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As Forbes notes, the reason lies not only in commercial interests but also in the restrictions imposed by Russian authorities on the sale of foreign assets.
The exit proved more difficult than promised
After the war began, hundreds of international companies announced they were ceasing operations or selling their businesses in Russia. However, not all of them managed to carry out these plans.
Forbes cites the AB InBev brewing group as one of the most telling examples. The company made two attempts to sell its stake in a joint venture with Turkey’s Anadolu Efes, but neither deal received approval from Russian authorities. Later, management of the Russian business was transferred to a local entity, while the foreign shareholder retained ownership.
According to the publication, other international corporations have faced similar challenges. Among them are Nestlé, PepsiCo, and Burger King, which announced a scaling back of their operations after 2022 but have not completely exited the Russian market.
Political Decisions and Economic Reality
Over the past few years, Russia has significantly tightened the conditions for the sale of assets by companies from so-called “unfriendly” countries. In addition to mandatory approvals, special requirements regarding transaction terms were introduced, and in some cases, foreign investors’ assets were placed under temporary state administration.
This has significantly complicated the exit process even for companies that have publicly announced their intention to leave the market, notes Forbes.
At the same time, international research projects continue to document a decline in the presence of foreign businesses in Russia. According to monitoring data from the Kyiv School of Economics, by mid-July 2026, 565 foreign companies had fully exited the Russian market, while more than 1,300 additional companies had ceased operations or announced their complete withdrawal.
Reputational risks persist
Forbes notes that the continued presence of international brands in Russia raises questions from investors, civil society organizations, and supporters of sanctions policies.
Critics argue that paying taxes and maintaining business operations indirectly support the Russian economy, while the companies themselves attribute the continuation of certain operations to legal and regulatory constraints or the need to fulfill obligations to employees and partners.
For international businesses, the situation has become an example of how geopolitical risks can permanently alter investment strategies. Experience in recent years shows that exiting a major market can prove significantly more difficult than making the corresponding corporate decision, especially if the government restricts the sale of foreign assets.
