Foreign banks continuing operations in Russia generated a combined net profit of over $3.4 billion* in 2024. Despite reducing their share in the Russian banking system’s total assets to 2.72%, they accounted for 7.86% of the sector’s total profit.

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

Raiffeisenbank remained the most profitable, earning approximately $1.54 billion—equivalent to 3.53% of the total profit of Russia’s banking sector in 2024. Other significant earners included ICBC Bank ($370 million), OTP Bank ($350 million), Credit Europe Bank ($166 million), Bank of China ($144 million), and China Construction Bank ($40 million).

Despite gradually winding down activities and several banks exiting the market, foreign banks’ total profit in Russia increased by more than 15% compared to 2023. At the same time, these institutions paid approximately $1.3 billion in income taxes in 2024, continuing to significantly contribute to the budget of the aggressor state.

KSE experts underline that the banking sector remains a key revenue source for Russia, allowing the Kremlin to partially offset losses from sanctions and restricted export revenues.

According to KSE Institute, a total of 2,270 international companies are still operating in Russia, 1,358 have curtailed their operations, and 487 have fully exited the market. In the banking sector, even after official announcements to exit, the actual withdrawal process is often delayed by complex legal procedures, transaction blocks, or regulatory barriers.

In March 2025, KSE Institute identified six new completed exits of foreign companies from Russia: four liquidations (Biesterfeld, GKN, Nordson, Roland Berger) and two business sales (Aliaxis Deutschland and Sierentz Global Merchants).

Additionally, seven more liquidations of companies previously classified as exited occurred in March: CNH Industrial, Continental, Inchcape, Kingspan, Lufthansa Technik, Scania, and UPS. At the beginning of April 2025, Goldman Sachs also announced plans to sell its Russian shares to Balchug Capital.

KSE Institute calls upon foreign banks to accelerate their withdrawal from Russia, emphasizing that each dollar earned and taxed there effectively finances Russia’s war against Ukraine.

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.

*All figures were converted from Russian rubles to USD based on the 2024 average exchange rate (92.5212 RUB/USD), reflecting an 8.6% depreciation compared to 2023 (85.163 RUB/USD).