Stop Doing
Business with Russia
Russia initiated aggression against Ukraine in 2014. On February 24, 2022, it started a full-scale military invasion to the Ukrainian territory. This brutal war and military crimes of Russian troops caused a humanitarian crisis in Ukraine with thousands civilians killed and millions becoming refuges. As a reaction to this act of aggression, many international companies decided to leave the Russian market, while some others continue doing business there as usual. We track such decisions of companies and urge them to stop funding the war.
Hold off investments: company postponing future planned investment/development/marketing while continuing substantive business
Pausing InvestmentsReducing Activities: company scaling back some business operations while continuing others
Scaling BackPause operations: company temporarily curtailing operations while keeping return options open
SuspensionClean Break: the company completely halting Russian engagements or exiting Russia
WithdrawalExit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exit Completed
Office in Russia. Received revenues in Russia in 2022-2024. Dr Reddy’s Laboratories Ltd has infused ₹565.4 crore into its Russian arm, Dr Reddy’s Laboratories LLC (DRL Russia), acquiring a 45.19% equity stake in the step-down wholly-owned subsidiary. The investment, made on July 25, 2025, follows board approval granted on November 5, 2024, to inject up to ₹600 crore into the Russian entity. The capital was infused via cash and will be used to support DRL Russia’s working capital requirements. DRL Russia, which operates as a pharmaceutical distribution company in the Russian Federation, reported a turnover of ₹2,347 crore in FY25.
Received revenues in Russia in 2021, there is no any official announcement
Business as usual
No official statement
A subsidiary of the Indian Jodas Expoim, filed a lawsuit in the Arbitration Court of the Moscow Region to oblige the Iranian AryoGen Pharmed to supply the drug. 06.2024: Internal transfer. The entry about the founder of the LIMITED LIABILITY COMPANY JODAS EXPOIM PRIVATE LIMITED was removed from the Unified State Register of Legal Entities. JODAS EXPOIM PRIVATE LIMITED becomes the new founder of the organization.
Facilitating rupee trade with Russia. Canara Bank on 20.01.2023 has entered into a share sale agreement in relation to sale of equity shares held by it in Moscow-based CIBL with SBI, the bank said in a regulatory filing. State Bank of India and Bank of Baroda informed refiners they will not handle payments for oil bought above the limit.
Received revenues in Russia in 2021, there is no any official announcement
The company continues to work in Russia. Cadila Pharmaceuticals met in 2023 with the Deputy Prime Minister of the Russian Federation and the Minister of International Relations of the Government of Moscow at a powerful bilateral industry round table in New Delhi/ 20224 hsr The Russian Direct Investment Fund (RDIF) and Cadila Pharmaceuticals Ltd., one of the leading private Indian pharmaceutical corporations, have agreed on joint investments in a project to create an innovative pharmaceutical complex and a plant for injectable drugs in Russia.
Received revenues in Russia in 2021, there is no any official announcement
Received revenues in Russia in 2021, there is no any official announcement
Do business with Russia, it is stated in the company description, but say they have low exposure to russia.
Initially Air India canceled Delhi-Moscow flight amid Russia-Ukraine war. But later, Air India, the only Indian airline with flight routes over Russia, has indicated it will continue to use Russian airspace.
Indian Allied Blenders & Distillers (ABD), the producer of the third most popular whiskey in the world, The Officer's Choice, will enter the Russian market. Allied Blenders & Distillers (ABD), the company behind the popular Officer’s Choice whisky brand, is reportedly in advanced talks with two global spirits giants -- Russian Standard and Thai Beverage (ThaiBev) -- to market and distribute their products in India.
The list of new sanctions by the US Treasury Department, published on October 30, included seven companies. Severstal Aviation Enterprise LLC, owned by another oligarch close to the Kremlin, Alexei Mordashov, also imports business jet parts to Russia. In February, sealing rings for Bombardier gaskets were imported. This is the type of aircraft Mordashov uses. Ascend Aviation India Pvt. Ltd. from India supplies the oligarch with aircraft parts. It exports products made in Mexico and the US to Severstal's aircraft fleet.
Ukraine has found Indian components in Iranian-designed Shahed 136 drones used by Russian troops in the war, said Andriy Yermak, head of the Presidential Office. The drone's power supply unit contained a bridge rectifier assembled in India from the international company Vishay Intertechnology, and the satellite navigation antenna contained a chip from the republic's Aura Semiconductor.
