Three and a half years after Russia’s full-scale invasion of Ukraine, most international companies that were active in the country at the start of 2022 are still there.
Of the 4,177 foreign firms tracked by the Kyiv School of Economics (KSE), only 503 — about 12% — have completed a full exit via sale or liquidation, while a majority continue to operate. The share has barely shifted through 2024–25.
The financial footprint remains large. In 2024, foreign businesses generated $201bn of revenue in Russia, broadly unchanged on 2023, and posted $19.5bn in net profit, the highest in three years. Their tax payments to the Russian budget totalled at least $20bn in 2024 alone, taking the cumulative figure since February 2022 to more than $60bn — a sum comparable with almost half of Russia’s planned military spending for 2025.
Companies headquartered in the United States and Germany — both major bilateral supporters of Ukraine — were among the most significant contributors. American firms accounted for about 19% of foreign-company revenue in Russia in 2024; 325 remain active, 387 have announced exits or suspensions, and 96 have completed a full withdrawal. US businesses booked $38bn of revenue and paid around $1.2bn in profit tax last year.
In Germany’s case, 248 companies (55% of the pre-war total) remain and 74 have fully left. German firms recorded roughly $19bn of revenue and paid about $594m in profit tax in 2024. Across the EU, companies earned $93.5bn and paid approximately $2.64bn; the report estimates that for every $13 in EU aid to Ukraine, one dollar in profit tax may still be paid to Russia.
By sector, fast-moving consumer goods (FMCG) remained the largest earner in 2024 with $32.7bn of revenue and $670m in profit tax. Finance and payments was the biggest single profit-tax payer at $1.28bn. Food and beverages, alcohol and tobacco together brought in $71.4bn of revenue and paid $1.67bn of profit tax. Meanwhile, as many Western brands reduced their presence, Chinese manufacturers increased market share: six of the 20 highest-earning foreign companies in Russia in 2024 were Chinese, five of them carmakers.
Among the largest profit taxpayers, 17 of the top 20 are headquartered in G7 or EU states. US groups dominate consumer segments — tobacco, food and beverages, and FMCG — while European retailers and manufacturers remain present at scale, even as Chinese automakers fill gaps left by departing brands.
Banking profits illustrate the trend. Foreign banks remaining in Russia earned more than $3.4bn in 2024, up about 15% year on year. Austria’s Raiffeisenbank was again the largest single earner, with roughly $1.54bn of profit. Other profit-makers included China’s ICBC ($370m) and Bank of China ($144m), and Hungary’s OTP ($350m).
Several consumer-facing multinationals have adjusted operations rather than leaving. PepsiCo curtailed some beverages in 2022 but expanded snacks capacity, opening a new plant near Novosibirsk in April 2024. Coca-Cola ceased direct operations in 2022, but in 2024 filed to renew core trademarks in Russia to protect intellectual property, while its former bottler’s unit, Multon Partners, grew sales of “Dobry Cola” and quadrupled profits in 2023. Campaigners say Mondelez International removed online statements about separating its Russian business; the company has not reported a completed divestment.
Transparency has diminished. Of the 100 largest foreign companies operating in Russia in 2021, 86 published local financials in 2023; in 2024 that number fell to 43. KSE notes that smaller firms have continued to report broadly as before, suggesting selective disclosure among large groups.
The exit picture has moved only gradually since mid-2022. KSE’s tracker shows roughly 55% of the original cohort still trading in Russia, while about a third have suspended operations or declared plans to leave but not completed a sale or liquidation. Aggregate revenue for foreign companies fell from around $320bn in 2021 to about $198bn in 2023, before stabilising near $201bn in 2024.
The overall picture is consistent: despite a partial retrenchment and tighter sanctions, Russia remains an important market for many multinationals, and the associated tax receipts are sizeable.
