Despite the war and asset seizures: why most foreign companies have not left Russia
4 February 17:30
In 2025, another 80 international companies left the Russian market, and since the start of Russia’s full-scale invasion of Ukraine, the number has risen to 547. At the same time, the practice of forcibly seizing foreign assets in Russia not only continues but is expanding. This is stated in an analysis by the KSE Institute as part of the LeaveRussia project, reports "Komersant Ukrainian".
Forced control instead of exit
In early 2026, the Russian authorities effectively transferred the assets of two foreign manufacturers, Denmark’s Rockwool and Poland-US CanPack, to the control of local structures. Both companies had been operating in the Russian market for years, but the decision on “temporary management” of their assets took effect without the consent of the owners.
KSE analysts note that these cases indicate a new phase in the Kremlin’s policy — from pressure to exit to the direct redistribution of foreign property in favor of Russian companies.
The symbolic case of Baring Vostok
Special attention in the monitoring is paid to Baring Vostok Capital Partners, the oldest foreign investment company in Russia. Its business, which had been confiscated earlier, was finally restructured into a Russian legal entity in 2025. This effectively cemented the complete loss of control by foreign investors and sent a signal to the rest of Western capital.
Managed exit instead of confiscation
Not all companies faced direct asset seizures. At the end of 2025, Citigroup completed preparations for a complete exit from Russia: its subsidiary Citibank wrote off problem loans and announced the winding up of its operations. The sale of the Russian subsidiary’s assets is expected in the first half of 2026.
This case demonstrates that large financial groups are trying to minimize losses while exit is still possible in a controlled format.
Who is leaving and who is staying
According to the KSE Institute, 21 new complete exits from the Russian market were recorded in October–December 2025. Some companies liquidated their businesses, while others sold their assets to local or “friendly” investors.
However, despite sanctions and risks, more than half of international companies continue to operate in Russia. Analysts explain this by the complexity of withdrawal, the threat of asset loss, and the lack of clear legal mechanisms to protect investors.
What this means for the Russian economy
KSE experts emphasize that forced seizures may temporarily support certain Russian industries, but at the same time reinforce Russia’s reputation as a jurisdiction with high political and legal risks. This reduces the chances of foreign investment returning even after the war ends.
