At the beginning of the Russian invasion of Ukraine KSE Institute launched an analytical project, which was named “SelfSanctions”, aimed to collect data on foreign companies operating in the Russian market and limiting or terminating their activities.

The database contains a lot of information, we collect daily statistics on changes in the status of foreign companies operating/operated in the Russian market and limiting or terminating their activities.

KSE DATABASE SNAPSHOT as of 03.07.2024

Number of the companies that continue Russian operations (KSE’s status «stay»¹) – 2 085 (-90 per month)

Number of the companies that have curtailed Russian operations (KSE’s status «leave») – 1 344 (+113 per month)

Number of the companies that completed withdrawal from Russia (KSE’s status “exited”) – 409 (+13 per month)

As of July 3, 2024, we have identified about 3,838 companies, organizations and their brands from 103 countries and 58 industries and analysed their position on the Russian market.

About 40% of them are public ones, for ~1 583 public groups of companies, we also identified (where it was possible) their operating business in Russia (the presence of a controlling stake in a legal entity and revenue received) and found the data for 2021 before invasion was started, which allowed us to calculate the value of capital invested in the country (about $194.1bn), local revenue (about $317.8bn), local assets (about $342.5bn) as well as staff (about 1.447mn people) and taxes paid (about $25.6bn). 

1,344 foreign companies have suspended or ceased operations in Russia. Also, we added information about 409 companies that have completed the sale/liquidation of their business in Russia based on the information collected from the official registers (4 full business liquidations and 9 business sales took place in June 2024).

As can be seen from the tables below, as of July 3, 2024, 409 companies which had already completely exited from the Russian Federation, in 2021 had at least 554,500 personnel, $100.2 bn in annual revenue, $48.1bn in capital and $79.4bn in assets; companies, that declared a complete withdrawal from Russia had 218,600 personnel, $46.4bn in revenues, $21.6bn in capital and $38.1bn in assets; companies that suspended operations on the Russian market had 124,100 personnel, annual revenue of $36.4bn, $42.7bn in capital and $103.2bn in assets.

If since the beginning of the Russian invasion of Ukraine, the percentage of companies that closed operations in Russia has risen sharply by mid-April 2022, in the last 22 months the ratio of those who leave or stay is virtually unchanged, although we still see a periodic increase in the share of those companies that remain in the Russian market (by adding new companies to the database, 36 were added in June 2024).

However, if to operate with the total numbers in KSE database, about 35.0% of foreign companies have already announced their withdrawal from the Russian market or suspended their activity, but another 54.3% are still remaining in the country and only 10.7% made a complete exit.

At the same time, it is difficult not to overestimate the impact on the Russian economy of 409 companies that completely left the country, since in 2021 they employed 38.3% of the personnel employed in foreign companies, the companies owned about 23.2% of the assets, had 24.8% of capital invested by foreign companies, and in 2021 they generated revenue of $100.2bn or 31.5% of total revenue and paid ~$5.28bn of taxes or 20.7% of total taxes paid by the companies observed. Data on 1,583 TOP companies is presented in the table above.

The Kyiv School of Economics (KSE) is a bne IntelliNews media partner and a leading source of economic analysis and information on Ukraine. This content originally appeared on the KSE website.