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In 2025, there were just 23 deals involving foreign investors exiting Russia, the lowest number in recent years. This figure was reported by RBC, citing an analysis by Kept consultants.

According to Kept, out of a total of 401 M&A transactions in 2023, 111 involved foreigners exiting the market, while out of 376 transactions in 2024 that number was 63. In 2025, the number of transactions involving foreign departures from Russia hit a low of 23, representing less than 8% of the total transactions for the year, Kept notes.

The exodus of foreign companies from Russia has been in gradual decline since 2022, due to both a dwindling pool of relevant companies (those who really wanted to exit did so in the first year) and tighter conditions for conducting such transactions. Pulling off a transaction like this now requires getting permission from a government commission, paying the treasury 35% of the asset's market value, and selling at a discount of at least 60%.

A total of 290 M&A deals were concluded on the Russian market in 2025, with an overall value of $27.6 billion. These, Kept points out, are the lowest figures since the company began preparing its annual M&A reviews back in 2005.

Kept believes that the largest factor contributing to the market contraction was the continued slowdown in foreign exits. "For a while, these deals partially offset the lacklustre activity in other market segments, but now they are losing relevance due to the complexity and tightening of conditions for foreign companies to leave," the Kept experts explain. As for domestic transactions (where both buyer and seller are Russian entities), the Bank of Russia's high Key Rate has become an obstacle, the consulting company believes.