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Bringing the Corporation Back in How Russian Companies are Adapting to Sanctions and De-Globalization Russia’s response to the barrage of sanctions introduced since 24 February 2022 is the subject of ongoing scrutiny. Although we know much about the macro-level mechanisms that have allowed the Russian economy to stay afloat, much less work has focused on how individual Russian companies have managed the shock. This talk presents in-depth case studies of two major private corporations - Lukoil and Rusal – to show how international commodity exporters have adapted to survive and grow in a geopolitically fraught environment. Such strategies have included expanding foreign ties, reorienting their domestic market presence and lobbying the Kremlin to obtain specific benefits and improve the overall business environment. These findings complicate the simple labels often applied to the Russian economy, such as ‘state capitalism’, ‘political capitalism’, ‘kleptocracy’ and ‘crony capitalism’.