Which Companies Are Still Doing Business in Russia

Why a static list does not exist

Press lists of companies still in Russia are snapshots that go stale quickly. A brand can disappear from the shelf while its parent retains a license agreement or a minority stake in a renamed Russian entity.

The typical patterns are: full exit, sale to local management, transfer to a franchise or license model, and continuation through a subsidiary with a changed name. Each leaves a different trace in the corporate registry.

This means the question of which companies are still doing business in Russia is better answered by sector and by ownership chain than by a headline list.

• Full exit: assets sold, brand withdrawn.
• Sale to local management: legal entity continues, name often changes.
• Franchise or license: brand remains, operator is Russian.
• Subsidiary continuation: same legal entity, new trading name.

Which sectors show the most foreign presence

Consumer goods, pharmaceuticals, agribusiness, industrial equipment, retail and IT are the areas where foreign participation remains most visible. The pattern is not uniform: some segments have seen new entrants from friendly countries replace departing Western brands.

Official data points to a shift in the source of investment: 75% of FDI now comes from friendly countries, compared with 25% before (UNCTAD via Izvestia, 2025). Settlements have followed: 86% of exports are settled in rubles and friendly-country currencies (Bank of Russia, 2025).

For a reader from the Gulf, China, India or the CIS, this means the competitive field is different from what a pre-2022 list would suggest. New distribution networks, local partners and payment channels have formed around friendly-country flows.

• Agriculture: foreigners cannot own agricultural land; lease terms up to 49 years are the available route.
• Border areas including Sochi, Anapa, Gelendzhik and Novorossiysk are closed to foreign land ownership.
• Strategic sectors require government approval under Law 57-FZ.
• Investors from countries designated unfriendly face special account regimes and additional approvals.

How to check whether a specific company still operates in Russia

The primary source is the Unified State Register of Legal Entities (EGRUL). An extract shows the current legal entity, its address, management and shareholders where disclosed. If a foreign parent is no longer listed, look for a successor entity or a license agreement.

Secondary checks include the company's Russian-language site, industry association membership, and local chambers of commerce. For listed entities, check the Moscow Exchange disclosure. For banks and financial firms, check the Bank of Russia register - there are 106 licensed investment platforms as of May 2026 (Bank of Russia).

Before any commercial engagement, run a compliance screen on the ownership chain. This is not optional: payment channels and counterparty banks will do the same.

• Step 1: Obtain an EGRUL extract for the Russian entity.
• Step 2: Compare shareholders and management with the foreign parent.
• Step 3: Check for license or franchise agreements in public sources.
• Step 4: Verify tax registration and any special regime status.
• Step 5: Run independent sanctions and compliance screening.

Friendly vs unfriendly jurisdiction: the two-speed reality

The answer to which companies are still doing business depends heavily on the home country of the investor. Companies from jurisdictions designated unfriendly face special account regimes and government approval requirements for many transactions. Companies from friendly countries operate under a different set of rules.

This does not mean friendly-country investors face no restrictions. Strategic sectors still require approval under Law 57-FZ. Land ownership rules still apply. But the administrative path is generally shorter.

The practical implication: a list of companies from one jurisdiction may not reflect the opportunities or constraints for an investor from another.

Where foreign companies actually sit: special regimes and contracts

Many foreign-linked companies operate inside special regimes rather than as standalone entities. Special administrative regions host 674 companies (Ministry of Economic Development, 2025). The Free Port of Vladivostok covers 2,130 projects (KRDV, 2026). The Arctic Zone has 1,000 residents with ₽1.1T declared (KRDV, Dec 2025).

Special investment contracts are another anchor: 90 such contracts with over ₽2T in declared investment (Government of Russia, 2025). These instruments often define the tax and regulatory perimeter for a foreign-linked project.

Tax parameters matter for any business case: corporate profit tax is 25%, with 0-5% in special regimes (Federal Tax Service, 2025). The standard VAT rate is 22% since 1 January 2026 (Federal Tax Service, 2026). The Bank of Russia key rate was 14% in September 2026.

What to check before partnering with a company already in Russia

A company that stayed is not automatically a suitable partner. Check whether it has changed ownership, whether its banking channels are stable, and whether its supply chain relies on re-export routes that could create compliance exposure for you.

The regulated investment platform route is one way to gain exposure without direct operational control: 106 licensed investment platforms operate under Bank of Russia supervision (May 2026). Stock market capitalisation stood at 19.5% of GDP, with a target of 66% by 2030 (Bank of Russia, Aug 2026).

Do not rely on press summaries. Obtain primary documents: EGRUL extracts, financial statements, license agreements, and a compliance opinion from a qualified adviser.

• Ownership chain: who ultimately controls the Russian entity?
• Payment channels: which banks and currencies are used?
• Re-export risk: does the supply chain touch restricted goods?
• Sector approval: does Law 57-FZ apply?
• Land and property: any closed-border restrictions?

What this means for a new entrant

The absence of a stable list is not a gap in information; it reflects a corporate landscape that reorganised itself. Many foreign brands remain as licenses and franchises, while new players from friendly countries have taken market share.

For an investor, the productive question is not who is still there but how to verify a counterparty and structure an entry that complies with Russian and home-country rules. That requires local legal and compliance work, not a directory.

Government debt at 17% of GDP (IMF WEO, 2025) and real GDP growth of +4.1% in 2023 and +4.9% in 2024 (Rosstat) are macro facts that shape the risk picture, but they do not replace due diligence on a specific company.

This is general information, not investment or legal advice.

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