In 2022, foreign corporations that kept operating in Russia reported notable revenue gains, a trend highlighted by Bloomberg through data from industry sources. Among them were Mondelez, Mars, Cadbury, and PepsiCo, which continued to show resilience in a shifting market landscape across Russia and neighboring regions.
Mondelez, the maker of Oreo biscuits and Alpen Gold chocolate, lifted its sales to approximately 92 billion rubles, marking a 38% increase. Cadbury also saw revenue more than double from the prior year, an outcome driven by higher selling prices, stronger sales momentum, and a measured pullback in advertising spend during the period.
Reports indicate that Mars reached about 177 billion rubles in sales, a 14% rise, while profit rose significantly as well, reaching around 27 billion rubles, up roughly 58%. PepsiCo’s ruble-denominated revenue grew by about 16%, with profits climbing at a record pace, underscoring the varied responses of multinational brands to the Russian market environment.
Analysts suggest that the robust performance of these foreign firms was aided in part by competitors that exited Russia during the period, which contributed to a notable expansion in market share and net income for those remaining. The dynamic underscores how strategic pricing, product mix, and investment discipline can influence outcomes even amid geopolitical tension.
In July, industry sources reported that Mars was weighing a full withdrawal from the Russian market following an inspection by the Moscow District Prosecutor’s Office tied to funding for national defense efforts. The potential move reflects the broader risk calculus that global consumer brands face when evaluating operations in geopolitically sensitive environments.
Observers from Kyiv note that a subset of Western companies continued to operate in Russia, reflecting a complex landscape where strategic decisions, sanctions regimes, and local market conditions interact in shaping corporate footprints across the region. This ongoing analysis remains essential for understanding how multinational firms balance risk and opportunity in Eastern Europe and nearby markets.