations took place in April-June 2025)⁴, total number of exits observed since the beginning of Russia’s invasion reached 503. Also, we downgraded status for Apleona as it used legal subterfuge to hide the real situation and changed statuses for “exited” for Ukrainian companies Bayadera Group and Konti which were seized before as there are very low chances that former owners will be able to get them back.
Geography is the most important factor that explains companies’ decisions. Companies from “unfriendly countries” (a term coined by the Russian Federation to describe countries that joined the international sanctions policy against the Russian Federation in response to its invasion of Ukraine) are much more likely to exit.
Here are also the breakdowns by countries and by industries of the companies which already exited:
So, as of the end of June 2025, companies from 39 countries and 46 industries have already exited showing their true reaction to the war started by Russia and its unprovoked 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”, “Energy, oil and gas”, “Industrial equipment”, “Construction & Architecture” 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: H&M (Hennes and Mauritz) (liquidated), Toshiba (liquidation) and Voestalpine (liquidated). Also, 5 business sales were accounted for in May-June 2025: AGGREKO UK (Aggreko finds buyer for Russian business. Russian President Vladimir Putin signed a decree that gave Russian company BurService permission to buy Russian assets owned by energy solutions provider Aggreko, according to a document published on the Russian government portal), Caparol, Four Season hotels, Muehlhan, and Purmo Group.
Also, we downgraded status for Apleona as it used legal subterfuge to hide the real situation (In September 2024, Apleona GmbH transferred 100% ownership of its Russian business (Apleona Rus) to Delawar Investment company (Egypt) and the Apleona Russia company name was changed to “Panelao” (a simple anagram of Apleona). The owner and president of Delawar Investment company (Egypt) is Mohamed Delawar, who was (and continues to be) the CEO of Apleona Egypt – a long-term employee of Apleona. Apleona has simply temporarily “parked” its Russian business with its employee in Egypt, and tried to hide that fact by slightly changing its name) and changed statuses for “exited” for Ukrainian companies Bayadera Group and Konti which were seized before as there are very low chances that former owners will be able to get them back.
Additionally, China’s largest mining company Zijin Mining Group is leaving Russia due to sanctions. In the Republic of Tuva, one of the largest mining enterprises is under threat of closure. We are talking about the Kyzyl-Tashtyg Mining and Processing Plant (GOK) LLC “Lunxing”, which belongs to the Chinese Zijin Mining Group, one of the largest companies in China. And ABB, a Swedish-Swiss multinational company specializing in electrical engineering and power engineering, received government approval to sell Russian business.
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 the 3rd quarter 2025 will be available in early October.
SPECIAL EDITION: Financial Presence of Foreign Businesses in Russia in 2024
Largest Companies Cease Reporting Publication
We have collected up-to-date financial statements of foreign companies operating in the Russian Federation. Our database contains more than 4,200 records, of which approximately 1,600 relate to companies with legal entities established in Russia.
Foreign companies are gradually discontinuing public financial reporting, particularly the largest among them. Of the 100 largest foreign companies operating in Russia in 2021, only 86 submitted reports in 2023, and just 43 did so in 2024. In contrast, smaller companies continue to report with little interruption. This selectivity may indicate that reporting by major companies is being coordinated with the Kremlin. As a result, for the largest firms, we are forced to extrapolate data from previous years to ensure year-to-year comparability. For TOP-15 companies that received revenue in 2023, we added the same estimates for 2024.
Revenue Has Stabilized, But Not Recovered
The total revenue of foreign businesses in Russia in 2024 amounted to USD 201 billion, nearly unchanged from 2023 (USD 198 billion), but significantly lower than in 2021 (USD 320 billion). This indicates a pause in the exit of foreign companies from the Russian market and suggests the process has reached a plateau.
Geopolitical Shift in Ownership Structure
Companies from countries considered friendly to the Kremlin—particularly China and Turkey—are playing an increasingly prominent role. In 2021, 95% of total foreign business revenue in Russia came from so-called “unfriendly” countries (a Kremlin term), but by 2024, this share had decreased to 82%. This trend also slows down further exits from the market.
Notably, the share of U.S. companies has remained nearly unchanged, standing at 19% in 2024 compared to 20% before the full-scale invasion.
Divested Companies Underperform
A separate issue concerns companies that have left the Russian market, with ownership typically transferred to local stakeholders, most often former top managers. Most of these ownership changes took place in 2022 and 2023. While in the pre-war period, divested companies accounted for 34% of total foreign revenue, this figure dropped to 25% in 2024. This decline suggests the new local owners have been unable to restore pre-sale performance, raising questions about their ability to keep the business viable.
Profits Grow Amid Stable Tax Payments
Net profit in 2024 reached USD 19.5 billion, the highest level in the past three years (compared to USD 18.5 billion in 2021). However, the amount of the profit tax paid remained virtually unchanged, totaling USD 5.7 billion, similar to the pre-war level.
These figures may indicate that foreign companies from Kremlin-friendly countries are benefiting from reduced competition and higher profit margins, even against the backdrop of declining total turnover.
