More than 300 American companies still maintain operations in Russia after four years of war in Ukraine

Four years after a wave of foreign businesses left Russia because of the war in Ukraine, more than 300 American companies still maintain a presence here.

In an interview with TASS news agency on September 4 on the sidelines of the Eastern Economic Forum (EEF), Russian Presidential Advisor Anton Kobyakov said more than 300 American companies are still doing business here and they have no plans to leave this market.

"More than 300 American companies are still present in the Russian market, despite Washington's direct ban or attempts to prevent them from doing so," he said. According to Kobyakov, Western investors still maintain contact with Russia and some businesses continue to cooperate with Moscow.

"No one wants to leave. Everyone understands the value of such communication channels and knows their business benefits," he said. He also affirmed that the Russian government does not create obstacles for businesses that decide to stay in the country. They are treated equally as Russian companies and are considered the entities running the economy.

The war between Russia and Ukraine broke out in February 2022, sparking a wave of Western businesses to leave Russia afterward. To date, more than 1,000 foreign businesses have withdrawn operations or reduced the scale of business in Russia, according to data from the Yale School of Management.

Some sell assets here or transfer management to current leaders. Others, such as the car company Renault, the fast food chain McDonald's or the glue company Henkel, signed an agreement to leave, but could later buy back assets in Russia.

Currently, many large American companies such as Apple, Goldman Sachs and MasterCard are no longer present here. However, French retail giant Auchan or consumer goods giants Nestle and P&G still maintain operations. A Reuters statistic in early 2024 based on reports from companies showed that foreign businesses lost more than 107 billion USD because of leaving this market.