As of May 2026, 495 commercial companies registered in Russia include British residents as participants, a data analysis has found, indicating that UK-linked businesses continue to operate in the Russian economy despite international sanctions imposed over the war in Ukraine.
The companies are active in real estate, information technology, business consulting, construction, wholesale agricultural equipment, and transport and logistics, according to the report by the data analytics platform YouControl.
Sectors and Geography
The majority of these companies are registered in Moscow, with 308 entities, followed by St Petersburg with 44, the Moscow region with 31, and Smolensk region with 10. The concentration in and around the capital reflects a high centralization of management and financial flows, the analysis said.
Sanctions-Listed Entities
Among the companies identified are several linked to sanctioned individuals and entities. NORD GOLD PLC, a British legal entity liquidated in January 2025, was a participant in three mining companies with large authorized capital — Neryungri-Metallik, Rudnik Taborny, and Berezitovy Rudnik. NORD GOLD was under sanctions by the United States, United Kingdom, Canada, and Ukraine. Its beneficiaries are Alexey and Marina Mordashov, who are also on multiple sanctions lists.
Seven healthcare companies list RENAL HEALTH ORGANISATION UK LIMITED as a participant, with ultimate beneficiary Sergei Larkin, a UK resident. Four advertising companies share British co-owner OPTIMUM MEDIA CIS LIMITED, ultimately owned by TDCL GROUP LIMITED, whose beneficiary until at least April 2022 was Vadim Malysh, a Russian citizen registered in France.
Two insurance companies — Strakhovaya Kompaniya CHUBB and Strakhovaya Kompaniya CHUBB Zhizn — are linked to British participant CHUBB INTERNATIONAL INVESTMENTS LIMITED, which belongs to Swiss company Chubb Limited. The director of these companies until at least April 2022 was Tatiana Ushakova, who is believed to be the daughter of Yuri Ushakov, a foreign policy aide to Russian President Vladimir Putin. Yuri Ushakov is under sanctions by Canada, Australia, and Ukraine.
Additionally, Reckitt Benckiser operates as the Russian representative of the British group Reckitt, producing health, hygiene, and home products under brands including Strepsils, Nurofen, Finish, and Vanish.
Operations in Occupied Territories
The analysis also found that some Russian companies with British participants conduct business in the temporarily occupied territories of Ukraine, effectively operating under UK jurisdiction while engaging in economic activities that support the occupation administration.
The data reveals a contradiction between London’s public stance on sanctions and the actual enforcement of its restrictive measures, the analysis suggests. Many of the nominal British owners are ultimately controlled by Russian beneficiaries, creating a channel to shield assets from confiscation and evade personal sanctions.
The continued presence of these companies undermines trust in the sanctions regime more than four years into the full-scale war, the report argues.