In the near future, KSE Institute, together with B4Ukraine partners, will prepare and publish a more detailed analysis and infographics of financial indicators for 2024, including an overview by countries, industries and TOP income tax payers and TOP companies that received the highest income in 2024.
Detailed data is presented in our public database and on the website https://leave-russia.org/
What’s new last month – key news from Daily monitoring
(updated on a monthly basis)⁵
01.05.2025
🔹 Raiffeisen (Austria, Finance and payments) Status by KSE – stay
NEW QUESTIONS EMERGE IN THE STORY OF THE PURCHASE OF THE RUSSIAN BRANCH OF RAIFFEISEN BANK
https://eutoday.net/russian-branch-of-raiffeisen-bank/
🔹 Nabors Industries (USA, Energy, oil and gas) Status by KSE – leave
Nabors Industries has suspended drilling operations in Russia after the United States expanded sanctions on the country.
https://www.upstreamonline.com/rigs-and-vessels/nabors-suspends-operations-in-russia-amid-us-sanctions/2-1-1812955
02.05.2025
🔹 Euroclear (Belgium, Finance and payments) Status by KSE – stay
Euroclear plans to withdraw and redistribute about 3 billion euros ($3.4 billion) of Russian funds frozen at the Belgian clearing firm after Moscow seized investors’ cash in Russia.
https://www.reuters.com/business/finance/europe-hand-billions-frozen-russian-cash-western-investors-sources-say-2025-05-02/
🔹 Eurovision (Switzerland, Entertainment) Status by KSE – leave
Russia will host the revived Eurovision Song Contest on September 20, 2025, at Moscow’s LIVE Arena, organizers announced Wednesday.
https://www.observerbd.com/news/523555
03.05.2025
🔹 DN Solutions (South Korea, Industrial equipment) Status by KSE – leave
Machine tools from the South Korean company DN Solutions were found at Russian factories that manufacture Lancet combat drones and Iskander missile launchers.
https://www.koreatimes.co.kr/business/companies/20250502/ukraine-urges-south-korea-to-prevent-exports-of-dn-solutions-cnc-machines-to-russia-via-china
05.05.2025
🔹 DTEK (Ukraine, Energy, oil and gas) Status by KSE – exited
UK suspends $207 million debt collection from Russia in favor of Ukrainian Krymenergo.
https://www.kommersant.ru/doc/7696308
🔹 Fortum (Finland, Energy, oil and gas) Status by KSE – exited
Rosatom filed a €2.45 billion lawsuit against Fortum and Outokumpu over the termination of the Hanhikivi-1 nuclear plant contract.
https://biz.nv.ua/markets/rossiyskiy-gosmonopolist-hochet-vzyskat-milliardy-s-evropeyskih-kompaniy-za-rastorzhenie-kontrakta-50511560.html
🔹 Haval Motor (China, Automotive) Status by KSE – stay
Haval leased a large logistics park near Klin for ongoing operations in Russia.
https://www.kommersant.ru/doc/7695321
06.05.2025
🔹 Raiffeisen (Austria, Finance and payments) Status by KSE – stay
Russia’s Central Bank wrote off €1.87 billion from Raiffeisenbank’s account in favor of Rasperia following a court ruling.
https://epravda.com.ua/finances/yaku-sumu-kofiskuvala-rosiya-u-rayffayzenbanku-806307/
🔹 EOS (Germany, Finance and payments) Status by KSE – stay
German debt collection agency EOS declined a deal with Gazprombank; its exit from Russia failed.
https://www.rbc.ru/finances/06/05/2025/6818de3f9a7947fc409ae836
07.05.2025
🔹 Uniper SE (Germany, Energy, oil and gas) Status by KSE – leave
Uniper reported income recovery in Q1 after settling most claims against Gazprom.
https://www.reuters.com/business/energy/uniper-says-q1-results-include-income-related-gazprom-enforcement-2025-05-06/
🔹 Zijin Mining Group (China, Metals and Mining) Status by KSE – leave
China’s largest mining company announced its intent to exit Russia due to sanctions.
https://biz.liga.net/all/all/novosti/krupneishaya-gornodobyvayushtaya-kompaniya-kitaya-hochet-uiti-iz-rossii-iz-za-sanktsii
08.05.2025
🔹 Pepsi (USA, Food&Beverages) Status by KSE – stay
PepsiCo applied to register a trademark in Russia for the sale of beverages.
https://www.oreanda-news.com/en/torgovlya_i_uslugi/pepsico-wants-to-register-a-trademark-in-russia-for-the-sale-of-beverages/article1557310/
09.05.2025
🔹 Euroclear (Belgium, Finance and payments) Status by KSE – stay
Euroclear prepares to seize $3 billion in Russian assets, raising risks for global investors.
https://financefeeds.com/euroclear-to-seize-3-billion-in-russian-assets/
🔹 Mondelez (USA, Food&Beverages) Status by KSE – stay
A business deal between Mondelez and Katy Perry sparked outrage due to continued operations in Russia.
