Almost 500 British companies are still doing business with Russia

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YouControl’s R&D Center analysts have examined the scale of Russian-British business ties. The experts identified the number of Russian companies with British participants, the most popular jurisdictions for registering subsidiaries, and the key areas of their operations. They also compiled a list of the 15 largest Russian legal entities with participants linked to the United Kingdom. Find out more in the new study.

A previous YouControl study dated September 20, 2022, stated that “More Than 2,000 British Companies Continue Doing Business with Russia.”

Key findings:

• As of May 2026, the total number of registered Russian commercial companies with participants who are UK residents amounts to 495 legal entities. 
• The largest share of British capital in Russia is represented in sectors related to real estate, IT, business consulting, construction, wholesale trade in agricultural equipment, transport and logistics, as well as marketing. 
• Most companies with UK participants are concentrated in Moscow and Saint Petersburg.
• The registration of companies with UK participants in the temporarily occupied territories of Ukraine has also been recorded. In the Russian register, these territories are listed as part of the “city of Sevastopol”, the “Republic of Crimea”, “Zaporizhzhia Oblast”, the “Donetsk People’s Republic”, and the “Luhansk People’s Republic”. These include businesses operating across various sectors of the economy — from food production to trade and construction materials. 

Methodology

YouControl experts analysed data from the Unified State Register of Legal Entities of the Russian Federation (EGRUL), selecting active commercial companies of all legal forms, except joint-stock companies, whose participants include individuals or legal entities from the United Kingdom. As of May 2026, Russia has 495 commercial companies with UK participants. YouControl maintains a complete list of British companies that have a potential connection to Russia.

The British footprint in Russian business

British companies often serve as an intermediary link in ownership structures leading to ultimate beneficiaries from third countries. An analysis of the largest Russian companies with British participation shows that a significant share of such nominal owners is in fact controlled by ultimate beneficiaries of Russian or other non-British origin.

Russian companies with British capital are most commonly registered in Moscow, which is by far the leading location, with 308 companies. This reflects the high concentration of corporate management and financial flows in the capital.  Saint Petersburg ranks second among the regions in the sample, with 44 Russian companies registered with British capital. 

Moscow Oblast (31 companies) also has a high concentration of businesses clustered around the Russian capital. Smolensk Oblast (10 companies) stands out primarily due to the registration of an extensive network of agricultural and trading companies within the LBR Group, including LBR-Trade, LBR-Rus, LBR-Agro, LBR-Sibir, LBR-South, as well as Inter-Agro entities. 

The geographical distribution of these companies extends well beyond the capital, covering a number of key regional centres. The largest concentrations are found in Belgorod Oblast (6 companies) and Tula Oblast (5). Four companies are registered in each of Leningrad Oblast, Sverdlovsk Oblast (including Yekaterinburg and Nizhny Tagil), the Republic of Tatarstan, Novosibirsk Oblast, and Kemerovo Oblast (including Novokuznetsk). A further three companies are registered in each of Krasnodar Krai (including Novorossiysk and Sochi), Kaliningrad Oblast, Sakhalin Oblast, and Stavropol Krai.  

The remaining companies in the sample are distributed across a wide range of regions, typically with only a few companies registered in each. These include the Republic of Sakha (Yakutia), Amur, Ivanovo, Omsk, Volgograd, Kaluga, Voronezh, Tambov, Rostov, Ryazan, Pskov, Vologda, Penza, Tyumen, Arkhangelsk, Lipetsk, and Murmansk oblasts, as well as the Republic of Bashkortostan, the Komi Republic, the Republic of Dagestan, Perm Krai, Primorsky Krai, and others. 

Top 15 Russian regions by the number of companies with UK participants 

It is worth separately noting the presence of registrations in the temporarily occupied territories of Ukraine, which are recorded as separate entities in the Russian register. For example, in the “city of Sevastopol”, there is LLC “Apogey-A” with a declared authorised capital of almost RUB 29 million, and LLC “Sevastopol-Britain” with an authorised capital of RUB 73,000. The participant of LLC “Apogey-A” is ECOFRONT PROJECTS LLP, which was dissolved in 2023, while the ultimate beneficial owner of the British company is Ukrainian national Svitlana Vatchenko. Meanwhile, 85% of the authorised capital of LLC “Sevastopol-Britain” is owned by British national Charles Derek Hall. 

According to data from the Unified State Register of Legal Entities of the Russian Federation (EGRUL), LLC “Messie Bulkin 2011”, registered in Simferopol, Crimea, specialises in the production of bread and confectionery products. Its authorised capital amounts to almost RUB 10 million. The company’s participant is the British company LYNWARD ENTERPRISES LIMITED, while its ultimate beneficial owner is Ukrainian national Dmytro Slabovskyi. The aforementioned British legal entity is also a participant in several Ukrainian companies — LLC “MESSIE BULKIN”, LLC “AGROCONSULTING 2011”, and LLC “ZEMAKTIV 20-12”, all registered in Kyiv — as well as the Ukrainian “twin” of the above-mentioned Russian company, LLC “MESSIE BULKIN 2011”. 

