Not only Goldman Sachs: what other businesses announced their withdrawal from Russia in April
12 May 10:56
In April 2025, seven more global corporations finally ceased operations in Russia. This is stated in the monitoring of the KSE Institute within the framework of the Self-Sanctions/Leaverussia project, "Komersant Ukrainian" reports
Among those who have finally made the right decision are representatives of the financial sector, mechanical engineering, insurance, tools, accessories, and security technologies.
What businesses have left Russia
Goldman Sachs, one of the most famous US banks, has completed the exit process, which it announced in March 2022.
HDI Global SE, a large German insurer, has completely curtailed its presence.
Caterpillar, a manufacturer of heavy machinery for construction and energy, transferred its Russian assets to a new owner.
Also leaving the market:
– japan’s YKK Group, the world’s largest manufacturer of zippers and hardware,
– german power tool brand Metabowerke,
– french IDEMIA, a security solutions provider that sells face recognition systems and other biometric identification products to private companies and governments
– american ITT Inc. which initiated the process of liquidating its business in Russia.
What other foreign companies have experienced the peculiarities of doing business in Russia
In April, two companies – Silgan Holdings and STADA – experienced partial confiscation of assets in Russia. Their businesses were placed under temporary external management in accordance with Putin’s decree, which is another tool used by the Kremlin to put pressure on foreign businesses.
Also in April, Belgian real estate developer Ghelamco agreed to sell its only asset in Russia, and Prague-based pharmaceutical company Zentiva announced its intention to withdraw from the markets of Russia and neighboring countries in the region – official details have not yet been made public.
What is the foreign business presence and presence in the Russian market?
As of the beginning of May, only 494 international companies (12%) had completely left Russia.
Almost a third (32.8% or 1,359 companies) suspended operations or announced their intention to leave.
At the same time, 2,285 companies (55.2%) still remain on the Russian market.
A detailed list of companies, their statuses and changes is available on the LeaveRussia platform. You can also check the status of brands through the Leave Russia mobile application in the App Store.
Total losses of foreign business in Russia exceeded $170 billion
According to the study “Assessment of direct losses of foreign companies in Russia: financial Impact, Market Implications and Strategic Adjustments” prepared by KSE Institute experts, the bulk of the losses are due to asset write-offs – over $167 billion. Of these, more than $57 billion is attributable to companies whose assets were confiscated by the Russian authorities and transferred to local structures or state institutions, although their market value before expropriation was estimated at about $74 billion.
Additionally, companies were forced to pay at least $3 billion in “exit taxes,” which became a mandatory condition for the sale of assets and has increased significantly since 2023.
Companies from the United States ($46 billion), Germany ($44.5 billion), the United Kingdom ($35.1 billion), France ($12.1 billion), Austria ($6.7 billion), and Finland ($5.1 billion) suffered the most.
Among the biggest losses were British Petroleum’s (BP) withdrawal from Rosneft ($25.5 billion), nationalization of Uniper ($22 billion) and Fortum ($4.07 billion), write-offs of ExxonMobil ($4 billion) and Renault ($2.4 billion), and Société Générale’s forced sale of its Russian business ($3.3 billion)
Uncertainty in US-Russian relations affects the exit process
In mid-April, the Financial Times reported that Raiffeisen Bank International, the largest Western bank still doing business in Russia, had suspended its attempts to sell its Russian unit. The reason for the halt was allegedly global uncertainty, as well as possible changes in relations between the US and Russia.
But in an official statement, the bank emphasized that “the sale process is ongoing.” At the same time, it noted that the sale is not yet formally possible, as a Russian court has previously banned transactions with the bank’s shares.
Last year, the European Central Bank ordered Raiffeisen Bank International and other European banks still operating in Russia to speed up efforts to reduce their business in the country if they cannot sell it.
