UDC: 336.63
https://doi.org/10.25198/2077-7175-2026-2-52


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THE STATE OF THE LARGEST COMPANIES IN THE AGRO-INDUSTRIAL COMPLEX ON THE STOCK MARKET UNDER THE SANCTIONS OF 2022–2025

A. S. Korshikov
Lomonosov Moscow State University, Moscow, Russia
e-mail: andrkorschikov@yandex.ru

Abstract. The sanctions policy against the Russian Federation has placed domestic business in a difficult position. The relevance of the research topic lies in the fact that, despite the modern concept of «smart» sanctions, which in theory should not affect the agricultural sector, in reality, the impact of sanctions on this sector is indeed significant. While the first sanctions packages introduced in 2014, according to some experts, served as a driver for the sector’s growth, the intensified pressure in 2022 had the opposite effect. The purpose of this article is to assess the financial condition of the largest companies in the agricultural sector, which are crucial for Russia’s food security. To achieve this goal, the following tasks are addressed: identifying threats facing large agricultural companies due to sanctions, analyzing the financial statements of major sector companies, and calculating an index of agricultural companies listed on the Moscow Exchange. The study employs methods of comparative analysis of expert opinions, financial statement analysis, and the index method for developing and testing a new tool for assessing the state of public companies in the agricultural sector. The scientific novelty of the research lies in the creation of an agricultural index comprising six companies in this sector: PJSC «Inarktika», PJSC «Cherkizovo», PJSC «Rusagro», PJSC «PhosAgro», PJSC «Kuibyshevazot», and PJSC «Segezha». The practical significance is the potential use of the developed index as an indicator of the investment attractiveness of the industry, as well as a tool for early identification of risks and threats to inform the development and implementation of proactive government regulation measures. As a result of the financial analysis, it was concluded that by 2024, most of the considered largest agricultural companies were unprofitable, with half of them showing negative sales dynamics across many product categories. The calculated agricultural index confirmed the negative trend in the sector: since the beginning of 2024, the index has shown a downward trend, indicating a decline in the industry’s investment attractiveness. A direction for further research could be the development of solutions to bring the sector out of its slowdown phase and ensure Russia’s food security.

Key words: sanctions, agro-industrial cmplex, food security, capitalization, sectoral indices, agriculture.

Cite as: Korshikov, A. S. (2026) [The state of the largest companies in the agro-industrial complex on the stock market under the sanctions of 2022-2025]. Intellekt. Innovacii. Investicii [Intellect. Innovations. Investments]. Vol. 2, pp. 52–65. – https://doi.org/10.25198/2077-7175-2026-2-52.


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