ECONOMY
Analysis of the Top 500 Russian Companies Ranking Reveals a Resource-Dependent, Highly Nationalized Economy
January 14, 2026
Many companies that are formally private but have systemic importance for the Russian state have been, in practice, de facto nationalized, while the economy as a whole remains heavily dependent on resource extraction.
About a decade ago, the Russian business media group RBC published a ranking of the country’s 500 largest companies and calculated their combined share in national output. In 2014, firms on this list generated about RUB 56 trillion in revenue (vyruchka), equivalent to 77% of Russia’s GDP. The five largest by revenue at the time were Gazprom, Lukoil, Rosneft, Sberbank and Russian Railways, with Gazprom leading with RUB 5.5 trillion in annual revenue. Even then, the dominance of resource-based, state-controlled sectors was evident: RBC noted that oil and gas accounted for the largest share of corporate revenues.
Little has changed since then. A new RBC ranking for 2025 shows that Russia’s 500 largest companies generated RUB 140.2 trillion in revenue, equivalent to 69.7% of GDP. The group of biggest companies broadly remains the same. Gazprom again leads with revenue of RUB 10.4 trillion in 2024, followed closely by Rosneft at just over RUB 10.0 trillion, and then Sberbank, Lukoil and VTB.
In structural terms, this continuity means one thing above all: despite the contraction of markets caused by sanctions and other economic shocks, the foundations of the Russian economy remain essentially unchanged from a decade earlier. Nationalized and quasi-nationalized sectors, along with the extraction of natural resources, continue to predominate in terms of total corporate earnings.
Little has changed since then. A new RBC ranking for 2025 shows that Russia’s 500 largest companies generated RUB 140.2 trillion in revenue, equivalent to 69.7% of GDP. The group of biggest companies broadly remains the same. Gazprom again leads with revenue of RUB 10.4 trillion in 2024, followed closely by Rosneft at just over RUB 10.0 trillion, and then Sberbank, Lukoil and VTB.
In structural terms, this continuity means one thing above all: despite the contraction of markets caused by sanctions and other economic shocks, the foundations of the Russian economy remain essentially unchanged from a decade earlier. Nationalized and quasi-nationalized sectors, along with the extraction of natural resources, continue to predominate in terms of total corporate earnings.
RBC
The unbeatable Gazprom
As a decade ago, the oil and gas sector remains the dominant force in the Russian economy. Among the 500 largest companies, oil and gas producers account for about 27% of total revenue, or nearly RUB 38 trillion. Meanwhile, they are only third in terms of the number of companies on the list (about 50) and third in average revenue per company, at roughly RUB 754 billion. Only the nuclear sector, represented solely by Rosatom, and the banks surpass oil and gas on those two metrics.
According to RBC’s estimates, Gazprom’s revenue growth in 2024 was strongly supported by the weakening of the ruble, which averaged USD/RUB 92 versus USD/RUB 85 in 2023. Because most export contracts are denominated in foreign currencies, a weaker ruble automatically inflates revenue in local-currency terms. Several additional factors also played a role. Gas exports through the Power of Siberia pipeline to China increased from 23 billion cubic meters in 2023 to 31 billion cubic meters in 2024. Exports to Europe rose as well. Domestic gas prices were indexed upward. At the same time, the price of Urals crude increased as the discount to global benchmarks narrowed from about $20 per barrel in 2023 to $13 per barrel in 2024.
Gazprom also benefited from the consolidation of Sakhalin-2 in March 2024. With the approval of the Russian government, a Gazprom-affiliated entity acquired Shell’s 27.5% stake in the project. Gazprom already held a stake of 50% plus one share following a 2007 transaction, meaning its total ownership has now risen to 77.5%, further strengthening its control over one of Russia’s key LNG assets.
Despite the growth in export volumes, gas is gradually losing weight within Russia’s overall export structure. According to Rosstat, gas accounted on average for about 18% of exports in 2017-24, while its share fell to just over 16% in 2024. In the second quarter of 2025, it dropped to 13%, the lowest level since the fourth quarter of the pandemic-hit 2020.
The contribution of oil and gas to GDP is also declining. Whereas in 2011-12 the sector accounted for roughly 9-10% of GDP, official projections for 2026 put the figure at around 4%. Even so, oil and gas remains the single largest sector of the Russian economy. Despite the decline of 5-6 percentage points, one analyst interviewed by RBC stressed there is no evidence that Russia’s underlying dependence on hydrocarbons is actually diminishing.