India's Bharat Dynamics Limited (BDL) has signed an agreement with Russia's defense export agency Rosoboronexport to cooperate in the development of the Pantsir self-propelled anti-aircraft missile system (SPAAGM). According to a memorandum of understanding (MOU) signed by the companies on November 8 in Goa, India, the companies said they would collaborate on Pantsir variants, but did not provide details.
BHEL signed MoU with Rosoboronexport, Russia. The aim of the MOU is to cooperate and undertake joint projects and operations for defence systems.
Bought 2 million barrels of Russian Urals for May loading but will not consider prompt cargoes from the country until more clarity is available. Bharat Petroleum Corp (BPCL) has bought crude oil from Abu Dhabi in a spot tender to replace oil from Russia after the U.S. sanctioned two major Russian producers, two trade sources said on Monday, Nov 03, 2025.
Received revenues in Russia in 2021, there is no any official announcement
Indian refiner Chennai Petroleum Corp Ltd aims to almost double the processing of Russian oil in the current fiscal year that began in April, drawn to the discounts offered, its head of finance Rohit Kumar Agrawala.
The National Agency for the Prevention of Corruption (NACP) has included the Indian company CK Birla Group in the list of international war sponsors. The reason was that CK Birla Group and its subsidiary National Engineering Industries Limited (NEI) (NBC Bearings brand) are helping the Russian military industry to replace critical European and American parts for military equipment, namely bearings.
Expecting highest import level in 2 years
After the start of Russia’s full-scale invasion, the Czech company PBS Velka Bites made 65 deliveries totaling $14 million to Deep Engineering, according to Export Genius’ data on Indian imports. Most of these deliveries were spare parts for Mi-series helicopters. Data on Indian exports by Export Genius indicates that, from 2022 to 2023, Deep Engineering supplied Russia with $151,000 worth of spare parts, $32,000 of which were for Safirs.
A former unit of Russian energy giant Gazprom has resumed supplying LNG to Indian state gas utility GAIL a year after it halted supplies due to the Ukraine war, GAIL chairman Sandeep Kumar Gupta. GAIL (India) Ltd settled a USD 1.817 billion claim against former Gazprom unit, now SEFE, for USD 285 million. The settlement addressed LNG non-delivery under a long-term contract. Western sanctions on Russia affected supply. SEFE claimed force majeure but resumed partial deliveries by 2023.
An oil tanker company heavily involved in moving Russian oil lost industry standard insurance for its fleet after falling foul of a Group of Seven price cap relating to the transportation of the nation’s barrels. Lloyd's Register revokes the insurance of ships of the largest Indian carrier of Russian oil, Gatik Ship Management. Antwerp detains ‘dark fleet’ Gatik tanker after STS transfers with Greece-owned ships.
Global Vox Populi stands out as a top market research company in Russia, thanks to its extensive research capabilities, advanced data analytics, and strategic advisory services. Their client-centric approach and ability to provide tailored solutions make them a valuable partner for businesses seeking to navigate the complexities of the Russian market.
The United States has imposed sanctions on hundreds of entities and individuals for supporting Russia's military efforts in Ukraine, including companies that support the development of Russia's Arctic LNG 2 project and the supply of liquefied natural gas (LNG), as well as other future energy projects. A shipping company that loaded and transported LNG from Arctic LNG2.
Facilitated a domestic cement maker’s yuan trade purchase of Russian coal to avoid USD. India's central bank has allowed HDFC Bank Ltd (HDBK.NS) and Canara Bank Ltd (CNBK.NS) to open a special "vostro account" for trade in rupees with Russia.
Algeria has confirmed the purchase of Russian Su-57 Felon stealth fighters, making it the first foreign customer for the fifth-generation aircraft. Russia offers India its most advanced Su-57 stealth fighter jet. Hindustan Aeronautics Limited (HAL) announced signing of a memorandum of understanding (MoU) with Russia's Public Joint Stock Company United Aircraft Corporation (PJSC-UAC) for the production of civil commuter aircraft SJ-100 in Moscow, Russia.
Made a rare purchase of 2 million barrels of Russian Urals crude for loading in May 2022. India’s state-owned refiner Hindustan Petroleum Corp Ltd is facing payment issues for its purchases of Russian crude oil due to a price cap imposed on exports from the OPEC+ producer.
