While most Western companies are willing to leave the country, or have already, several hundred stayed in Russia after Kremlin chief Vladimir Putin launched his full-scale invasion of Ukraine in 2022. Late last year, Lufthansa Technik and Carlsberg left the Russian market.
Out of the 1,600 companies that the researchers looked at, more than 900 are from G7 countries that all support Ukraine politically, financially and militarily: “The 930 G7 and EU firms were the top profit taxpayers in Russia, with 16 of the top 20 contributors coming from these nations,” the report says.
Narrowing down to the EU, the report counts no less than 827 firms. Put together, they “generated $81.4 billion (€79 billion) in revenues, down from $111.4 billion in 2022, but their profit tax contributions held steady at $3 billion,” says the report, titled “Corporate Enablers of Russia’s War in Ukraine”.
France’s Mulliez family also remains heavily exposed to Russia. Its retail properties Leroy Merlin and supermarket chain Auchan rank as the No. 3 and No. 7 by Russian-origin revenue in 2023.
A spokesperson for Leroy Merlin pointed out that the holding company ADEO had transferred the ownership of its Russian branch to local management as of late 2023. Auchan did not immediately respond to a request for comment.
The top 20 further comprises food conglomerates like Nestlé, Mars and Pepsi, along with German retailers Metro and Globus. Chinese companies include automotive players like Haval and its owner Great Wall Motors, but also Chery, Volvo-owner Geely, FAW and Changan.
Corporate profit tax will rise this year in Russia, to 25 percent from 20 percent, meaning the contribution from Western companies might trend upward even more.