Russia has relied on oil and gas for decades, the analyst said, and meaningful steps toward diversification remain largely absent. The sector has proved highly resilient to cyclical swings in commodity prices, easily absorbing temporary declines before benefiting from subsequent rebounds. Meanwhile, the broader economy is growing too slowly for other industries to gain enough weight to challenge hydrocarbons’ dominance. As a result, a drop in dependence on the sector is barely perceptible, and in the export structure there has been virtually no change: oil and gas continue to account for the bulk of Russia’s foreign earnings.
As a decade ago, the oil and gas sector remains the dominant force in the Russian economy. Among the 500 largest companies, oil and gas producers account for about 27% of total revenue, or nearly RUB 38 trillion. Meanwhile, they are only third in terms of the number of companies on the list (about 50) and third in average revenue per company, at roughly RUB 754 billion. Only the nuclear sector, represented solely by Rosatom, and the banks surpass oil and gas on those two metrics.
According to RBC’s estimates, Gazprom’s revenue growth in 2024 was strongly supported by the weakening of the ruble, which averaged USD/RUB 92 versus USD/RUB 85 in 2023. Because most export contracts are denominated in foreign currencies, a weaker ruble automatically inflates revenue in local-currency terms. Several additional factors also played a role. Gas exports through the Power of Siberia pipeline to China increased from 23 billion cubic meters in 2023 to 31 billion cubic meters in 2024. Exports to Europe rose as well. Domestic gas prices were indexed upward. At the same time, the price of Urals crude increased as the discount to global benchmarks narrowed from about $20 per barrel in 2023 to $13 per barrel in 2024.
Gazprom also benefited from the consolidation of Sakhalin-2 in March 2024. With the approval of the Russian government, a Gazprom-affiliated entity acquired Shell’s 27.5% stake in the project. Gazprom already held a stake of 50% plus one share following a 2007 transaction, meaning its total ownership has now risen to 77.5%, further strengthening its control over one of Russia’s key LNG assets.
Despite the growth in export volumes, gas is gradually losing weight within Russia’s overall export structure. According to Rosstat, gas accounted on average for about 18% of exports in 2017-24, while its share fell to just over 16% in 2024. In the second quarter of 2025, it dropped to 13%, the lowest level since the fourth quarter of the pandemic-hit 2020.
The contribution of oil and gas to GDP is also declining. Whereas in 2011-12 the sector accounted for roughly 9-10% of GDP, official projections for 2026 put the figure at around 4%. Even so, oil and gas remains the single largest sector of the Russian economy. Despite the decline of 5-6 percentage points, one analyst interviewed by RBC stressed there is no evidence that Russia’s underlying dependence on hydrocarbons is actually diminishing.
Russia has relied on oil and gas for decades, the analyst said, and meaningful steps toward diversification remain largely absent. The sector has proved highly resilient to cyclical swings in commodity prices, easily absorbing temporary declines before benefiting from subsequent rebounds. Meanwhile, the broader economy is growing too slowly for other industries to gain enough weight to challenge hydrocarbons’ dominance. As a result, a drop in dependence on the sector is barely perceptible, and in the export structure there has been virtually no change: oil and gas continue to account for the bulk of Russia’s foreign earnings.
RBC
Banks
Two of Russia’s largest state-owned banks, Sberbank and VTB, also feature among the top five companies in the RBC 500 ranking, with Sberbank ranking third and VTB in fifth. Analysts note that, despite what the Central Bank itself describes as “tight monetary policy” – meaning an exceptionally high key rate that peaked at 21% – state-controlled banks continued to generate substantial profits from several sources. First, net interest income remained high: even with elevated interest rates, companies continued to borrow as demand for financing operating activity stayed strong. Second, the government has been subsidizing state-owned banks to support lending to small and medium enterprises. According to RBC, Russian banks recorded a combined net profit of RUB 3.8 trillion in 2024, the highest level on record.
Retail lending declined as households took out fewer consumer loans. Even so, large banks were barely affected. One of the analysts cited by RBC explained that this reflects the structural resilience of major lenders. They are more technologically advanced, which allows them to manage risks more effectively and continue attracting customers even as the overall market contracts.
Sberbank’s core banking income has remained stable despite rising interest rates, analysts say, because the maturities of its loan and deposit portfolios are well balanced and its treasury operations are highly efficient. VTB, by contrast, has been able to sustain profits in a period of narrowing margins largely through one-off accounting measures.
In the RBC 500 ranking, the financial sector ranks second by total revenue but only seventh by the number of companies represented. This underscores the extent to which a small group of large, predominantly state-owned banks generate a disproportionate share of the sector’s income.
The financial-sector profits have not gone unnoticed by government officials, as reflected in recent policy proposals (even if they have yet to be adopted). In September, for example, the Duma discussed introducing a one-time 10% levy on banks’ “excess profits.” Analysts warn that such a measure could have negative economic effects, as most bank profits are either transferred to the state in the form of dividends or used to strengthen capital buffers.