https://www.newsweek.com/katy-perry-milka-mondelez-deal-russia-ukraine-2066609
11.05.2025
🔹 Elliott Investment Management (USA, Finance and payments) Status by KSE – stay
Elliott eyes investment in a pipeline carrying Russian gas.
https://www.wsj.com/business/energy-oil/elliott-eyes-bet-on-pipeline-carrying-russian-gas-f7426204
🔹 Vietnam Airlines (Vietnam, Air transportation) Status by KSE – stay
Vietnam Airlines signed a memorandum of understanding with Russia’s VTB Bank to strengthen cooperation.
https://vietnamnews.vn/economy/1717494/vietnam-airlines-signs-mou-on-cooperation-with-russia-s-vtb-bank.html
12.05.2025
🔹 Vinpearl (Vietnam, Tourism, Travel) Status by KSE – stay
Vinpearl signed MoUs with four leading Russian travel companies, including Anex Tourism and Coral Travel.
https://news.tuoitre.vn/vietnams-vinpearl-partners-with-4-leading-russian-travel-companies-103250512151430545.htm
🔹 TH Group (Vietnam, FMCG) Status by KSE – stay
TH Group inaugurated a new high-tech milk processing plant in Kaluga region, Russia.
https://en.vietnamplus.vn/th-group-inaugurates-large-scale-dairy-processing-plant-in-russia-post319039.vnp
13.05.2025
🔹 ABB (Switzerland, Energy, oil and gas) Status by KSE – leave
ABB received approval to sell its business in Russia.
https://www.interfax.ru/business/1024748
🔹 Petrovietnam (Vietnam, Energy, oil and gas) Status by KSE – stay
Petrovietnam entered a PSA in Russia’s Kharyaga project, previously exited by TotalEnergies and Equinor.
https://www.energyintel.com/00000196-c4dd-d543-a1d7-e5df18920000
🔹 Boeing (USA, Aircraft industry) Status by KSE – leave
🔹 Rolls Royce (Great Britain, Aircraft industry) Status by KSE – leave
Both companies hired lobbyists in the US to oppose new sanctions targeting titanium and uranium trade with Russia.
https://biz.nv.ua/ukr/markets/amerikanski-korporaciji-naynyali-lobistiv-shchob-ne-dopustiti-vvedennya-sankciy-proti-rosiji-50513554.html
🔹 Eni (Italy, Energy, oil and gas) Status by KSE – exited
Despite cutting supplies to Europe, Eni continued gas exports from Russia to Turkey in 2024.
https://www.reuters.com/sustainability/boards-policy-regulation/italys-eni-delivered-russian-gas-turkey-last-year-document-shows-2025-05-12/
🔹 De Heus (Netherlands, Pharma, Healthcare) Status by KSE – stay
Investigations revealed De Heus sent goods and medicines to Russian soldiers via its local joint venture.
https://www.volkskrant.nl/economie/nederlands-veevoederbedrijf-steunt-russen-aan-het-front-in-oekraine~bb5bf9cf/
14.05.2025
🔹 Lionsgate (USA, Media) Status by KSE – stay
Lionsgate announced plans to resume film distribution in Russia.
https://tass.ru/obschestvo/23939261
🔹 GALIKA (Switzerland, Engineering) Status by KSE – stay
Swiss authorities fined Galika AG’s export manager over illegal supplies of machine tools to the Russian arms industry.
https://www.swissinfo.ch/rus/внешняя-политика/прокуратура-швейцарии-вынесла-приговор-за-поставки-станков-в-россию/89304309
🔹 International Skating Union (Switzerland, Sport) Status by KSE – stay
ISU approved four Russian figure skaters to try qualifying for the 2026 Olympics as neutral athletes.
https://www.cbc.ca/sports/olympics/winter/figure-skating/4-russians-olympic-qualification-event-neutrals-1.7533757
15.05.2025
🔹 Inditex (Spain, Consumer goods and clothing) Status by KSE – exited
Zara’s unusual exit strategy from Russia left the brand well-positioned for a potential return.
https://www.ft.com/content/a58e0f9a-3876-4477-88d4-56b21f57c0a4
🔹 Euroclear (Belgium, Finance and payments) Status by KSE – stay
Euroclear earned €1.47 billion from frozen Russian assets but reported its first profit decline.
https://finance.liga.net/en/bank/novosti/euroclear-earned-147-billion-from-frozen-russian-assets-sees-first-profit-decline
17.05.2025
🔹 Eutelsat (France, Telecom) Status by KSE – stay
Eutelsat is removing Russian channels from its satellite services.
https://www.broadbandtvnews.com/2025/05/16/eutelsat-removing-russian-channels-from-satellites/
🔹 BelAZ (Belarus, Automotive) Status by KSE – stay
BelAZ delivered dump trucks painted in Russian flag colors to Siberia and the Far East.
