Corporate Complicity: How Global Firms Bankrolled Russia’s War Chest in 2024

More than three years into Russia’s full‑scale invasion of Ukraine, the scale and brutality of its war remain staggering: mass murder; deliberate demolition of homes, schools, hospitals, and critical infrastructure; the systemic abduction of civilians, including children; widespread rape and torture; and catastrophic environmental damage. In response, hundreds of international firms—from IT innovators to social-network platforms—have cut their ties with Russia, both to signal moral opposition and in recognition of increasing risks of doing business there. Yet the broader picture is far more troubling. Despite mounting evidence of widespread war crimes committed by the Russian military, more than half of international firms have chosen profit over principle and continue to operate in the country. These businesses continue to pay corporate taxes and provide goods, services, and technology that bolster Russia’s militarised economy and help sustain its war effort. As of July 2025, only 503 or 12% global firms have completely pulled out of Russia by selling or liquidating their business, according to the Kyiv School of Economics. The majority (55% or 2,326) of international companies with ties to Russia at the start of 2022 continue to do business within the aggressor state. 1,377 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. In 2024, the total revenue of foreign businesses in Russia reached $201 billion— almost unchanged from 2023 ($198 billion), and net profit in 2024 reached $19.5 billion—the highest level in the past three years. The remaining companies paid at least $20 billion in total tax to Russia in 2024 alone, bringing the total estimated taxes since the full-scale invasion to over $60 billion. This amount is equivalent to nearly half of Russia’s projected military budget for 2025, underscoring the significant financial support these foreign companies continue to provide to the Russian war economy. For instance, in one of its regions, Russia offers $18,400 per contract to military recruits willing to fight against Ukraine. Based on this rate, the taxes paid by foreign companies in 2024 alone could have financed over one million soldiers for Putin.