Largest public companies in Russia 2022, by market value

Among the Russian companies included in the Forbes Global 2000 ranking from 2022, Gazprom had the largest market value, measured at 64 billion U.S. dollars. Another energy company, Rosneft, ranked second with a value of 49 billion U.S. dollars.

Gazprom, the most valuable company in Russia

Headquartered in Moscow, Gazprom is responsible for the exploration, production, storage, processing, and exportation of crude oil, natural gas, and gas condensate. The company owns around 25 trillion cubic meters of proved and probable natural gas reserves in Russia. Furthermore, it accounts for over two-thirds of gas production domestically. In 2021, Gazprom’s net revenue peaked at 10.24 trillion Russian rubles, having increased by over 60 percent from the previous year. However, fear of profit losses due to Western sanctions imposed on the entity after the Russia-Ukraine war made Gazprom suspend paying out dividends to its shareholders for the first time since 1998.

Natural resources are crucial to Russian companies’ success

With the largest natural resources value in the world, companies in Russia are highly dependent on commodities such as coal, natural gas, oil, gold, timber, and rare earth metals. Public energy giants Gazprom and Rosneft were the highest earning companies in Russia in 2020. Another energy company Lukoil reported the highest revenue of 5.2 billion Russian rubles among private companies in that year. Despite demonstrating lower figures, non-energy companies such as banks and fast-moving consumer goods (FMCG) retailers also made it to the top 10 companies by revenue in Russia.