HPCL-Mittal Energy Ltd (HMEL), a joint venture with Hindustan Petroleum, has received at least four consignments of Russian crude oil between July and September 2025. These consignments arrived at the Guru Gobind Singh Refinery in Bathinda, Punjab.
Volumes of Indian imports of crude oil are reaching record levels. HPCL-Mittal is one of the TOP importers.
In December 2024, Indian firm Ideal Detonators Private Limited exported approximately $1.4 million worth of HMX (octogen), a high-explosive compound with military potential, to two Russian explosive manufacturers, including Promsintez and High Technology Initiation Systems, despite U.S. warnings about sanctions for aiding Russia’s war efforts. The deliveries were routed via customs in St. Petersburg and transported to recipients in Samara region . While Ideal Detonators claimed the shipments were intended for civilian industrial use and compliant with Indian export rules, Ukraine's SBU has identified Promsintez as linked to the Russian military and targeted it in a drone strike in April 2025. The U.S. government classifies HMX as "critical for Russia's war effort" and has warned financial institutions against participating in such supply chains.
The Indian Institute of Spices Research (IISR) under the Indian Council for Agricultural Research (ICAR) inked a Memorandum of Understanding (MoU) with Lysterra LLC, a Russia-based company for commercialisation of biocapsule, an encapsulation technology for bio-fertilisation.
Signed new deal to import Russian oil but has paused spot purchases of Russian shipments that will arrive after the Dec 5, 2023 deadline. Russia's largest oil producer Rosneft (ROSN.MM) and India's top refiner Indian Oil Corp have signed a term agreement to substantially increase oil supplies and diversify oil grades delivered to India. Rosneft and Indian Oil Corp have yet to renew an oil supply deal that expired in March 2024 after they failed to agree on price and volumes, forcing India's top refiner to return to spot markets. IOC and Rosneft could still sign the deal if they can agree on terms, but in the meantime the Indian firm will buy Russian oil on spot markets. India's largest oil refiner and fuel retailer, IndianOil, said it would comply with international sanctions, without citing the latest US restrictions on Rosneft and Lukoil, Russia's two largest crude oil exporters.
India to Sign $6.5 Billion Deal with Russian Firm for 120 Vande Bharat Express Trains. Russian rolling stock major TMH and Rail Vikas Nigam Limited (RVNL), Indian Railways PSU have resolved their differences and agreed to sign the Shareholders Agreement for manufacturing of 120 Vande Bharat trains with AC Sleeper coaches.
Indo-Russian Rifles Private Limited, registered and located in India, has produced and transferred 35,000 Kalashnikov AK-203 assault rifles to the Indian Ministry of Defence. The founders of the enterprise from the Russian side are ROSOBORONEXPORT JSC and the Kalashnikov Group (both are subsidiaries of the Rostec State Corporation).
Can no longer clear rupee rouble conversions. But approved for rupee trade with Russia.
The Madras Diabetes Research Foundation (MDRF), a Global Leader in Diabetes Research, has entered into a strategic research collaboration with the Almazov National Medical Research Centre, based in Saint Petersburg, Russia. This partnership marks a significant step toward advancing international research in diabetes and its related fields.
Maharashtra has signed a memorandum of understanding (MoU) with Russia's state-owned company ROSATOM to develop a small modular reactor based on thorium fuel.
No statement made regarding Russian operations, Continues to offer holiday packages to Russia from all destinations
Buys discounted 1 million barrels of Russian oil. Indian state refiners pause Russian oil purchases.
State-owned NLC India is in talks with a Russian-backed entity to secure lithium supplies from its mine in Africa, a key step in securing critical minerals for India’s energy transition.
India, Russia sign deal on power generating units in Tamil Nadu's nuclear power plant.
The United States has imposed sanctions on hundreds of entities and individuals for supporting Russia's military efforts in Ukraine, including companies that support the development of Russia's Arctic LNG 2 project and the supply of liquefied natural gas (LNG), as well as other future energy projects. A shipping company that loaded and transported LNG from Arctic LNG2.
