In February 2025, eight international companies completed their exits from the Russian market, either by selling or liquidating their assets, while three state-led business seizures occurred, according to monitoring by the KSE Institute.
The most recent complete exits include Celanese, an American technology and specialty materials company; Konecranes, a Finnish manufacturer of lifting equipment; Trelleborg, a Swedish engineering firm; Autoliv, a Swedish automotive supplier; Rehau, a Swiss polymer solutions provider; Tikkurila, a Finnish paint manufacturer; UPM, a Finnish woodworking company; and Vinci SA, a French construction giant.
Additionally, in February, the assets of Raven Russia, owned by the UK-based Raven Property Group Limited, were seized and transferred to the state. The company’s assets, valued at approximately $2 billion and consisting of warehouses and transport terminals, were part of the seizure. Assets from two other companies were partially seized through court rulings: Bayadera Group, the largest Ukrainian alcohol company, and Pratt & Whitney, the American aircraft engine manufacturer, KSE Institute reports.
Since 2022, at least 30 companies have fallen victim to forced asset seizures in Russia, including Carlsberg, Danone, Fortum, Wintershall Dea, Uniper, and ExxonMobil. The total losses of companies whose assets were seized amount to more than $57 billion, with their Russian assets valued at approximately $74 billion.
This means that any company still operating in Russia or choosing to return is gambling with its investments, exposing itself to the risk of sudden expropriation and the whims of an authoritarian state that views Western firms as expendable. Additionally, it risks becoming complicit in financing and sustaining Russia’s war.