US and EU firms pay $3.5 billion in Russian profit taxes in 2023

In 2023, US and EU companies operating in Russia paid approximately $3.5 billion in profit taxes, despite many multinationals exiting the country after the 2022 invasion of Ukraine. G7 and EU firms were among the top contributors. Nearly 2,000 multinationals that remained in Russia paid a total of about $21.6 billion in various taxes. This amount represents around 10% of Russia's expected government spending for 2025. US companies, including Philip Morris and PepsiCo, were the largest foreign tax contributors, totaling $1.2 billion. German firms followed, paying $693 million, while Austrian businesses contributed about $579 million, primarily from Raiffeisen Bank.