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Companies from “unfriendly” states that exited Russia or suspended operations in the country lost more than $610 bn in revenue and at least $16 bn in net profit between 2022 and 2025, according to calculations by Vedomosti.

The newspaper analyzed 4,265 foreign companies operating in Russia. Of these, 1,915 firms either left or suspended operations, while 2,350 continued to operate. Among companies from "unfriendly" countries, 1,820 out of 3,420 exited or suspended activities. Annual financial disclosures from 1,320 companies allowed Vedomosti to estimate the scale of losses.

Companies from "unfriendly" countries generated more than $280 bn in revenue in Russia in 2021. This fell to $173 bn in 2022, $130 bn in 2023, $103 bn in 2024, and remained roughly at the same level in 2025 – the shortfall relative to 2021 averages about $153 bn a year.

Net profit losses over the four-year period amounted to at least $16 billion. Companies that exited recorded a net loss of $26 billion, while those that stayed posted a $10 billion net profit, Vedomosti notes.

Sixty-nine out of the top 100 largest companies have exited or suspended operations in Russia. Across the top 100 total revenue losses for 2022–2025 averaged $87 billion.

The cost of leaving Russia can be measured in several ways—based on direct asset write-downs, discounted sales of business, transfers to the state, “exit taxes”, or lost revenue and profits, the paper noted. For example, Nikolai Gapenko of the Russian Presidential Academy of National Economy and Public Administration, has previously estimated the decline in assets and loss of profits for European companies at €300–400 bn by early 2026. According to Dmitry Plotnikov, partner at Yakov & Partners law firm, cumulative losses could reach $500 billion by the end of 2025.

 Kirill Dmitriev, the president’s special representative for investment and economic cooperation with foreign countries and head of the Russian Direct Investment Fund (RDIF), said in February 2025 at a meeting with Donald Trump’s team members that American companies alone had lost $324 billion after withdrawing from Russia.

Estimates by the Center for Strategic Research (CSR) show that nearly one in four foreign companies exited Russia “irresponsibly,” effectively precluding their return. The CSR placed 21% of the 1,645 companies it analyzed— or 23% of those that left — on a “red list” of firms showing “clear signs” of unfriendly behavior, including aggressive rhetoric.