U.S., French and German corporations continued to dominate the Russian market in 2023 despite the Western business exodus sparked by the war in Ukraine, according to Forbes Russia’s list of the 50 largest foreign companies in the country. Twenty-two of Forbes’ top 50 foreign companies of 2022 have since pulled out of Russia. The United States was nonetheless the most-represented country on Forbes Russia’s 2023 ranking, with eight of the 10 U.S. companies listed in 2022 reappearing in the latest ranking. China, which has six companies on the 2023 ranking, ranked second, while last year's No. Chinese carmakers and consumer electronics manufacturers gained the most from the wartime shift, with double-digit growth in revenues, Forbes Russia noted.

Source: Forbes October 02, 2023 15:22 UTC