British businesses have lost nearly $70bn between 2022 and 2024 as a result of their withdrawal from the Russian market, according to a survey of public sources and annual reports, the Russian state-owned media reports.

The bulk of the losses were shouldered by seven major UK-listed firms, including BP, Shell and British American Tobacco. In total an estimated 99 British public companies suffered losses ranging from $57.5bn to $77.2bn during the period. The total figure — approximately $69.8bn — excludes several dozen private firms due to the unavailability of data.

The UK has aggressively sanctioned Russia, with more than 40 expansions to its regime since February 2022. This includes asset freezes on 1,733 individuals and 382 entities, bans on transactions with Russia's Central Bank and National Welfare Fund, and 35% tariffs on key imports like steel and fertilisers.

Nevertheless, the unfolding economic war is hurting the Russian economy. Frozen assets totalling $450bn (UK, EU, and US combined) have curtailed access to global finance, yet workarounds like shadow fleets and third-country intermediaries have sustained Russian trade flows so far, although those are starting to fade now as Russia’s economic problems are getting worse and it now faces the danger of stagflation.

However, Britain is paying the cost of the boomerang effect of sanctions that has seen the UK’s economic position deteriorate. It is now facing its own debt crisis and the possible need for a Greek-style IMF bailout, according to British authorities. Starmer's Labour administration, elected in July 2024, is grappling with a £22bn fiscal "black hole" and stagnant growth (1.1% forecast for 2025), fuelling speculation of early elections if polls worsen.

The measures, among the broadest globally, have slashed bilateral trade by 70.9% to $2.3bn in 2023, from pre-invasion levels of over $15bn. Russia retaliated with entry bans on UK officials and restrictions on British goods, further entrenching the divide.

The hardest-hit sector was mining, with British companies losing $32.3bn to $38bn, the survey found. Manufacturing losses ranged from $7.7bn to $12.5bn, while trade accounted for $8.2bn to $10.5bn.

Energy companies were particularly affected. Shell, which announced in March 2022 that it would withdraw from all projects in Russia, closed its fuel stations and halted purchases of Russian oil. The UK was among the first to stop importing Russian energy products, while also imposing 35% tariffs on key commodities such as iron, steel and fertilisers. The UK has additionally targeted Russia's oil shipping industry by denying it access to British insurance and financial services.

British American Tobacco also exited the Russian and Belarusian markets in September 2023, crystallising nearly $500mn in losses.

The top seven companies — BP, Shell, Mondi, Diageo, British American Tobacco, Unilever and CNH Industrial — reportedly accounted for up to 75% of total losses.

The global tally of foreign corporate exits from Russia exceeds $107bn as of March 2024, per Yale's Institution for Social and Policy Studies—rising to $170bn when including seizures and exit taxes, according to Ukraine's Kyiv School of Economics.

As of September, the UK has added over 1,500 Russian individuals and legal entities to its sanctions list, targeting officials, businesspeople and politicians. British authorities have also frozen the assets of several banks and prohibited financial services linked to the Central Bank of Russia, the Ministry of Finance and the National Welfare Fund.

Russia has responded with retaliatory measures, including entry bans on key British officials.

On the Russian side, the impact has been multifaceted but not catastrophic. While bilateral trade cratered, Moscow redirected energy exports to Asia, maintaining oil revenues at $300bn annually despite a G7 price cap.

Overall, sanctions have shaved 10-12% off Russia's pre-war GDP, with growth slowing to 1.5% in 2025 amid inflation and labour shortages, per IMF estimates, after two years of strong growth thanks to a military Keynesianism boost.

The British economic slowdown and cuts into public spending needed to fund the war in Ukraine have put the government under increasing pressure and see the popularity of recent Prime Ministers progressive fall. UK Prime Minister Keir Starmer has seen his approval ratings plummet to historic lows for a first-year leader, reaching a net favourability of around -44% to -51% as of September 2025, reports YouGov.

The UK has seen four prime ministers since February 2022—Boris Johnson, Liz Truss, Rishi Sunak, and now Starmer—with each one progressively more unpopular than the last, fuelling the rise of right-wing politicians – a trend mirrored across Western Europe.

Liz Truss scored the lowest ever popularity rating in British politics of any sitting prime minister during her 49-day tenure of -70%, according to YouGov), whereas, Rishi Sunak saw his approval fall to a low of -59%, according to Ipsos, equalling John Major's 1994 low during Black Wednesday.

 

Popularity of British Prime Ministers
Prime Minister	Rating date	Net Satisfied
Starmer	Sep 2025	−66%
Sunak	Apr 2024	−59%
Truss	Oct 2022	−51%
Johnson	Jan 2022	−46%
May	Jun 2019	−44%
Cameron	Jul 2016	−38%
Brown	Jul 2008	−51%
Blair	Jul 2006	−44%
Major	Aug 1994	−59%
Thatcher	Mar 1990	−56%
source:: Ipsos (11–17 September): net satisfaction is the proportion of respondents satisfied minus those dissatisfied.