Financial TimesFinancial Times

Billions of dollars in western profits trapped in Russia

By Anastasia Stognei

18 Sep 2023 · 5 min read

Western companies that have continued to operate in Russia since Moscow’s full-scale invasion of Ukraine have generated billions of dollars in profits, but the Kremlin has blocked them from accessing the cash in an effort to turn the screw on “unfriendly” nations.

Groups from such countries accounted for $18bn of the $20bn in Russian profits that overseas companies reported for 2022 alone, according to figures compiled by the Kyiv School of Economics, and $199bn of their $217bn in Russian gross revenue.

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