American companies are withdrawing from Russia at a slower pace than their European counterparts, according to data from the Kyiv School of Economics (KSE).
While European firms have dramatically reduced their presence in Russia, with companies from Northern Europe cutting revenues to just 2-4% of pre-war levels, American businesses still maintained 46% of their pre-war revenue in 2023, the latest data showed.
“The Russian business environment is extremely difficult, the risk of expropriation is high, and the Russian economy is not exactly thriving,” says Agathe Demarais, senior researcher at the European Council on Foreign Relations.
Revenue from US firms in Russia fell from $64 billion in 2021 to $29 billion in 2023. Despite this significant drop, KSE data indicated that one-third of the roughly 300 American companies operating in Russia before the invasion continue to do business there.
Elina Ribakova, senior researcher at the Peterson Institute for International Economics in Washington and vice president of KSE, said, “Before 2022, the environment was challenging, but money could be made. Now risks have increased dramatically, and money cannot be earned.”
Recent statements by US President Donald Trump have sparked speculation about American companies potentially returning to the Russian market. On 24 February 2025, Trump announced discussions with the Kremlin about “major economic development deals” alongside talks about “ending the war” in Ukraine.
These comments came shortly after Financial Times reported that Vladimir Putin had ordered his government to prepare for the return of Western companies to Russia. The British publication described this as “the first sign of Russia’s willingness to welcome Western companies” since the invasion of Ukraine three years ago prompted foreign businesses to flee.
Most US companies that remained in Russia have seen their revenues decline. However, there are exceptions. For instance, Mars, which increased its Russian revenue from $2.2 billion to $2.9 billion during the war. Major US energy corporations like ExxonMobil have withdrawn from Russia, writing off substantial losses.
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