One hundred of the biggest Western companies still operating in Russia posted net profits totaling 1.1 trillion rubles ($13.3 billion) in 2022, the exiled independent Russian news website Novaya Gazeta Europe reported Thursday.
The results, based on the financial statements of Russian-registered legal entities that are fully or partially foreign-owned, mark a 54% increase from 2021.
Researchers from Ukraine estimate that more than 1,300 Western companies continue operating in Russia, with more than 700 suspending operations and 241 fully exiting the country.
French energy group TotalEnergies, which maintains investments in Russia despite withdrawing from some assets, doubled its net profit to 269 billion rubles ($3.2 billion), according to Novaya Gazeta Europe.
Austria’s Raiffeisen Bank, one of the last major Western lenders in Russia, almost quadrupled its net profit to 141 billion rubles ($1.7 billion).
The top 10 Russia earners include PepsiCo, British Petroleum, Japan Tobacco, Mondelez International (former Kraft Foods), Mars, the packaging giant Mondi, Kia and the building materials multinational Knauf.
Western companies paid 288 billion rubles ($3.5 billion) in corporate income taxes last year, contributing 1% to Russia’s budget revenue according to Novaya Gazeta Europe.
French, British and U.S. companies paid the most taxes at 55 billion, 47 billion and 40 billion rubles each.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