The Russian register separately records a registration in the temporarily occupied territory of Ukraine listed as “Zaporizhzhia Oblast”. This concerns LLC "PEARL OF ZAPOROZHYE", whose main business activity is the processing and preservation of fruit and vegetables. The company is registered in the city of Tokmak, and its authorised capital amounts to RUB 233,000. 

In the so-called “Donetsk People’s Republic”, LLC “Al Giz” is registered. According to registration data, the company’s main business activity is restaurant operations and food delivery services. The enterprise is based in Donetsk, and its authorised capital amounts to RUB 112,000. According to data from the Unified State Register of Legal Entities of the Russian Federation (EGRUL), the company’s participant is the British entity FINTEX TRADING LLP, which was dissolved back in 2015. 

In the so-called “Luhansk People’s Republic”, LLC “Fagot-Plus” operates in the field of leasing and operation of owned or rented real estate. The company is registered in the city of Krasnyi Luch, and its authorised capital amounts to RUB 1.68 million. The same address is used by LLC “Fagot-Invest”, which is also engaged in real estate leasing and has an authorised capital of RUB 99,000. The participant in both companies is the British company SKYWAY ENTERPRISE LTD, which in turn is owned by Ukrainian national Oleksandr Artiushenko.  

All of the above-mentioned companies registered in the temporarily occupied territories of Ukraine are effectively “clones” of Ukrainian enterprises. This is evidenced by similarities in their names, addresses, ownership structures, business activities, and other registration data. In the YouControl system, Ukrainian legal entities that have been re-registered under the legislation of the Russian Federation are marked with special information notices and are also taken into account through a relevant due diligence factor in the “Express Analysis” tool. For example, the above-mentioned LLC "PEARL OF ZAPOROZHYE" has its Ukrainian “twin” — LLC “Perlyna Zaporizhzhia”. 

Both legal entities have a common participant from the United Kingdom — TORRINGTON SOLUTIONS LLP. The ultimate beneficial owner of the latter is a Russian citizen, Natalia Yeliseeva. 

The British footprint in Russian business: real estate, IT and consulting 

The most common business activities among the 495 legal entities in the sample demonstrate a concentration in several key sectors — primarily real estate, IT, consulting, and related services. The leading activity is NACE code 68.20 “Renting and operating of own or leased real estate”, represented by 17 companies. A further 13 companies use the more specific code 68.20.2 “Renting and operating of own or leased non-residential real estate”, highlighting the dominance of this segment. 

The next most frequent activity is NACE code 62.01 “Computer programming activities” (25 companies), indicating a notable presence of the IT sector. High figures are also recorded for 70.22 “Business and management consultancy activities” (17 companies), as well as 68.32 “Management of real estate on a fee or contract basis” (15 companies) and 73.11 “Advertising agencies” (14 companies). 

The most popular sectors of the Russian economy attracting the greatest interest from British shareholders

Less widespread, but still represented sectors include wholesale trade in agricultural machinery (NACE code 46.61 — 11 companies), construction of residential and non-residential buildings (NACE code 41.20 — 10 companies), and logistics activities (NACE code 52.29 — 10 companies). 

The structure of Russian businesses with British capital indicates the dominance of service-oriented economic segments, primarily real estate operations, IT, and consulting. Meanwhile, manufacturing and infrastructure-related sectors are represented to a significantly lesser extent. 

Between London and Moscow: the largest Russian companies with UK participants by authorised capital size  

The total authorised capital of the companies in the sample exceeds RUB 59 billion. 

Almost one in five Russian real estate rental companies with British co-owners is linked to a common participant, REGUS GROUP LIMITED, whose beneficial owner is Jersey-registered  International Workplace Group plc (IWG), the parent company of the international IWG group. 

A further four companies in this sector are linked through a common participant — the British company INTERMARK PRIVATE OFFICE LIMITED. Its beneficial owners are Canadian citizen Fraser Lawson, British citizen Mark Hamilford, who is involved in several Russian companies, and Alexander Shatalov, an Italian citizen, according to data from the UK company register. 

An article by “Ekonomichna Pravda” titled “British real estate agency Savills exits Russian business”, published on 15 August 2022, states that Savills was previously a division of an international luxury real estate agency and would continue operating in the aggressor state under the name Intermark Real Estate. At the same time, the agency’s website contains information about a consultant named Alex Shatalov. An individual with the same first and last name is a co-owner of INTERMARK PRIVATE OFFICE LIMITED. 

In the analysed sample, 7 out of 9 companies operating in the healthcare sector have the British company RENAL HEALTH ORGANISATION UK LIMITED among their participants. Its beneficial owner is an individual with a Slavic name, Segey Larkin, who is a resident of the United Kingdom. 

