Following Russia’s full-scale invasion of Ukraine in 2022, many Western businesses quickly withdrew from the Russian market. Despite speculation in Moscow about their possible return, there is little evidence to suggest that these companies have any plans to resume operations in the country.
A report by The Bell found that none of the 21 foreign companies that responded to a recent survey had intentions of re-entering Russia. In total, more than 60 major businesses were contacted, but the majority did not reply.
Russian authorities have been pushing the idea that foreign firms may return, particularly as relations with the new United States administration develop. However, officials have warned that any company attempting to re-establish itself should not expect special treatment.
Among those that provided a clear response, Finnish tyre manufacturer Nokian Tyres, Latvian electronics distributor ELKO Group, Dutch telecommunications firm VEON, Swedish retail giant IKEA, German chemical company Henkel, Japanese automaker Nissan, French sporting goods retailer Decathlon, and German energy firm Wintershall Dea all confirmed they had no plans to return to Russia.
Some companies, such as United States-based Baker Hughes and Otis, along with German engineering firm Bosch, stated that they were observing the situation but did not indicate any concrete steps towards a return.
Other major corporations, including Apple, Microsoft, Inditex (which owns Zara and Massimo Dutti), Uniqlo, Starbucks, Ford, Visa, and Mastercard, declined to comment on their intentions.
Western businesses that left Russia following the invasion have largely focused on securing alternative markets and reinforcing their presence in more stable regions. The risks of operating in Russia remain significant, with concerns over legal uncertainty, potential asset seizures, and the reputational damage associated with doing business in a country widely condemned for its aggression against Ukraine.
Meanwhile, Russia has attempted to downplay the economic impact of these departures, often replacing former Western brands with domestic or Chinese alternatives. However, these substitutes have failed to match the quality and reliability of the original products, leaving many Russian consumers frustrated.
International sanctions continue to limit Russia’s access to technology, financial services, and high-quality goods, further discouraging Western companies from considering a return. The economic consequences of Moscow’s invasion have made Russia a far less attractive market for global businesses, and despite Russian hopes, there are no clear signs that foreign firms are planning to reinvest in the country.