Indian Oil and Natural Gas Corp's (ONGC) exec expects Russia to make up 30% of company's imports this year. Singh said that there is no sanction on Russian oil and unless the government decides otherwise, ONGC group refiners Hindustan Petroleum Corporation (HPCL) and Mangalore Refinery and Petrochemicals (MRPL)–are free to buy crude from Russia.
Oil India Ltd (OIL) has appointed legal and tax consultants to explore ways to repatriate its $150 million in dividend stuck in Russia. State-owned Oil India Limited has been unable to transfer $300 million in dividends from its investments in Russian oil companies recently hit by US sanctions.
A cooking invention marvel in decades, the world’s fastest cooking device On2Cook, has created a fresh landmark by securing two new international patents. The AI-integrated combination cooking device, which is already disrupting B2B kitchens in India and parts of the US, has now been granted patents in Russia under the Household Appliance category. Already holding multifold patents across the US, UK and India, On2Cook has secured a patent for Frying Device’ by Russia’s Federal Service for Intellectual Property Rights, which substantiated it as an “improved frying device”.
Aggressive selling of Russian Sokoil to other Indian Nationalised Energy corps. Singh said that there is no sanction on Russian oil and unless the government decides otherwise, ONGC group refiners Hindustan Petroleum Corporation (HPCL) and Mangalore Refinery and Petrochemicals (MRPL)–are free to buy crude from Russia.
Considering purchasing additional stakes in Russian oil and gasoline fields. State-run companies such as ONGC Videsh Ltd have stakes in Russian oil and gas fields. But dividends from those assets are stuck because of a logjam in Russia’s banking channels and the country’s inability to pay in dollars amid US and EU sanctions. India's ONGC willing to wait to regain oil from Russian project. ONGC Videsh has since regained its 20% stake in the project and is in talks with Russian government officials and company shareholders to resume taking oil under a production-sharing arrangement. ONGC Videsh Ltd is seeking legal counsel after the US imposed sanctions on a Russian oilfield where Indian companies collectively hold a 49.9% stake. While Indian stakes are below the 50% threshold for direct sanctions, OVL aims to ensure compliance with OFAC regulations. The move highlights the challenges for Indian firms navigating Western sanctions while pursuing energy interests in Russia.
PDRL, a leading innovator in drone technology, signed a Memorandum of Understanding (MoU) with Russia’s top-tier software powerhouse, Stratus LLC, specializing in unmanned aviation technology. This strategic alliance will integrate PDRL’s cutting-edge AeroGCS software with Stratus LLC’s renowned UAVProf Drone Simulator, creating an unparalleled synergy to reshape drone operations in both countries.
"Rusal" has completed a deal to acquire a 26% stake in Pioneer Aluminum Industries Limited, which produces aluminum oxide (alumina) in India. The message of the Russian company, placed on the Hong Kong Stock Exchange, states that the value of the transaction amounted to $243.75 million.
The United States has imposed sanctions on hundreds of entities and individuals for supporting Russia's military efforts in Ukraine, including companies that support the development of Russia's Arctic LNG 2 project and the supply of liquefied natural gas (LNG), as well as other future energy projects. A shipping company that loaded and transported LNG from Arctic LNG2.
Russian rolling stock major TMH and Rail Vikas Nigam Limited (RVNL), Indian Railways PSU have resolved their differences and agreed to sign the Shareholders Agreement for manufacturing of 120 Vande Bharat trains with AC Sleeper coaches.
The Reserve Bank of India has acknowledged the feasibility of an initiative to use an alternative mechanism to SWIFT for financial exchanges with Russia to facilitate trade settlements in rubles and rupees. The new transaction facilitation mechanism is needed to improve the efficiency of settlements in the national currency and speedy payments.
The Russian developer of UAVs (Unmanned Aerial Vehicles) "Transport of the Future" plans to enter the Indian market in partnership with the local company Sasaa Electronics Private Limited.
The company Sentro Group acquired a controlling stake in the Russian bank "Mir Privilege". Sentro Group bought 50.001% of the bank's shares, the transaction amount is not disclosed.
The list of new sanctions by the US Treasury Department, published on October 30, included seven companies. Companies providing business aviation and air services are engaged in importing parts for Falcon to Russia. Thus, the company Heli-Tech imported an American gas turbine engine last summer for $602 thousand. The delivery was made through the Turkish company Madena Otomotiv Insaat Elecrtonic Tic Ltd. Moscow-based OOO Aog Logistic imported an oxygen supply regulator manufactured by Safran Aerotechnics (France). The seller was the company Shaurya Aeronautics Pvt from India. In January of this year, the Turkish company Meva Hava Araclari sold the Russian OOO Alliance MN Group an electrohydraulic control unit for the release and retraction of the chassis of French manufacture. The cost of such a unit is $223.5 thousand.
