On May 25, 2026, the AEB held a briefing on the results of the annual survey "Strategies and Prospects for European Companies in Russia". The survey has been conducted by the Association of European Businesses for the nineteenth time. The current wave of the survey was conducted in March-May 2026. 119 companies took part in the survey. 

Expectations of European businesses operating in Russia have declined for the first time since 2022. Following the drop to a record low of 80 points on a scale from 0 to 200 in 2022, the annual AEB Business Climate Index increased to 116 points in 2023 and 127 points in 2024, before remaining stable in 2025. In 2026, the AEB Index moved from the positive zone, where it had remained for the previous two years, back into neutral territory, reaching 111 points out of a possible 200 (close to the 2015 level, when the index stood at 106 points). 

At the briefing, Tadzio Schilling, CEO, AEB, Rustem Mardanov, Member of the Board of Directors of the Bank of Russia, Head of Bank of Russia Main Branch for the Central Federal District, Yuri Simachev, Director for Economic Policy, Director of Centre for Industrial Policy Studies, HSE University, and Alexey Dorofeev, CEO of GfK-Rus, discussed the results of the survey and economic reasons for business sentiment. Rustem Mardanov presented an exclusive analysis comparing the dynamics of the AEB Index with the Enterprise Monitor indicator of the Bank of Russia, emphasizing that the main conclusions of the Central Bank and AEB studies coincide. 

The shift in the Index was primarily driven by weakening short- and medium-term economic expectations: only 17% of respondents expect economic growth within the next one to two years, compared to 50% in 2025. At the same time, the share of companies reporting turnover growth fell to a 15-year low (40% versus 56% in 2025), while one-third of companies reported declining turnover (33% versus 22% previously). Investment sentiment has also weakened, as the share of companies planning to reduce investments doubled year-on-year to 13%. 

Nevertheless, despite these pressures, long-term business confidence remains remarkably resilient. Expectations for the next 6–10 years remain broadly stable at 79% (versus 82% in 2025). Most companies are not considering closing their Russian operations (67%, unchanged year-on-year), while 57% continue to view their Russian business as an important part of their global footprint. 

Overall, the results suggest that European companies are adapting to the current environment, maintaining selective investments, and keeping their focus on the future.

The survey also provides an assessment of the business environment, business barriers, the impact of sanctions, data on sustainable development strategies in companies, HR issues and the implementation of digital technologies.

The full survey "Strategies and Prospects for European Companies in Russia" is available on the AEB website.