Two of Russia’s largest state-owned banks, Sberbank and VTB, also feature among the top five companies in the RBC 500 ranking, with Sberbank ranking third and VTB in fifth. Analysts note that, despite what the Central Bank itself describes as “tight monetary policy” – meaning an exceptionally high key rate that peaked at 21% – state-controlled banks continued to generate substantial profits from several sources. First, net interest income remained high: even with elevated interest rates, companies continued to borrow as demand for financing operating activity stayed strong. Second, the government has been subsidizing state-owned banks to support lending to small and medium enterprises. According to RBC, Russian banks recorded a combined net profit of RUB 3.8 trillion in 2024, the highest level on record.
Retail lending declined as households took out fewer consumer loans. Even so, large banks were barely affected. One of the analysts cited by RBC explained that this reflects the structural resilience of major lenders. They are more technologically advanced, which allows them to manage risks more effectively and continue attracting customers even as the overall market contracts.
Sberbank’s core banking income has remained stable despite rising interest rates, analysts say, because the maturities of its loan and deposit portfolios are well balanced and its treasury operations are highly efficient. VTB, by contrast, has been able to sustain profits in a period of narrowing margins largely through one-off accounting measures.
In the RBC 500 ranking, the financial sector ranks second by total revenue but only seventh by the number of companies represented. This underscores the extent to which a small group of large, predominantly state-owned banks generate a disproportionate share of the sector’s income.
The financial-sector profits have not gone unnoticed by government officials, as reflected in recent policy proposals (even if they have yet to be adopted). In September, for example, the Duma discussed introducing a one-time 10% levy on banks’ “excess profits.” Analysts warn that such a measure could have negative economic effects, as most bank profits are either transferred to the state in the form of dividends or used to strengthen capital buffers.
Astemir Almov / Unsplash
The new trend
The latest RBC 500 ranking also highlights the growing role of online marketplaces. Wildberries, Russia’s largest e-commerce platform, has risen to twenty-fourth place, with revenue of RUB 962 billion, while Ozon ranks forty-first. RBC notes that though both companies have significantly improved their positions, they remain well behind traditional brick-and-mortar retailers such as X5, which ranks sixth, and Magnit, which is ninth.
Both Wildberries and Ozon are now closely intertwined with the Russian political and business elite. Wildberries is 35% owned by Russ, a company that media reports connect to Suleiman Kerimov, a businessman and senator. Ozon co-owner Alexander Chachava also holds a stake in Yandex, one of Russia’s largest IT companies. Meanwhile, sources told the independent outlet The Bell that business structures linked to Yuri Kovalchuk – one of Putin’s closest associates – were behind Chachava, and that the deal for a stake in Ozon was overseen by Sergei Kiriyenko, first deputy head of the Presidential Administration.
The rapid ascent of marketplaces reflects a broader boom in Russian e-commerce. In 2019-24, total online retail sales expanded between roughly fivefold and sevenfold, reaching RUB 11-12 trillion in 2024. Analysts note that marketplaces have been the main driver of this growth. Their share of e-commerce rose from 19% in 2019 to 64% in 2024, with Wildberries and Ozon together controlling nearly 80% of the market. More than RUB 5 trillion flows through these platforms each year, equivalent to about 14% of overall retail sales in the country.
This expansion has been driven by several factors. Pandemic-era lockdowns accelerated the shift of consumers to online shopping, reinforcing longer-term trends toward digitalization. Russia’s full-scale invasion of Ukraine further strengthened the role of marketplaces: the departure of foreign retailers, along with the spread of parallel imports, made these platforms a critical channel for supplying goods.
Marketplaces have also made hefty investments. In 2024, the largest platforms spent about RUB 1 trillion on product development, service upgrades, marketing and logistics, reinforcing their ability to expand and entrench their position in the market.
In terms of the labor market, analysts say, marketplaces have effectively become a “second taxi” – in large cities almost anyone can earn a steady income by working in delivery. Most expect the sector to keep growing, albeit at a slower pace, with marketplaces accounting for a much larger share of the Russian economy by 2029.
Conclusion
Russia’s GDP is projected to grow only about 1% in 2025, reflecting the impact of high interest rates and weak external demand, even after the economy expanded 4.3% in 2024. Nevertheless, large companies – especially state-owned ones in oil and gas, finance and other strategic sectors – continue to perform relatively well. Though the combined net profit of companies in the RBC 500 ranking fell 8%, there has been no collapse.
