In 2023, the top 10 companies in Russia generated more than $46 billion in revenue — KSE Institute research

5 July 2024

In the third year of the full-scale invasion, only 409 foreign companies left the Russian market. In June, the American machine-building company John Deere and the mobile video game developer Playrix were added to this list. At the same time, the TOP-10 companies, namely such giants as Philip Morris, Japan Tobacco International, Pepsi, and others, managed to earn more than $46 billion last year.

These findings are part of the KSE Institute’s regular digest under the Self-Sanctions/LeaveRussia project, examining the repercussions of foreign business withdrawals on the Russian economy.

According to experts at the Kyiv School of Economics, in 2023, the largest international companies alone earned more than $46.7 billion in revenue in Russia, including: Philip Morris ($6.933 billion), Japan Tobacco International ($6.733 billion), Chery Automobile ($6.531 billion), Leroy Merlin (estimated $6.430 billion), Pepsi ($4.165 billion), Haval Motor ($3.793 billion), Auchan ($3.270 billion), Raiffeisen Bank ($3.052 billion), Mars (estimated $2.941 billion), and Nestle (estimated $2.847 billion).

Moreover, some companies and banks were even able to generate even more revenue in 2023 than in 2022. For example, Chery Automobile (+$4.377 billion), Haval Motor (+$2.584 billion), Raiffeisen Bank (+$937 million), and Mars (+$295 million).

In total, according to KSE, 2085 international companies remain in Russia 2085 international companies, another 1344 businesses are “leaving” by winding down their operations, and only 409 have finally completed their exit from Russia.

In June 2024, four companies were added to this list, liquidating their businesses: Leica Camera AG, NXP Semiconductors, Playrix, Texas Instruments. Nine companies also sold their businesses: Dialog Axiata, Doka GmbH, Euler Hermes, Global Spirits, Grundfos, HSE (Home Shopping Europe), John Deere, Wirtgen-International-Service, and Yusen Logistics.