https://www.sb.by/en/belaz-delivered-batch-of-dump-trucks-painted-in-colours-of-russian-flag-to-siberia-and-far-east.html
19.05.2025
🔹 Sony (Japan, Electronics) Status by KSE – leave
Sony blocked Russian players using Ukrainian and Turkish PSN accounts.
https://dev.ua/en/news/soni-blokui-ikh-tam-a-my-tobi-budem-pomahat-1747639687
🔹 Boeing (USA, Aircraft industry) Status by KSE – leave
Tires for Boeing planes headed to Russia were confiscated in Poland.
https://www.eurointegration.com.ua/news/2025/05/19/7211920/
20.05.2025
🔹 Mitsui OSK Lines (Japan, Marine Transportation) Status by KSE – stay
The EU sanctioned three LNG tankers operated by Mitsui OSK Lines for transporting gas from Arctic LNG.
https://www.moscowtimes.ru/2025/05/21/es-vvel-sanktsii-protiv-yaponskih-tankerov-perevozivshih-gaz-s-arktik-spg-a163927
🔹 UniCredit Bank (Italy, Finance and payments) Status by KSE – stay
UniCredit will stop USD transfers from Russia to individuals starting in June.
https://frankmedia.ru/202002
🔹 AstraZeneca (Great Britain, Pharma, Healthcare) Status by KSE – stay
AstraZeneca continues paying Russian doctors despite the war.
https://www.thetimes.com/business-money/companies/article/astrazeneca-to-continue-to-pay-russian-doctors-despite-ukraine-war-b9vnp83bg
🔹 De Heus (Netherlands, Pharma, Healthcare) Status by KSE – leave
De Heus distanced itself from statements made by its Russian JV MKorma and is pushing for full withdrawal.
https://www.demolenaar.nl/en/people-and-company/De-Heus-distances-itself-from-donations-through-joint-venture-in-Russia/58061/
21.05.2025
🔹 Bank of Georgia (Georgia, Finance and payments) Status by KSE – leave
For the first time, the bank banned Russian citizens from making expensive purchases.
https://epravda.com.ua/rus/svit/pochemu-bank-gruzii-zapretil-rossiyanam-dorogie-pokupki-807020/
🔹 Intel (USA, IT) Status by KSE – leave
🔹 AMD (USA, IT) Status by KSE – stay
Processor shipments to Russia have dropped by 95%.
https://www.kommersant.ru/doc/7737549
🔹 Maxam (Spain, Manufacturing) Status by KSE – stay
Maxam continues producing explosives in Russia and supplies ammonium nitrate via Uzbekistan to both Russia and Iran.
https://theins.ru/news/281377
22.05.2025
🔹 SMBC Aviation Capital (Ireland, Air transportation) Status by KSE – leave
SMBC received $1.4 billion from insurers for planes stranded in Russia.
https://www.insurancejournal.com/news/international/2025/05/22/824738.htm
23.05.2025
🔹 BitRiver (Switzerland, IT) Status by KSE – stay
Russian Crypto Mining Giants BitRiver and Intelion reported a combined revenue of $200 million for FY2024.
https://www.tradingview.com/news/cryptonews:60665048b094b:0-russian-crypto-mining-giants-bitriver-intelion-post-combined-200m-revenue-for-fy2024/
24.05.2025
🔹 Rason Ryongson General Processing Factory (North Korea, Alcohol & Tobacco) Status by KSE – stay
Vladivostok-based importer Vostok-Energia will start shipping Tumangang beer from North Korea to Russia in June.
https://www.moscowtimes.ru/2025/05/20/kim-chen-in-zalet-rossiyu-severokoreiskim-pivom-a163883
25.05.2025
🔹 Madras Diabetes Research Foundation (India, Pharma, Healthcare) Status by KSE – stay
Signed an MoU with Russia’s Almazov National Medical Research Centre for collaborative diabetes research.
https://www.apnnews.com/madras-diabetes-research-foundation-signs-mou-with-russias-almazov-national-medical-research-centre-for-collaborative-diabetes-research/
🔹 Kontron AG (Germany, Electronics) Status by KSE – stay
Shipped restricted technology to Russia even after EU sanctions were implemented.
https://www.politico.eu/article/german-firm-sanctions-eu-tech-ukraine-russia/
🔹 KLC Group (Latvia, Industrial equipment) Status by KSE – stay
Exported $1.3 million worth of Western-made automation to Russia in 2024, despite EU sanctions.
https://theins.ru/news/281433
🔹 Li Auto Inc. (China, Automotive) Status by KSE – stay
Threatened to remotely block “gray” Li Auto vehicles in Russia.
https://enovosty.com/uk/news-ukr/news-auto-ukr/full/kitajskij-virobnik-elektromobiliv-li-auto-pogrozhuye-distancijno-blokuvati-siri-avto-v-rf
🔹 Mazda (Japan, Automotive) Status by KSE – stay
New Mazda cars with warranties are again being sold and delivered in Russia.
