Investment banker Evgeny Kogan commented on the role of virtual mobile network operators in the development of the telecom industry, describing their impact as positive. According to the figures he cited, independent MVNOs generated combined revenue of 43.4 billion rubles in 2025, accounting for around 3% of the entire mobile communications market. By comparison, MTS alone paid out 69.9 billion rubles in dividends, while the company’s net profit was 35.3 billion rubles.
Kogan believes that virtual operators do not drain funds from the industry; on the contrary, they pay network owners to use their infrastructure. In his view, it is the companies’ own financial policies—not MVNO activity—that determine the level of investment in infrastructure.
Kogan believes that virtual operators do not drain funds from the industry; on the contrary, they pay network owners to use their infrastructure. In his view, it is the companies’ own financial policies—not MVNO activity—that determine the level of investment in infrastructure.