Since 2022, after the start of Russia’s full-scale war against Ukraine, Russia has been rapidly losing foreign business and investment. The number of companies with foreign capital in Russia has dropped by 35.5% — down to 14,300 as of April 2026.
Despite the establishment of 1,657 new companies over the past four years, this growth has been far outweighed by massive outflows: more than 10,800 foreign-invested enterprises were liquidated during the same period. Most businesses left jurisdictions traditionally used for international investment, including Cyprus, the Seychelles, the United Kingdom, and Germany.
This trend is a direct consequence of Russia’s international isolation due to its armed aggression against Ukraine. Most developed and economically stable countries are effectively refusing to engage with the Russian market, undermining the country’s investment appeal.
Even among formally “friendly” states, activity is declining. Exceptions include a few countries, such as China, Belarus, and Uzbekistan, where a slight increase in companies has been recorded. Meanwhile, businesses from other post-Soviet countries are gradually reducing their presence in Russia.
Foreign companies have traditionally been concentrated in wholesale trade, real estate, construction, IT, and the financial sector. Today, however, almost all industries are in decline, especially catering, construction services, and consulting.
Overall, this trend confirms the irreversible processes of systemic degradation in the Russian economy: without access to international capital, technologies, and partnerships, it is losing the capacity for development and integration into global markets.
