A significant portion has already lost this opportunity due to expired options.
Former foreign owners who sold their Russian companies had repurchase options in 15-18% of all such deals, according to a study by investment and consulting group PSK-Solutions, titled “Exit of Foreign Investors from Russian Assets in 2022-2025.” Frank Media reviewed the findings.
Analysts noted that the number of currently valid options is even lower. “Many options have already expired or were not approved in their original form. By 2026, the expiration of several such options will begin, which could affect companies’ positions in the Russian market,” the consulting group stated.
In April 2025, Robert Agee, President of the American Chamber of Commerce in Russia, said that a third of U.S. companies had already lost their right to repurchase assets. PSK-Solutions provided a similar estimate but noted that accurately assessing the number of remaining valid options is difficult. “A substantial share of these options—especially in the early months of foreign investors’ active exit—were arranged informally or quasi-formally, without being reflected in public agreements,” explained Sergey Nunuparov, Managing Director of the company.
According to him, companies that exited in 2022 are now the most likely to still have options, as they could negotiate longer terms at the time. Since 2023, option validity has been limited to three years. In 2024, regulations tightened further: the repurchase window was reduced to two years, and the price now requires approval from a government commission. Nunuparov stated that, in practice, exit agreements have effectively stopped including repurchase rights—authorities no longer permit them.
Despite the informal nature of many deals, some companies disclosed their option terms:
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Renault’s stake in AvtoVAZ can be repurchased until 2028;
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Mercedes-Benz’s assets—until 2029, at market price;
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L’Occitane Group’s Russian business—until 2030, at market price;
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Henkel—until 2033, though the company noted that a return would only be possible with a significant improvement in relations—“a mere ceasefire would not be enough”;
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McDonald’s—until 2032-2037, though Alexander Govor, the new owner of the former Russian business, stated that the U.S. company “made it clear they would not repurchase”;
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Hyundai Motors—until early 2026;
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British American Tobacco—expires this year.
In November 2024, Forbes, citing a report by lawyers from seven companies, wrote that the share of deals with options could reach 21%. Only a third of these stipulated that the repurchase price would be determined by market conditions.
Now, authorities are considering allowing companies to deny former foreign owners their repurchase rights. In July, the Ministry of Economic Development drafted amendments to the bill outlining grounds for such refusal. The proposal includes eight conditions, all of which must be met simultaneously—one being that the option price is set below market value.
This article has been translated to English by PSK-Solutions LLC. The original version in Russian is available here.
This is an unofficial translation provided for informational purposes only. All rights to the original content belong to the original author(s), and no copyright infringement is intended. While we strive for accuracy, slight discrepancies may occur in the translated version.