Corporate Complicity: Global Firms Funded Russia with $20B in 2024
A new report by the KSE Institute and B4Ukraine reveals that many global corporations continued doing business in Russia throughout 2024. These companies paid $20 billion in taxes to the Russian government, indirectly helping fund the war. This corporate complicity has drawn widespread criticism for undermining sanctions and supporting aggression.
Global Business and War: A Dangerous Link
Since Russia’s full-scale invasion of Ukraine in 2022, the international response included economic sanctions and public pressure for firms to exit Russia. Yet as of mid-2025, only 12% of global firms had fully withdrawn. 1377 firms or 33% have officially declared that they are completely shutting down, or have announced they are temporarily reducing operations, but haven’t yet fully exited. A staggering 55% remain active in Russia, paying taxes, generating profit, and keeping operations running.
Many companies claim to have paused or scaled back operations. However, their tax contributions tell another story. In 2024 alone, foreign firms earned $201 billion in Russia and paid $20 billion in taxes—enough to fund more than one million soldiers based on Russia’s $18,400 recruitment bonus per soldier.
Why Companies Choose to Stay
Some firms chose profits over principles. The finance and consumer goods sectors led the way, with banks and brands like PepsiCo, Nestlé, and Mars topping revenue and tax lists. Despite early promises to leave, many companies either delayed their exit or quietly expanded. Others, like Mondelez and Coca-Cola, have been accused of masking their continued presence with rebranding or shifting operations to subsidiaries.
Key Research Findings on Corporate Complicity
- In 2024, foreign companies earned $201 billion and paid $20 billion in taxes to Russia.
- Only 12% of firms fully exited the Russian market; 55% stayed.
- U.S. and EU firms paid more than $3.8 billion in profit taxes combined.
- The finance and consumer sectors were the top contributors to the Russian war economy.
Western Values Undermined by Business-as-Usual
The report argues that continued business in Russia by Western firms directly undermines their governments’ aid to Ukraine. Companies headquartered in the U.S., Germany, and France are among the largest contributors to Russia’s tax base.
The report highlights that increasing numbers of foreign firms have stopped publishing their financial reports, a trend particularly noticeable among large corporations. Of the 100 largest foreign companies operating in Russia in 2021, 86 disclosed their financials in 2023. This number has halved in 2024 to just 43. The decision not to disclose financial statements may reflect an effort by companies to avoid further reputational damage linked to the scale of their economic support for the war effort.
Read the Full Report
Explore the full findings and detailed analysis by reading the complete report on the Kyiv School of Economics website. Additionally, you can view more policy briefs from the KSE Institute on the FREE Network’s website.
Learn More About the Russian War Economy and Sanctions
To learn more about Western sanctions and Russia’s countermeasures, visit the Sanctions Timeline. And for details on sanctions imposed on Russia and their effects, see the Evidence Base section of the sanctions portal. Explore more policy briefs on sanctioning Russia here.