In 2023, the largest international corporations and banks that remain in Russia paid approximately $1.78 billion in corporate income taxes alone. Among these companies are Raiffeisen Bank, Chery Automobile, Philip Morris, Japan Tobacco International, UniCredit Bank, Pepsi, and other major players.

These findings come from the monitoring conducted by the KSE Institute as part of the “SelfSanctions / LeaveRussia” project, which examines the impact of foreign business exits on the Russian economy. 

Last year, the top 10 companies paid $1.78 billion in corporate income tax, an increase of $175 million compared to 2022. This list includes Raiffeisen Bank ($491 million), Chery Automobile ($222 million), Philip Morris ($220 million), Japan Tobacco International ($182 million), UniCredit Bank ($154 million), Pepsi ($135 million), Leroy Merlin (estimated $125 million), Mars (estimated $99 million), Uniper SE (company was nationalized, $79 million), and OTP Bank ($69 million).

“Despite the Russian government’s concealment of macroeconomic data, we estimate that foreign companies pay about $20 billion in taxes annually. Although their numbers are decreasing, the overall amount of taxes paid continues to rise due to increased tax pressure and higher tax rates,“ said Andrii Onopriienko, Deputy Director for Development at KSE and head of the Leave-Russia.org project.

According to KSE estimates, around 1,000 foreign companies that have disclosed their financial statements paid $6.4 billion in corporate income taxes in 2023, an increase of $200 million compared to 2022.

In total, 2,139 international companies continue to operate in Russia, 1,349 are scaling back their operations, and 417 have fully exited the country.

In July 2024, another 5 companies completed their exit from the Russian market through liquidation. These include Banijay Group, Candy, Fujitsu, UPS, and YouScan. Meanwhile, three companies sold their businesses: Knorr-Bremse, Osram Licht AG, and Roshen (whose shares were seized and nationalized).