Russia continues its practice of forced seizures of foreign assets, extending it to companies with long-standing operations in the Russian market. Recent examples include the assets of Rockwool and CanPack, as well as the restructuring of the previously confiscated business of Baring Vostok Capital Partners, the oldest foreign investment firm operating in Russia. In total, 80 companies left the Russian market in 2025, bringing the number of international companies that have fully exited Russia since the start of the full-scale invasion to 547.

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.

In mid-January 2026, the Russian assets of Rockwool, a Danish manufacturer of thermal insulation materials, were transferred to Russian-controlled entities under decisions adopted by Russian authorities in late 2025. Similar measures were applied to the assets of CanPack, a Polish–American producer of metal beverage packaging, whose Russian operations were also placed under Russian control. All relevant decisions entered into force on January 13, 2026.

A separate development concerns Baring Vostok Capital Partners, an investment firm that has operated in Russia since the 1990s and specialized in private equity investments across the financial, consumer, and technology sectors. Its previously confiscated business was restructured into a Russian legal entity, Ozon Holdings, effectively formalizing the loss of control by foreign owners.

Meanwhile, in November 2025, the Russian subsidiary of the U.S. financial group Citigroup — Citibank — began the final stage of its exit from the Russian market. Operating in corporate and retail banking, the bank wrote off outstanding loans for approximately 1,000 clients as part of preparations to wind down its activities and announced the cessation of operations in Russia. Its Russian subsidiary is expected to be sold to the financial group Renaissance Capital; the transaction value has not been disclosed, and completion is expected in the first half of 2026.

Between October and December 2025, KSE Institute recorded 21 new full exits of foreign companies from Russia, including 11 business sales, nine liquidations, and one case of asset seizure. 

Companies that completed liquidation during this period include Anecoop, a Spanish agri-food cooperative; Generix Group, a French developer of software for logistics and retail; Kronospan, an Austrian manufacturer of wood-based panels and building materials; Makrochem SA, a Polish chemical company; Nokia, a Finnish telecommunications and information technology corporation; NSH Group, an international machine tool manufacturer; Rittal, a German producer of industrial electrical systems; Roland Corporation, a Japanese manufacturer of electronic musical instruments; as well as METAProactive.

Business sales recorded during the same period include ABB, a Swiss–Swedish company specializing in electrical engineering and industrial automation; Allianz, a German insurance group; Amalva Group, a Lithuanian manufacturer of ventilation equipment; Dentsu International, a Japanese advertising and communications group; Grupo Antolín, a Spanish manufacturer of automotive components; Krewel Meuselbach, a German pharmaceutical company; Teleperformance, a French contact center operator; TVH Parts NV, a Belgian supplier of industrial machinery spare parts; as well as German companies VLG.FILM, STO SE & Co. KGaA, and the industrial group Preiss-Daimler.

As of January 2026, only 547 international companies (12.8%) have fully exited Russia. Around 32% have suspended operations or announced plans to leave, while more than 55% continue to operate in the Russian market.

A detailed list of companies, their statuses, and recent updates can be accessed on the LeaveRussia platform. 

The next review of deals for January-March and data for the first quarter will be released in early April 2026.