Last year, foreign business giants paid billions in taxes to the Russian Federation’s budget.

In 2023, the ten largest international corporations and banks still remaining in Russia paid approximately $1.78B in income tax to the Russian Federation. Among them are Raiffeisen Bank, Chery Automobile, Philip Morris, Japan Tobacco International, Nestle, UniCredit Bank, and Pepsi, according to KSE research. “Despite the fact that the Russian authorities hide macroeconomic data, we estimate that foreign companies pay about $20B in taxes annually. Although their number is decreasing, the total amount of taxes paid continues to grow due to increased tax pressure and higher tax rates,” KSE said. Analysts estimate that approximately 1,000 foreign companies that disclosed their financial statements paid $6.4B in income tax in 2023, which is $200M more from 2022. In total, 2,139 international companies continue operating in Russia, and 417 have already left the country.