Since March 2022, Italian, Belgian, and Swiss companies have reduced or halted business with Russia as sanctions tightened and policy expectations shifted. The RBC Audit gathers data from corporate disclosures, trade registries, and market sources to map how foreign participation in Russia is changing. The report stresses that these changes are not uniform across sectors or countries. Instead, they reflect a careful risk calculation that weighs export controls, sanctions exposure, and reputational risk. In practical terms, the withdrawals show up as fewer cross-border deals, a narrowing of complex manufacturing ties, and a reallocation of resources toward domestic or regional markets. The RBC Audit thus becomes a reference point for observers monitoring how European enterprises recalibrate their footprints in Russia’s economy in light of evolving political and regulatory conditions.
Industry observers note that the pullback by these countries is not evenly distributed. Italy, Belgium, and Switzerland often have business footprints concentrated in light industry, retail, textile production, and medicines. The RBC Audit suggests that in these sectors, companies rely on established, lower-risk operations that can be adjusted without large capital outlays. As a result, activity remains but at a tempered pace. The picture drawn by RBC emphasizes that the scale of remaining operations depends on sector-specific dynamics, with some segments facing sharper reductions than others. In some instances, firms maintain essential supply chains while avoiding more exposed areas of the market.
According to Ilya Gordov, a partner at Lemchik, Krupsky and Partners, the categories of products that can still be exported to Russia are defined within a framework of regulatory allowances. Gordov explained to RBC that current export permissions focus on items that pass compliance and sanctions criteria, while other goods face tighter controls. This delineation helps explain why some goods remain traded while others do not, and it illustrates how legal counsel assesses risk and opportunity in the current environment.
Industry voices say that sentiment toward Italy, Belgium, and Switzerland remains more cautious than toward larger EU economies such as Germany and France. Brand reputation, compliance risk, and alignment with Western policy influence corporate decisions about where to concentrate activities. The RBC analysis notes these differences as a factor in the declining appeal of some European hubs for ongoing investments compared with larger states with deeper industrial bases.
RBC’s assessment indicates that many foreign entities maintaining a presence in Russia are focused on routine, day-to-day operations rather than bold expansion. Production lines, distribution networks, and service activities in essential sectors continue to function, mainly to service existing contracts and stabilize supply chains. The implication is a pragmatic posture rather than a strategic pivot toward renewed growth.
On March 18, during a General Meeting of the Union of Industrialists and Entrepreneurs, President Vladimir Putin stated that Russia respects Western companies that remain in the country, even if they operate under different brands. The message appears aimed at reassuring investors who have kept some footprint in Russia, signaling tolerance for branding flexibility while maintaining state oversight over business norms.
Earlier, Putin indicated that Western firms seeking to return to the Russian market would be welcomed, but he made clear that there would be no special brand privileges. He framed a level playing field for all entrants, with decisions based on performance and compliance rather than brand status.
Earlier disclosures acknowledged the fiscal footprint of foreign companies in Russia, with tax payments and contributions to the national budget reflecting continued economic involvement albeit under strict regulatory constraints.