Nearly 62% of Western companies left Russia after the war began, but energy giants are considering a return after sanctions are lifted.

Over the three years of Russia’s full-scale war against Ukraine, 62% of companies from “unfriendly” countries have exited Russia, according to Kept, a consulting firm. This total includes more than 300 foreign companies that had “significant assets” in Russia and revenues exceeding ₽1B. Of these, 183 completed their exit from the Russian market by the end of 2024.

The most prevalent decisions to leave Russia were made by companies from Northern Europe, with a share of 94%. Among firms from the US, Germany, France, and the UK, the percentage that left Russia ranges from 59% to 67%. The highest exit rate was recorded by companies from Canada, Australia, and New Zealand, where it reached 100%. The countries with the fewest companies that chose to leave Russia were from Austria (50%), Switzerland (38%), Italy (22%), and Belgium. Additionally, 96 foreign companies continue normal operations in Russia.

Meanwhile, several of the world’s largest energy traders are contemplating a return to the Russian market after the complete lifting of sanctions, as announced by the Gunvor Group, Mercuria Energy Group, and Trafigura Group.