https://www.unian.ua/economics/auto/mazda-novini-v-rosiji-znovu-pochali-prodavati-novi-avtomobili-brendu-13017912.html
26.05.2025
🔹 Bangkok Bank (Thailand, Finance and payments) Status by KSE – leave
Thailand’s Bangkok Bank began mass blocking of Russian accounts and cards on May 25.
https://www.moscowtimes.ru/2025/05/26/krupneishii-bank-tailanda-nachal-blokirovat-scheta-rossiyan-a164335
🔹 Samsung (South Korea, Electronics) Status by KSE – stay
🔹 Samsung Display (South Korea, Electronics) Status by KSE – leave
Samsung Display stopped purchasing metals from Russia.
https://www.kommersant.ru/doc/7754477
27.05.2025
🔹 Raiffeisen (Austria, Finance and payments) Status by KSE – stay
Turkey used Austria’s Raiffeisen Bank to bypass sanctions in paying for Russian gas.
https://www.middleeasteye.net/news/turkey-taps-austrian-bank-russian-gas-payments-skip-sanctions
🔹 AGGREKO UK (Great Britain, Energy, oil and gas) Status by KSE – exited
Putin approved BurService’s purchase of Aggreko’s Russian assets via decree.
https://www.reuters.com/markets/deals/putin-gives-russian-company-approval-buy-aggrekos-russian-assets-2025-05-26/
30.05.2025
🔹 Microsoft (USA, IT) Status by KSE – leave
Microsoft’s Main Legal Entity in Russia Decides to File for Bankruptcy
https://www.kommersant.ru/doc/7773066
🔹 DJI (China, Technology) Status by KSE – stay
China Cut Drone Sales to West But Supplies Them to Russia, Ukraine Says
🔹 Knauf Gips (Germany, Construction & Architecture) Status by KSE – stay
The German construction giant Knauf has continued supplying materials for the modernization of Russian nuclear facilities, despite its public statements about distancing itself from operations in Russia.
https://theins.ru/en/news/281682
🔹 YouTube (USA, Online Services) Status by KSE – leave
The State Duma named the conditions for unblocking YouTube
https://www.moscowtimes.ru/2025/05/30/v-gosdume-nazvali-usloviya-dlya-razblokirovki-youtube-a164772
🔹 UniCredit Bank (Italy, Finance and payments) Status by KSE – leave
A1 is not involved in the purchase of UniCreditBank
28.05.2025
🔹 UniCredit Bank (Italy, Finance and payments) Status by KSE – leave
Three UAE firms approached Italy’s Treasury with a proposal to buy UniCredit’s Russian business at a steep discount.
https://www.reuters.com/business/finance/gulf-firms-approach-italys-treasury-buy-unicredits-russian-assets-document-shows-2025-05-28/
🔹 Microsoft (USA, IT) Status by KSE – leave
🔹 Zoom (USA, Online Services) Status by KSE – stay
Putin ordered throttling of Microsoft and Zoom services in Russia.
https://www.techradar.com/pro/putin-orders-microsoft-zoom-services-to-be-throttled-in-russia
🔹 International Olympic Committee (IOC) (Switzerland, Sport) Status by KSE – stay
Russian teams, including ice hockey, remain banned from the 2026 Winter Olympics in Italy.
https://www.espn.com/olympics/story/_/id/45341792/ioc-says-russian-teams-remain-banned-26-winter-olympics
29.05.2025
🔹 Pugang Pharmaceutical Corporation (North Korea, Pharma, Healthcare) Status by KSE – stay
Krasnodar-based “Gradient” imports the injectable supplement “Kumdan-2” from North Korea to Russia.
https://www.moscowtimes.ru/2025/05/27/na-krupneishih-marketpleisah-rossii-prodayut-severokoreiskoe-lekarstvo-ot-spida-s-chastitsami-zolota-a164444
🔹 McDonald’s (USA, Public catering) Status by KSE – exited
Teremok CEO shared McDonald’s shock over its failed attempt to return to the Russian market.
https://www.rbc.ru/business/30/05/2025/6838459b9a79474daa3365b3
31.05.2025
🔹 Toyota (Japan, Automotive) Status by KSE – stay
The dealer holding SP Business Car (94% of the company belongs to Toyota Motor) is again selling new cars of the Japanese brand.
