At least seven foreign companies exited the Russian market in April 2025 through liquidations and business sales, bringing the total number of corporate exits since the start of Russia’s full-scale invasion of Ukraine to 494, the Kyiv School of Economics (KSE) Institute said in a report.
Four companies sold their Russian businesses last month, while three more were liquidated. Among the liquidated or liquidating companies were France-based identity technology firm IDEMIA, U.S. manufacturer ITT Inc., and Japan’s YKK Group, a leading zipper producer.
The reported sales included U.S. heavy equipment maker Caterpillar, which finalized its exit in 2024 but was officially recorded in April. Most of its Russian assets were transferred to a firm owned by an Armenian fund. U.S. investment bank Goldman Sachs also completed the sale of its Russian banking operations to CJSC Balchug Capital on April 23.
German insurer HDI Global SE sold its Russian business to a partner from local consultancy Russia Partners. The subsidiary has since rebranded as SK Ganza. German toolmaker Metabowerke also completed a sale, KSE said.
Meanwhile, the report noted two additional instances of what it described as asset seizures by the Russian state. Pharmaceutical company STADA had its local subsidiary Nizhpharm placed under temporary management by a state-appointed Russian entity. Separately, Russian assets of Silgan Metal Packaging, part of U.S.-Austrian group Silgan Holdings, came under control of an entity owned by the Republic of Adygea.
Any company still operating in Russia risks asset seizures and complicity in the Kremlin’s escalating war crimes in Ukraine. B4Ukraine urges all remaining firms to cut their losses and exit the market of the aggressor state without delay.