Goal: to identify strategic responses of large Russian companies running international activities to changes of situational factors in their external environment and subsequent transformation of their business models. Methodology: empirical basis of the article consists of primary data obtained through interviews conducted with representatives of large Russian corporations, and secondary data from open sources, corporate reports and media publications. Findings: the author formulated three assumptions that emphasize different business model blocks: the one with the highest competitive advantage concentration, the one with concentration of a company’s activities in the home market, and the one that is most subject to institutional changes. Contribution of the author: the study results form new approaches within the framework of institutional theory and represent a further step toward understanding a process of business model transformation of Russian companies under significant institutional changes.

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