More than 720 Russian companies exited Kazakhstan in the second quarter of 2025, the steepest quarterly decline on record, according to data from the Bureau of National Statistics, highlighted by the First Credit Bureau.
Between April and July, the number of companies in Kazakhstan with Russian founders fell by 728 to 17,600. This marks the sharpest drop since early 2019.
The downward trend has persisted for five consecutive quarters and continues to accelerate. Since April 2024, the number of Russian-owned businesses in Kazakhstan has shrunk by 2,100, gradually returning to pre-crisis levels after a surge in 2022 sparked by Russia’s war in Ukraine.
The decline affected all sectors, with trade and IT accounting for 55% of the losses. Despite the sharp contraction, Russia remains the leading foreign country in terms of the number of businesses operating in Kazakhstan.
Meanwhile, Uzbek companies in Kazakhstan grew by 527 to 5,400 — a rise driven largely by the service sector.
Chinese companies increased by 503, reaching 4,500, with trade accounting for 40% of that growth.
Overall, the number of foreign enterprises in Kazakhstan dropped by 254 in the quarter, settling at 44,700.
