Number of Companies Established by Russians in Armenia in 2023: Forbes

Georgia is significantly leading among the countries where Russian citizens have opened businesses in 2023. From January to December, they registered 13,000 legal entities there. The data has been calculated for Forbes by analysts at Finion.

Kazakhstan ranks second, where Russians established 6,100 companies in the same year. Armenia and Montenegro share the third place, with 3,400 legal entities registered with Russian owners.

In 2023, the number of companies opened by Russians in Armenia totaled 3,400, including about 2,000 individual entrepreneurs. During the period from January to December 2022, Russian citizens opened 7,328 economic entities in Armenia, including 4,983 individual entrepreneurs.