02.06.2025
🔹 Emirates Airline (United Arab Emirates, Air transportation) Status by KSE – stay
The world’s largest long-haul carrier plans to review flights to Russia after Ukrainian drone attacks in the country’s hinterland last weekend
https://www.bloomberg.com/news/articles/2025-06-02/emirates-reviews-russia-flights-as-ukraine-expands-drone-attacks?srnd=phx-markets
03.06.2025
🔹 Elliott Investment Management (USA, Finance and payments) Status by KSE – stay
Elliott Investment Management is in talks to buy a stake in a package of infrastructure assets, including a pipeline that carries Russian natural gas to Europe
https://dekleptocracy.substack.com/p/how-your-retirement-savings-may-be
04.06.2025
🔹 Wargaming (Cyprus, Gaming) Status by KSE – exited
World of Tanks publisher declared ‘extremist’ and nationalized
https://www.moscowtimes.ru/2025/06/03/kompaniyu-izdatelya-igri-world-oftanks-obyavili-ekstremistskoi-inatsionalizirovali-a165169
🔹 Danone (France, FMCG) Status by KSE – exited
Kadyrov’s clan acquired Russian factories of French Danone for free
https://www.moscowtimes.ru/2025/06/03/klan-kadirova-besplatno-zapoluchil-rossiiskie-zavodi-frantsuzskoi-danone-a165158
🔹 Chelsea F.C. (Great Britain, Sport) Status by KSE – stay
The UK government has threatened to sue former Chelsea Football Club owner Roman Abramovich to recover proceeds from the sale of the club
https://www.aa.com.tr/en/sports/uk-threatens-to-sue-russian-businessman-abramovich-over-sale-of-chelsea-football-club/3587717
05.06.2025
🔹 Taoglas (Ireland, Electronics) Status by KSE – stay
Ukrainian anti-corruption NGO NAKO found antennas supplied by Taoglas among the debris of Russian bombs
https://www.irishtimes.com/ireland/2025/05/30/antenna-made-by-irish-company-found-in-russian-glide-bombs-and-drones-used-in-ukraine/
🔹 Turkish Airlines (Turkey, Air transportation) Status by KSE – stay
Turkish Airlines may cancel some flights to Moscow due to drone attacks
https://www.moscowtimes.ru/2025/06/05/turkish-airlines-reshila-otkazatsya-ot-chasti-reisov-v-moskvu-iz-za-atak-dronov-a165381
06.06.2025
🔹 JPMorgan (USA, Finance and payments) Status by KSE – leave
JPMorgan won its bid to block Russia’s VTB Bank suing it in Russia over nearly $156 million
https://www.msn.com/en-gb/money/other/jpmorgan-wins-uk-court-order-to-block-vtb-s-156-million-russian-lawsuits/ar-AA1G9v00?ocid=finance-verthp-feeds
🔹 Raiffeisen (Austria, Finance and payments) Status by KSE – stay
Russia’s central bank debited €174 million from the Austrian lender’s account to complete the payment of damages
https://www.reuters.com/business/finance/austrias-raiffeisen-completes-damages-payment-russia-2025-06-05/
07.06.2025
🔹 Euroclear (Belgium, Finance and payments) Status by KSE – stay
Kyiv outraged by Europe’s decision to compensate investors for Russian assets
https://www.pravda.com.ua/eng/news/2025/06/6/7515950/
08.06.2025
🔹 Uniqlo/Fast Retailing (Japan, Consumer goods and clothing) Status by KSE – leave
🔹 Nike (USA, Consumer goods and clothing) Status by KSE – leave
Brands that left Russia are increasing sales in the country
https://www.kommersant.ru/doc/7794103
09.06.2025
🔹 Viciunai group (Lithuania, Food&Beverages) Status by KSE – exited
Viciunai Group finalized the sale of its business operations in Russia and Eastern markets for just over €100 million
https://www.undercurrentnews.com/2025/06/09/viciunai-finalizes-e100m-exit-from-russian-eastern-markets/
🔹 Taiyo Oil (Japan, Energy, oil and gas) Status by KSE – stay
Taiyo Oil is receiving 600,000 barrels of Sakhalin Blend crude oil from the Voyager tanker
https://www.bloomberg.com/news/articles/2025-06-09/japan-s-taiyo-o
14.06.2025
🔹 Global Venture Alliance (GVA) Capital (USA, Finance and payments) Status by KSE – stay
OFAC hits GVA Capital with $216M penalty for servicing sanctioned Russian oligarch
https://www.complianceweek.com/sanctions/ofac-hits-gva-capital-with-216m-penalty-for-servicing-sanctioned-russian-oligarch/36062.article
🔹 Toyota (Japan, Automotive) Status by KSE – stay
🔹 Toyota Tsusho (Japan, Online trading) Status by KSE – stay
Toyota Tsusho denied resuming sales of new cars in Russia
https://www.oreanda-news.com/en/transport/toyota-tsusho-denied-the-resumption-of-sales-of-new-cars-in-russia/article1561622/
🔹 Kazakhstan nuclear power plants (Kazakhstan, Energy, oil and gas) Status by KSE – stay
🔹 Electricite de France (EDF) (France, Energy, oil and gas) Status by KSE – stay
Rosatom, CNNC to lead international consortiums for Kazakhstan’s first nuclear plants
