Forbes Names Biggest Foreign Businesses Working in Russia

PHOTO by Jaap Arriens / TASS

The French retail chain Auchan was rated as the highest-earning foreign company operating in Russia by the Russian-language version of Forbes.

Auchan’s sales have increased by 11% since last year, totalling 414 billion roubles ($7.3 billion). According to Forbes, Russia’s share in the overall revenue generated by Auchan has dropped from 14 to 11% since 2015.

The Metro Group, which made 305 billion roubles ($5.3 billion) in 2015, came in second in the ratings, followed by Philip Morris International (234 billion roubles ($4.1 billion)), Toyota Motor Corporation (230 billion roubles ($4 billion)) and IKEA (200 billion roubles ($3.5 billion)).

The total revenue generated by the businesses that appeared in the ratings fell by 1.3% since 2015, reaching 4.9 trillion roubles ($86.7 billion), Forbes reports.

One foreign company that is absent from the list this year is General Motors, which recently withdrew from the Russian market. A new addition that appeared in the ratings was the Swedish packaging manufacturer Tetra Pak.

The Russian companies that have disappeared from the Forbes Global 2000 ratings this year include Group, Rostelecom, Mechel and JSC United Aircraft Corporation (UAC).