Mumbai pharma company Shreya helping Russia get Nvidia AI chips. Exports by Shreya to Russia "perfectly" legal.
Simplex Castings and ADJ Engineering have been selected by I.P Bardin TsNIIchermet (Russia) as partners for their designed metallurgical equipment for Indian and Russian steel plants.
The Indian company Space Era Materials And Processes (Space Era) directly supplied the KHP in Russia with the power units via India.
The board of Spacenet Enterprises plans to form a joint venture with Russian company Modern Gas Technologies for liquefied natural gas (LNG) projects in India.
Stark Logistics, a transport company partly owned by Prime Minister Kaja Kallas' (Reform) husband Arvo Hallik, has continued doing business with Russia since the start of the full-scale invasion of Ukraine. The Prime Minister of Estonia said that she financed her husband’s Russian-related business from savings before a career in politics.
Steel Authority of India (SAIL.NS) wants to increase coking coal purchases from Russia due to cheaper prices and is expecting four shipments, each with a capacity of 75,000 tons, in the quarter ending December. Since April, SAIL, the country's largest state-owned steel producer, had eight shipments from Russia.
One of the most popular antiviral drugs in Russia, Valenti Pharm's "Ingavirin", which is included in the treatment protocols for the coronavirus, may have the first generic in Russia. Its release is planned by "Basis-Metygreens" together with the Indian Synmedic.
Universal KUBE - a subsidiary of TSC for the Russian market
Tiger Logistics (India) Limited, one of India's leading international logistics companies, has signed a Memorandum of Understanding (MoU) with H2 Invest Limited Liability Company, a Russian enterprise specializing in hydrogen technologies, for cooperation in the field of transportation and storage of liquid hydrogen in India.
The company's products are sold in Russia through dealerships.
Indian UCO Bank will open an account in rupees in Gazprombank.
India's biggest cement producer, UltraTech Cement, is importing a cargo of Russian coal and paying using Chinese yuan
Delhi University introduces Russian language UG Program and dual degree provision.
VA Tech Wabag said it secured an Engineering and Procurement order worth about €18 million (about Rs 149 crore) from DL E&C CO LTD, Korea, for a water treatment package for the EuroChem Methanol Production facility in Kingisepp, Russia
The United States has imposed sanctions on hundreds of entities and individuals for supporting Russia's military efforts in Ukraine, including companies that support the development of Russia's Arctic LNG 2 project and the supply of liquefied natural gas (LNG), as well as other future energy projects. A shipping company that loaded and transported LNG from Arctic LNG2.
See Mahindra Group, business as usual (according to Yale SOM List) but CEO seems to be supportive of Ukraine.
Difficulty in transacting with Russian counter-parties due to SWIFT issues etc
Interim relief by NMC for medical students hit by Covid and Russia-Ukraine war. Revenue decreased in 2024 vs 2023 by more than -20%.
India's Bank of Baroda has stopped clearing payments for Russian oil sold above the price cap set by the West.
Paused transaction through cards in Russia
Volumes of Indian imports of crude oil are reaching record levels. Mangalore Refinery is one of the TOP importers. Mangalore Refinery and Petrochemicals buys UAE Murban crude for January 2026 as Russian replacement.
Snapped cheap Russian oil through spot deals. Rosneft, Russia's largest oil company, is in talks to sell a stake in India's Nayara Energy. Rosneft has already valued Nayara Energy at more than $20 billion and has held talks with Reliance Industries, Adani, JSW Group and Saudi Aramco. Europe has imposed sanctions on Indian company Nayara Energy, threatening its sale. Rosneft has held talks with Reliance Industries Ltd., owned by billionaire Mukesh Ambani, about a possible sale of a stake in Nayara. The sanctions will make it more difficult for Reliance to buy a stake in a competitor, as it could jeopardize the company's business in Europe, a region that regularly imports Indian fuels, including diesel. CEO of Russia-backed Indian refiner Nayara resigns after EU sanctions, sources say.