After the start of the full-scale invasion of Russia on Ukraine on 24 February 2022, many representatives of foreign businesses left their management positions in Russian companies or withdrew their investments. However, there are also foreign companies that continue to operate in the Russian market, thereby providing income to the Russian budget, which is used to finance the war.

This analytical report investigates companies that had foreign investments and worked on the territory of russia in the forest, renewable energy, or agriculture industries prior to the invasion to assess the status of their work subsequent to this, and the implications thereof.

The review was prepared based on the Land Matrix database. The information on deals and the status of the companies presented in the analytical report is current as of the end of July 2023.