Over 60% of Western Companies Have Left Russia Since Start of Full-Scale Invasion of Ukraine

Approximately 62% of western companies with significant assets in Russia have exited the Russian market since the beginning of the full-scale invasion of Ukraine in 2022, according to a new analysis by the Russian consulting firm Kept on March 25.

The report includes more than 300 foreign businesses with revenue of at least $11 million and notable operations in Russia.

By the end of 2024, 183 companies had completed their exit. The majority transferred their Russian assets to domestic buyers (103 cases) or local management teams (40 cases).

In 17 cases, foreign partners withdrew from joint ventures with Russian firms, while 14 companies either ceased operations or suspended business activities. Nine transactions were completed with foreign buyers.

Among larger economies, exit rates varied: 67% for Germany, 63% for the United Kingdom, 61% for France, and 59% for the United States. Meanwhile, companies from Canada, Australia, and New Zealand showed a complete withdrawal (100%).

Companies from Northern Europe accounted for the highest exit rate, with 94% of the firms in this category having left Russia. All 20 Finnish companies included in the analysis exited the market, alongside 13 of 15 Swedish firms. Businesses from Norway and Iceland recorded a 100% exit rate. Denmark followed with 74%.

Read more

Category

Opinion

Why Firms That Choose to Return to Russia Will Lose Their Money and Reputations

Mar 12, 2025 13:42

Fewer companies left from Austria (50%), Switzerland (38%), Belgium (20%), and Italy (22%). The share of Italian companies involved in ongoing exit discussions could bring the total up to 39%.

Kept reports that 96 companies—approximately one-third of the sample—remain in Russia and continue normal operations. Another 19 are in the process of exiting, while seven companies had their assets transferred to state control. These include AB InBev’s joint venture with Efes, Italy’s Ariston, and US-based NCH Capital’s agricultural firm Agroterra.

The overall share of companies that exited increased from 55% in 2023 to 62% in 2024. Meanwhile, 68.5% had made the decision to exit, up from 64% the previous year. Only 6% of companies remain in the process of selling their assets, with many transactions stalled due to regulatory hurdles or unresolved negotiations.

In 2024, Kept recorded 59 transactions totaling around $4.5 billion—down 45% in volume and 54% in value compared to 2023. According to Kept, the decline was driven by stricter regulatory requirements and higher exit costs.

The report also highlighted external pressure from Western regulators as a factor complicating foreign exits. Increased sanctions and banking restrictions reduced the availability of cross-border payment channels, leading companies to rely on alternative methods involving banks from CIS countries and intermediaries.

Kept noted that even in early 2025, some new exits continued. For instance, Swedish company Autoliv finalized the sale of its Russian operations, and more deals are expected in the near term.

Earlier, French retail giant Auchan reportedly began final-stage negotiations to sell its Russian subsidiary, according to La Lettre. The company, which operates 94 hypermarkets and 138 supermarkets in Russia, was one of the last major French retailers to remain in the country despite the war in Ukraine.