Number of Russian Companies in Kazakhstan Sees Sharpest Drop in Six Years

The number of companies in Kazakhstan with Russian founders (stakeholders) declined by 728 in Q2 2025 — the largest drop recorded in the past six years, Orda.kz reports.

According to data from the First Credit Bureau (FCB), there are now 17,600 such companies operating in the country.

This downward trend has continued for five consecutive quarters and is accelerating. The previous quarter also showed the steepest decline since our records began more than six years ago. After rapid growth following the geopolitical escalation in 2022, the number now appears to be returning to earlier levels. Since April 1, 2024, the total has dropped by 2,100 companies,
 the FCB stated.

The decline is evident across all sectors, but is especially pronounced in trade and IT.

Despite the decrease, Russia remains the leading foreign country by the number of registered companies in Kazakhstan. Uzbekistan and China follow in second and third place.

In the same period, the number of Uzbek-backed companies increased by 527 (now totaling 5,400), and Chinese companies by 503 (now 4,500).

No matter how strong the growth from Uzbekistan and China, Russia’s position remains decisive in shaping overall trends. In Q2, the total number of foreign-capital companies dropped by 254. As of now, 44,700 foreign-owned firms are active in Kazakhstan,
 the FCB concluded.

Original Author: Nikita Drobny