Kept Estimates How Many Companies from Unfriendly Countries Remain in Russia
Around one-third of foreign companies from so-called unfriendly countries are still operating in Russia, while 62% of companies have left the market since the start of the military actions in Ukraine as of the end of 2024, RBC reports, citing data from the audit and consulting firm Kept.
Kept tracks its own sample, which includes over 300 foreign companies. These companies are headquartered in an unfriendly country, generate at least 1 billion roubles in revenue from their Russian business, and own “significant assets” within the country.
From March 2022 to the end of 2024, 183 companies from Kept’s sample had completed their exit from the Russian market. The majority sold their assets to a Russian business (103 cases) or to local management (40 cases). In 17 instances, foreign companies exited a joint venture with a Russian partner, while 14 closed down their operations or suspended activity. Nine exit deals were carried out with a foreign buyer.
For 96 foreign companies – approximately one-third of the entire sample – there has been no public announcement of their departure from Russia. Analysts conclude that most of these firms continue normal operational activity.
An additional 19 companies, according to Kept, are currently in the process of exiting, “though this may be in doubt”. Seven foreign-owned assets were transferred to temporary state management (in some cases, such as the Italian firm Ariston in March 2025, the companies were later permitted to regain control of their Russian business).
In Kept’s view, a significant number of the ongoing transactions may ultimately not be completed – “either due to a lack of government approval or major discrepancies in the parties’ positions”. “The fate of these deals will largely depend on the further development of the geopolitical situation and changes in the sanctions and counter-sanctions regime”, the experts expect.
All sales of foreign businesses in Russia are subject to approval by the sub-commission of the Government Commission on Monitoring Foreign Investments. The sub-commission is headed by Finance Minister Anton Siluanov.