By PAUL O’DONOGHUE, Senior Correspondent
THE number of EU-based companies with significant Russian ownership has increased since mid-2025, according to new research published by Moody’s.
Moody’s identified just under 50,000 companies across the EU that are at least 40% Russian-owned as of January 2026. That figure marks a 2.8% increase compared with June 2025.
Nicola Passariello, Director in Moody’s compliance & third-party risk management solutions team, said that Russian-owned companies “have continued to proliferate in Europe”.
He said this shows how Moscow has “adapted” to ongoing Western sanctions.
“With the overall total number of qualifying Russian-owned entities based in the EU increasing by nearly 3% since last summer, Bulgaria stands out as the country with the most,” he added. “This concentration is closely linked to Bulgaria’s strategic role as a transit country for Russian gas via the TurkStream pipeline.
Bulgaria continues to host the largest number of Russian-owned companies in the bloc. The total stood at 13,341 as of January 2026, a figure that has remained largely unchanged since June 2025.
The Czech Republic recorded a sharp decline over the same period. Company numbers fell to 9,973 from 11,369, a drop of 12.3%. Moody’s said the fall may indicate that regulatory pressure is starting to take effect.
Russian companies in EU states
Under EU rules, financial institutions must report outbound fund transfers above €100,000 when an entity has more than 40% Russian ownership. The rule aims to give national authorities greater visibility into financial flows linked to Russian interests and to help detect potential sanctions evasion, Moody’s said.
The data shows Russian-linked ownership remains concentrated in commercially active sectors, including real estate and trade. Moody’s said this reflects “how Russian linked ownership continues to manifest across diverse parts of the EU economy”.
Other notable countries include:
- Germany posted a decline. The number of Russian-owned companies dropped by 2% to 3,481. While modest, Moody’s said the change remains notable “given Germany’s economic size and historically stable ownership patterns”.
- Italy recorded one of the strongest increases across the EU. Company numbers rose to 4,500 from 2,564.
- Latvia remained broadly stable at 3,058 companies.
- Cyprus recorded an 8.8% increase to 3,203 companies, one of the strongest gains among mid-sized markets.
Passariello added: “These trends highlight the evolving landscape and the ongoing need for vigilance among compliance professionals.”
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