https://www.inform.kz/ru/rosatom-opredelen-liderom-mezhdunarodnogo-konsortsiuma-po-proektu-stroitelstva-pervoy-aes-v-kazahstane-62eac2
15.06.2025
🔹 China Eastern Airlines (China, Air transportation) Status by KSE – stay
Abrau-Durso to pour for China Eastern Airlines passengers
https://www.kommersant.ru/doc/7797952
16.06.2025
🔹 Girteka Logistic (Lithuania, Logistics, Transport) Status by KSE – stay
Girteka shareholders linked to Cyprus-based company controlling 16 Russian firms
https://www.lrt.lt/en/news-in-english/19/2591388/girteka-shareholders-linked-to-cyprus-based-company-controlling-16-russian-firms-media
🔹 Porsche (Germany, Automotive) Status by KSE – stay
Porsche explained why they did not leave Russia
https://www.autodaily.ru/news/684fdbce9a7947eaf3a54058
🔹 Mars (USA, FMCG) Status by KSE – stay
Mars leased 41,000 m² from Level Group in logistics park under construction in New Moscow
https://www.vedomosti.ru/realty/articles/2025/06/16/1117122-mars-u-level-group
18.06.2025
🔹 DeepL Translator (Germany, Online Services) Status by KSE – leave
The popular AI translator DeepL no longer works in Russia and Belarus
https://www.moscowtimes.ru/2025/06/18/rossiyanam-zablokirovali-odin-iz-samih-populyarnih-onlain-perevodchikov-a166370
🔹 Renault (France, Automotive) Status by KSE – exited
Russia threatens to deprive Renault of buyback rights for cooperation with Ukraine
https://www.moscowtimes.ru/2025/06/17/rossiya-prigrozila-lishit-renault-prava-naobratnii-vikup-aktivov-zasotrudnichestvo-sukrainoi-a166311
19.06.2025
🔹 KIA Motors (South Korea, Automotive) Status by KSE – leave
Kia officially announced plans to return to Russia via China and Kazakhstan in 2026
https://www.ixbt.com/live/car/kia-oficialno-soobschila-o-planah-vernutsya-v-rossiyu-cherez-kitay-i-kazahstan-v-2026-godu.html
🔹 Samsung Heavy Industries (South Korea, Industrial equipment) Status by KSE – stay
Samsung Heavy says $3.54 billion icebreaker orders from Russia’s Zvezda cancelled
https://www.reuters.com/business/retail-consumer/samsung-heavy-says-354-billion-icebreaker-orders-russias-zvezda-cancelled-2025-06-18/
20.06.2025
🔹 Anheuser-Busch (Belgium, Alcohol&Tobacco) Status by KSE – leave
Russia again rejects Anadolu Efes proposal to buy out AB InBev from JV
https://www.just-drinks.com/news/russia-again-rejects-efes-proposal/?cf-view
🔹 Cloudflare (USA, Online Services) Status by KSE – leave
Since the beginning of June, Cloudflare traffic in Russia has decreased by about 30%
https://www.kommersant.ru/doc/7808154
🔹 Inditex (Spain, Consumer goods and clothing) Status by KSE – exited
Zara owner says conditions for Russia return ‘certainly not’ in place
https://www.ft.com/content/e53c0e1e-d2bd-4496-aa59-8286d145298c
🔹 Danantara Indonesia (Indonesia, Finance and payments) Status by KSE – stay
RDIF and Danantara signed €2 billion deal to create Russian-Indonesian investment platform
https://www.rbc.ru/rbcfreenews/685421da9a79473b49274ed8
21.06.2025
🔹 Facebook (Meta Platforms) (USA, Online Services) Status by KSE – leave
Sanctioned Russian media still partnered with Facebook
https://www.politico.eu/article/sanctioned-russian-media-still-partners-with-facebook/
🔹 Export Bahrain (Bahrain, Association, NGO) Status by KSE – stay
Export Bahrain signs MoU with Russian Export Center at SPIEF 2025
https://www.bna.bh/en/ExportBahrainsignsMoUwithRussianExportCenteratSPIEF2025.aspx?cms=q8FmFJgiscL2fwIzON1%2BDkwDbSQnzo0rdiAvtRdzeg8%3D
23.06.2025
🔹 Maxam (Spain, Manufacturing) Status by KSE – stay
Spain launches probe into explosives manufacturer Maxam after exposé on links to Russia’s arms supply chain
https://theins.ru/en/news/282404
🔹 Norwegian Sovereign Wealth Fund (Norway, Finance and payments) Status by KSE – leave
Norway’s oil fund is unable to sell off its Russian investments
https://amwatch.com/AMNews/article18299544.ece
🔹 Al Riyadh Group (Bahrain, Pharma, Healthcare) Status by KSE – stay
Promomed announces Russian-Bahraini partnership
https://gxpnews.net/en/2025/06/promomed-announces-russian-bahraini-partnership/
🔹 SEFE Securing Energy for Europe (Germany, Energy, oil and gas) Status by KSE – stay
Germany has found a replacement for Russian gas
https://news.finance.ua/ua/nimechchyna-znayshla-zaminu-rosiys-komu-hazu
25.06.2025
🔹 Robert Bosch (Germany, Electronics) Status by KSE – exited
Severgroup found a buyer for the former Bosch plant in the Saratov region — it was Softline Venture Partners, the former Softline fund.
https://www.rbc.ru/business/25/06/2025/685aaa979a7947353b2c6c4d
🔹 Softline International (Great Britain, IT) Status by KSE – stay
Softline Venture Partners became the owner of the former Bosch plant in Russia.
