Western companies have exited Russia in droves. New companies with owners from China and former Soviet republics are stepping in.

• Nearly 10,000 companies with foreign involvement exited Russia in 2022 and the first 10 months of 2023.
• But the number of firms in Russia with co-owners from China and former Soviet republics has increased sharply.
• Russia is targeting new markets in the east following sweeping Western sanctions over the invasion.

Western companies have been leaving Russia in droves since Moscow invaded Ukraine nearly two years ago — but new companies from alternative markets are stepping in to take their place.