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More than 1,600 companies with foreign capital have been established in Russia since 2022, according to a study by Kontur.Focus. The report says 1,657 such companies were registered between 2022 and Q1 2026, including 421 from post-Soviet states and 1,236 from other countries.

In 2025, the largest number of new businesses with foreign participation came from China (117 companies), followed by Hong Kong (24), the United Arab Emirates (16), Turkey (12) and India (6).

At the same time, the overall number of existing companies with foreign capital in Russia has fallen sharply. Since 2022, it has declined by 7,850 entities, or 35.5%, to 14,273 as of April 2026. Cyprus remains the largest source of foreign corporate presence in Russia, with 2,485 companies, followed by Germany (1,223), China (1,027), the Seychelles (985) and the United Kingdom (874). Of these, only China has recorded growth over the period, with the number of companies rising by 32.2%.

The overall decline reflects a wave of company closures outpacing new registrations across both post-Soviet and other jurisdictions. In 2025, the highest number of closures involved companies linked to Cyprus (249), the Seychelles (231), the United Kingdom (179), Germany (100) and Belize (70).

Among post-Soviet states, Kyrgyzstan saw the steepest drop, with the number of companies falling by 45.8%, or 114 entities. Kontur.Focus attributes this to the country’s logistical advantages, its membership in the Eurasian Economic Union, and a more favourable tax regime compared with Russia.

The number of companies with Armenian capital has also declined, falling by 100, or 38.9%, since 2022. Among CIS countries, only Belarus and Uzbekistan recorded growth, with the number of companies rising to 424 (+4.2%) and 126 (+5.9%), respectively.