https://www.rbc.ru/business/25/06/2025/685aaa979a7947353b2c6c4d
26.06.2025
🔹 NavoiYuran (Uzbekistan, Metals and Mining) Status by KSE – stay
Uranium miner’s Russian routes unnerve potential bond investors.
https://www.bloomberg.com/news/articles/2025-06-24/uranium-miner-s-russian-routes-unnerve-potential-bond-investors
🔹 TOS Varnsdorf (Czech Republic, Engineering) Status by KSE – stay
🔹 Šmeral Brno (Czech Republic, Engineering) Status by KSE – stay
🔹 TAJMAC-ZPS, a.s. (Czech Republic, Manufacturing) Status by KSE – stay
Among the Czech manufacturers whose products were delivered to Russia, these three companies — Šmeral Brno, Varnsdorf, and TAJMAC-ZPS — account for the majority of exports, totaling around $8 million.
https://theins.ru/en/news/282491
27.06.2025
🔹 BMW (Germany, Automotive) Status by KSE – leave
🔹 Volkswagen (Germany, Automotive) Status by KSE – exited
🔹 Porsche (Germany, Automotive) Status by KSE – stay
German cars in Russia: gone from the market, but not from the roads.
https://www.dw.com/ru/nemeckie-avto-v-rossii-usli-s-rynka-no-ne-s-dorog/a-73043490
🔹 Akkuyu Nuclear Power Plant (NPP) (Turkey, Energy, Oil and Gas) Status by KSE – stay
Turkey builds a nuclear plant with Russia to boost energy security.
https://jamestown.org/program/turkiye-builds-nuclear-plant-with-russia-to-boost-energy-security/
🔹 Inditex (Spain, Consumer Goods and Clothing) Status by KSE – exited
Identical products, same stores: Did fashion giant Zara truly exit Russia?
https://www.decaturmetro.com/identical-products-same-stores-did-fashion-giant-zara-truly-exit-russia/#google_vignette
🔹 Airbus (Netherlands, Aircraft Industry) Status by KSE – stay
🔹 Boeing (USA, Aircraft Industry) Status by KSE – leave
The West tried to stop Russian air traffic but failed.
https://yle.fi/a/74-20168527
28.06.2025
🔹 Telegram (United Arab Emirates, Online Services) Status by KSE – stay
The State Duma named the conditions for tightening sanctions against Telegram and WhatsApp.
https://www.rbc.ru/rbcfreenews/685ead9c9a794752d6d59210
🔹 Jungheinrich (Germany, Logistics and Transport) Status by KSE – leave
Forklift manufacturer Jungheinrich is preparing to exit the Russian market.
https://www.marketscreener.com/quote/stock/JUNGHEINRICH-AG-436275/news/Jungheinrich-Negotiates-Sale-of-Russian-Subsidiary-50345606/
29.06.2025
🔹 DP World (United Arab Emirates, Logistics and Transport) Status by KSE – stay
Syria ends Russian management of Tartus port, turns to Dubai Ports World.
https://thearabweekly.com/syria-ends-russian-management-tartus-port-turns-dubai-ports-world
🔹 Reliance (India, Energy, Oil and Gas) Status by KSE – stay
Russia’s Rosneft Oil Company in early talks with Reliance to sell stake in India unit.
https://economictimes.indiatimes.com/industry/energy/oil-gas/russias-rosneft-oil-company-in-early-talks-with-reliance-to-sell-stake-in-india-unit/articleshow/122140303.cms?from=mdr
🔹 International Olympic Committee (IOC) (Switzerland, Sport) Status by KSE – stay
International Olympic Committee stands firm on ban, leaving Russian athletes in a heartbreaking limbo as 2026 looms.
https://motociclismo.pt/en/international-olympic-committee-stands-firm-on-ban-leaving-russian-athletes-in-a-heartbreaking-limbo-as-2026-looms/
30.06.2025
🔹 Nasim Bahr Kish (Iran, Marine Transportation) Status by KSE – stay
Astrakhan port may become completely Iranian.
https://www.kommersant.ru/doc/7852867
🔹 Bunge (USA, Agriculture) Status by KSE – exited
A major food producer, EFKO Group, has obtained permission from the Federal Antimonopoly Service (FAS) to buy out Maslenitsa LLC, a former subsidiary of the American Bunge.
https://www.kommersant.ru/doc/7852829
🔹 Daimler Truck (Germany, Automotive) Status by KSE – exited
The Russian government has added the world’s largest truck manufacturer Daimler Truck to the list of sanctioned legal entities.
https://www.forbes.ru/biznes/540851-rossia-vvela-sankcii-protiv-nemeckoj-kompanii-daimler-truck
🔹 PKN Orlen SA (Poland, Energy, Oil and Gas) Status by KSE – leave
Polish oil refinery Orlen will not buy Russian oil for its Czech refinery after June 30.
https://www.reuters.com/business/energy/polands-orlen-will-no-longer-buy-russian-oil-ceo-says-2025-06-30/
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
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