Making a killing: The Western companies that gained the most by staying in Russia after the invasion of Ukraine

Donald Trump has been busy of late, resuming official contact with Vladimr Putin and kicking up a scandal with Volodymyr Zelensky in the Oval Office. The American president’s actions have only further fueled discussions about the possibility of lifting sanctions, and several Western brands are showing increasing interest in returning to Russia. Russian media fueled speculation that Inditex — the Spanish fashion giant behind Zara, Bershka, Pull & Bear, and Stradivarius — was planning a comeback. The report about Inditex was later debunked, but South Korea’s Hyundai Motors appears more serious about resuming business, while Renault is also considering a return. Samsung, which suspended direct shipments, has already ramped up its advertising budget to promote smartphones in Russia.

The financial impact on Western companies that exited Russia varies, but for some, foregone revenues are counted in tens of billions of dollars. Russian officials claim that American businesses that exited the country have lost $300 billion over three years of war, while European companies lost an estimated €100 billion in just 18 months, according to the Financial Times. Some companies, however, chose to stay and avoid such losses. The Coca-Cola Hellenic Bottling Company, for example, continues to profit in Russia through its subsidiary “Multon Partners,” which produces “Dobry Cola” (lit. “Kind Cola”) while retaining trademarks for Coca-Cola, Sprite, and Fanta — brands it officially withdrew from the market.

The number of foreign-owned companies in Russia dropped from 29,000 in March 2021 to 19,000 by March 2024, according to a Kommersant report citing Kontur.Fokus research. However, The Insider’s analysis of SPARK-Interfax data suggests that as of early 2025, 14,200 companies in Russia had owners from Western nations, or 11,600 when excluding Cyprus-based parent companies (detailed methodology below).