The sector hierarchy remains largely unchanged. Oil and gas groups, led by Gazprom and Rosneft, continue to predominate. Sberbank could in theory challenge Rosneft for a higher position in the ranking, but for now that remains unlikely. Rosneft and Gazprom are expected to stay in the top three through at least 2030, supported by cost control, steady demand from China, hikes in customer tariffsand relatively stable global oil prices. RBC notes that US sanctions on Rosneft and Lukoil are not expected to have a material impact on their financial performance. The US Treasury, however, insists the measures are having the intended effect. More cautious assessments suggest that much depends on buyers and financial intermediaries in China and India, which together account for about 85% of oil and gas export sales. For now, their pullback appears temporary, and many analysts believe they will adapt rather than cut themselves off from Russian supplies.
What remains clear is the underlying structure: Russia’s economy and its corporate hierarchy continue to rest on oil, gas and large state-controlled enterprises. These firms remain the market leaders, and their revenues still shape the overall macroeconomic picture, allowing the system to absorb shocks and weather periodic turbulence.
The latest RBC 500 ranking also highlights the growing role of online marketplaces. Wildberries, Russia’s largest e-commerce platform, has risen to twenty-fourth place, with revenue of RUB 962 billion, while Ozon ranks forty-first. RBC notes that though both companies have significantly improved their positions, they remain well behind traditional brick-and-mortar retailers such as X5, which ranks sixth, and Magnit, which is ninth.
Both Wildberries and Ozon are now closely intertwined with the Russian political and business elite. Wildberries is 35% owned by Russ, a company that media reports connect to Suleiman Kerimov, a businessman and senator. Ozon co-owner Alexander Chachava also holds a stake in Yandex, one of Russia’s largest IT companies. Meanwhile, sources told the independent outlet The Bell that business structures linked to Yuri Kovalchuk – one of Putin’s closest associates – were behind Chachava, and that the deal for a stake in Ozon was overseen by Sergei Kiriyenko, first deputy head of the Presidential Administration.
The rapid ascent of marketplaces reflects a broader boom in Russian e-commerce. In 2019-24, total online retail sales expanded between roughly fivefold and sevenfold, reaching RUB 11-12 trillion in 2024. Analysts note that marketplaces have been the main driver of this growth. Their share of e-commerce rose from 19% in 2019 to 64% in 2024, with Wildberries and Ozon together controlling nearly 80% of the market. More than RUB 5 trillion flows through these platforms each year, equivalent to about 14% of overall retail sales in the country.
This expansion has been driven by several factors. Pandemic-era lockdowns accelerated the shift of consumers to online shopping, reinforcing longer-term trends toward digitalization. Russia’s full-scale invasion of Ukraine further strengthened the role of marketplaces: the departure of foreign retailers, along with the spread of parallel imports, made these platforms a critical channel for supplying goods.
Marketplaces have also made hefty investments. In 2024, the largest platforms spent about RUB 1 trillion on product development, service upgrades, marketing and logistics, reinforcing their ability to expand and entrench their position in the market.
In terms of the labor market, analysts say, marketplaces have effectively become a “second taxi” – in large cities almost anyone can earn a steady income by working in delivery. Most expect the sector to keep growing, albeit at a slower pace, with marketplaces accounting for a much larger share of the Russian economy by 2029.
Conclusion
Russia’s GDP is projected to grow only about 1% in 2025, reflecting the impact of high interest rates and weak external demand, even after the economy expanded 4.3% in 2024. Nevertheless, large companies – especially state-owned ones in oil and gas, finance and other strategic sectors – continue to perform relatively well. Though the combined net profit of companies in the RBC 500 ranking fell 8%, there has been no collapse.
The sector hierarchy remains largely unchanged. Oil and gas groups, led by Gazprom and Rosneft, continue to predominate. Sberbank could in theory challenge Rosneft for a higher position in the ranking, but for now that remains unlikely. Rosneft and Gazprom are expected to stay in the top three through at least 2030, supported by cost control, steady demand from China, hikes in customer tariffsand relatively stable global oil prices. RBC notes that US sanctions on Rosneft and Lukoil are not expected to have a material impact on their financial performance. The US Treasury, however, insists the measures are having the intended effect. More cautious assessments suggest that much depends on buyers and financial intermediaries in China and India, which together account for about 85% of oil and gas export sales. For now, their pullback appears temporary, and many analysts believe they will adapt rather than cut themselves off from Russian supplies.
What remains clear is the underlying structure: Russia’s economy and its corporate hierarchy continue to rest on oil, gas and large state-controlled enterprises. These firms remain the market leaders, and their revenues still shape the overall macroeconomic picture, allowing the system to absorb shocks and weather periodic turbulence.
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