Companies that Left Russia Amid Military Operation Miss Out on Over $610 Billion in Revenue

10:14; 25 March 2026 year

### Companies from Western Countries Lost Over $610 Billion in Russian Market Since 2022 Between 2022 and 2025, companies from Western countries that left the Russian market have lost more than $610 billion in revenue and at least $16 billion in net profit, according to an analysis by the Russian business daily "Vedomosti". In 2021, these companies earned over $280 billion in Russia, but their annual revenues dropped by an average of $153 billion in the following four years. Before the start of the special military operation (SVO) in Ukraine, there were 3,400 companies from Western countries operating in Russia. After 2022, 1,800 of them left or suspended their operations, with 1,300 companies disclosing their financial data, which formed the basis for the revenue analysis. American companies were the most likely to leave the Russian market, with only 38% continuing their operations. Among European companies, 48% continue to operate in Russia. The breakdown by country shows that 13% of Irish companies, 19% of Finnish companies, 22% of Norwegian companies, and 25% of Swedish companies remain active. Companies from Greece, Slovenia, Slovakia, Hungary, and Italy have the highest retention rates, with more than 70% continuing their activities in Russia. The biggest revenue losses were recorded by car manufacturers ($215 billion), consumer goods companies ($115 billion), and electronics producers ($94 billion). Financial sector companies lost over $28 billion, while IT and telecom companies lost $21 billion. In contrast, companies from friendly countries doubled their assets and revenue during the same period, with revenues exceeding $42 billion in 2024.

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