Number of Russian-owned companies in Netherlands drops from 80 to 25 following sanctions
The number of Russian-owned companies in the Netherlands has dropped sharply over the past decade, falling from 80 in 2014 to 25 in 2024, according to data from Statistics Netherlands (CBS). The decline accelerated after Russia’s 2022 invasion of Ukraine, when expanded European Union sanctions pushed firms to close, relocate, or restructure ownership.
Employment under Russian corporate control fell over the same period from 1,276 workers in 2014 to 176 in 2024. The broader Dutch economy moved in the opposite direction. The number of foreign multinationals operating in the Netherlands rose by 37 percent during the same period.
The number of Russian-controlled companies fluctuated before the war but trended downward: 80 in 2014, 71 in 2015, 66 in 2016, 76 in 2017, 76 in 2018, 66 in 2019, 58 in 2020, 62 in 2021, 61 in 2022, 44 in 2023, and 25 in 2024 (all 2024 figures are provisional).
The sharpest contraction came after 2022, when sanctions tightened, and companies either ceased operations or moved headquarters outside the Netherlands.
In 2024, Russian-owned firms were distributed across financial institutions (8), wholesale and trade brokerage (5), information technology services (4), holding companies (4), and other activities (4). In 2014, the breakdown was financial institutions (25), wholesale and trade brokerage (13), information technology services (6), holding companies (7), and other activities (29).
Wholesale companies also shifted their trade focus. In 2014 they dealt in a wide range of goods, including fuels, chemicals, and machinery. By 2024, four out of five wholesale firms focused on fuels and chemical products.
Ownership changes after 2021 show the scale of disruption. Of the 62 Russian-controlled companies operating in the Netherlands at the end of 2021, 39 percent were dissolved by 2024. Another 23 percent remained under unchanged Russian ownership. The remaining firms shifted their parent companies to other countries, mainly the Netherlands and Cyprus, ending Russian majority control.
Those 62 companies were ultimately divided into 24 dissolved, 14 still under Russian control, 9 moved to the Netherlands, 5 to Cyprus, 3 to France, and 7 to other countries.
Larger firms were more likely to relocate: 55 percent of companies that moved their parent company abroad employed at least 10 people in the Netherlands.
