In 2025, 80 companies exited the Russian market, bringing the total number of international companies that have fully left Russia since the 2022 invasion of Ukraine to 547. This exodus is largely attributed to Moscow’s escalating practice of forcibly seizing foreign-owned businesses, a strategy believed to fund its war efforts and offset budget deficits caused by Western sanctions.
According to an analysis by the Kyiv School of Economics (KSE) Institute, this represents 12.8% of the international companies originally operating in Russia. While over 12% of foreign companies have completely withdrawn, approximately 32% have suspended operations or announced plans to leave. Conversely, more than 55% of international businesses continue to maintain their presence and operations within the Russian market.
The period between October and December saw 21 new full exits, comprising 11 business sales, nine liquidations, and one instance of asset seizure. Notable exits include the German Allianz insurance group, the Finnish Nokia telecoms firm, and the U.S. financial giant Citibank. Additionally, Baring Vostok Capital Partners, one of Russia’s oldest foreign investment firms, underwent a restructuring in 2025, transforming into a Russian legal entity, Ozon Holdings, effectively formalizing the loss of control for its foreign owners.
More recently, in mid-January 2026, the Russian assets of Danish thermal insulation manufacturer Rockwool, valued at an estimated €469 million, were transferred to Russian-controlled entities. Similar measures were also applied to the assets of CanPack, a prominent Polish-American producer of metal beverage packaging.
About the Author