Four Russian legal entities whose main business activity is advertising are linked through a common British co-owner, OPTIMUM MEDIA CIS LIMITED, which is owned by another British company, TDCL GROUP LIMITED. Until April 2022, the beneficial owner of the latter was Vadim Malysh, a Russian citizen registered in France. 

Among the largest companies by authorised capital, there are a number of legal entities whose participants, beneficial owners, or related persons are included on sanctions lists. To track cross-border links, the YC World tool is useful, as it helps identify the involvement of foreign entities in sanctioned organisations. 

The participant in three of the 15 companies with the largest authorised capital — LLC “Neryungri-Metallik”, LLC "Taborny Mine", and LLC “Berezitovy Rudnik” — is the British legal entity NORD GOLD PLC (liquidated in January 2025), which is subject to sanctions imposed by the National Security and Defence Council of Ukraine (NSDC), the United States, the United Kingdom, and Canada. The beneficial owners of the latter are Alexey Mordashov and Marina Mordashova, who are also included on sanctions lists in various countries. 

Two more companies — Chabb Insurance Company LLC and LLC "Chubb Life Insurance Company" — are linked through a common British participant, namely CHUBB INTERNATIONAL INVESTMENTS LIMITED, which is owned by the Swiss company Chubb Limited. According to data from the Unified State Register of Legal Entities of the Russian Federation (EGRUL), the head of Chabb Insurance Company LLC until April 2022 was Tatyana Yuryevna Ushakova. She is likely the daughter of Yury Ushakov, who is subject to sanctions imposed by Ukraine, Canada, and Australia, and an aide to Russian President Vladimir Putin.

The participant in the Russian industrial gases producer LLC “PRAXEA RUS” is the British company LINDE UK HOLDINGS NO.2 LIMITED, which is part of the Irish company Linde plc, ranked 177th in the Forbes Global 2000 ranking in 2025. In addition, the aforementioned British company owns 100% of the authorised capital of another Russian legal entity, LLC “PRAKSAIR VOLGOGRAD”.

RECKITT BENKISER LLC is the Russian subsidiary of the British group Reckitt, which produces health, hygiene, and household products under well-known brands, including Strepsils, Nurofen, Finish, and Vanish.

The participant in the Russian agricultural machinery trading company LLC “LBR-Trade” is LBR AGRO INVESTMENTS LIMITED, which, in turn, owns more than 10 companies in Russia. According to data from the UK company register, the beneficial owner of this structure is Ihar Abmiotka, a citizen of Belarus registered in Germany. 

The owner of 99.99% of the authorised capital of the Russian LLC “Schneider Electric Systems” is INVENSYS INTERNATIONAL HOLDINGS LIMITED, which, through a chain of corporate links, is ultimately owned by the French company Schneider Electric SE. According to the “Ekonomichna Pravda” article “French Schneider Electric sells its business in Russia to local management”, published on 4 July 2022, the company signed an agreement in the summer of 2022 to sell its Russian assets to local management. However, official registry data indicates that the company’s complete withdrawal from the Russian market has not yet been finalised. 

Another example of the incomplete withdrawal of international corporate groups from the Russian market is LLC “Europe Hotel”. The company’s participant (holding 99.99% of the authorised capital) is BELMOND DOLLAR TREASURY LIMITED, which, through a chain of corporate links, is ultimately owned by LVMH Moët Hennessy Louis Vuitton SE — the parent company of the LVMH Group, one of the world’s leading luxury goods conglomerates. 

Among companies operating in the hospitality sector, there is also one legal entity included in the analysed list of the largest companies. Almost 21% of the authorised capital of Shalash LLC, registered in the suburbs of Saint Petersburg, is owned by the British company STEELCORE ALLIANCE LLP, whose beneficial owner is Uzbek citizen Bakhodir Ismailov. The participants of Shalash LLC also include five Russian citizens, including Tatyana Borisovna Koroleva — the likely biological sister of Sergei Korolev, First Deputy Director of the Federal Security Service of the Russian Federation (FSB), who is subject to sanctions imposed by Ukraine, the United Kingdom, the EU, Australia, and a number of other countries. 

An article by The Kyiv Independent titled “Investigation: Shattering the secrecy of Putin’s top spy chief”, published on 2 October 2024, states that Shalash LLC owns the VODA SPA hotel building near Saint Petersburg. 

Instead of conclusions 

As of May 2026, 495 active commercial companies with British participants are registered in Russia. Regardless of changes in the number of such companies over time, hundreds of enterprises with British capital continue to operate in the Russian market, indicating the persistence of certain financial and business ties between the United Kingdom and Russia. As long as these interactions continue, the Russian economy continues to receive resources that may be used to support the war against Ukraine. YouControl calls on international businesses and Ukraine’s partners to fully withdraw from cooperation with the aggressor state and end any practices that may contribute to its financing. 

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