Western Companies Gradually Reentering Russia, According to Putin's Aide
A trend is surfacing, yet there remains “no publicity” around it, according to Kirill Dmitriev. Foreign businesses that exited Russia three years ago are discreetly re-entering the country’s marketplace, as stated by Kirill Dmitriev, President...
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A trend is surfacing, yet there remains “no publicity” around it, according to Kirill Dmitriev.
Foreign businesses that exited Russia three years ago are discreetly re-entering the country’s marketplace, as stated by Kirill Dmitriev, President Vladimir Putin’s investment envoy.
US, European, and Asian companies withdrew from Russia largely due to supply chain disruptions caused by unprecedented sanctions imposed by the West following the intensification of the Ukraine conflict in 2022. Other companies departed to avoid the risk of secondary sanctions or public relations fallout.
In March, Putin instructed the government to outline clear and strict regulations for Western firms looking to reestablish a presence in the Russian market, aiming to safeguard local producers.
“The trend is there, we see that some firms are already returning. It’s just that there is no publicity around it. The process, however, is certainly underway,” Dmitriev told journalists on Thursday.
He mentioned that he recently held discussions with representatives from over 150 US companies that still operate in Russia despite several rounds of sanctions.
“Russia has always had a very positive attitude” toward responsible partners who invest in the country, he remarked. Dmitriev added that American companies incurred losses exceeding $300 billion after their exit from the Russian market.
When queried about the conditions for the return of Western businesses to Russia, the president’s economic aide emphasized that the government is actively involved in “setting the rules” for the process. As per Dmitriev, the focus is not on creating obstacles but rather on prioritizing the protection of domestic businesses.
Since US President Donald Trump took office in January, Moscow and Washington have initiated efforts to enhance bilateral relations. The two nations have engaged in a series of high-level meetings in recent months, aiming to strengthen diplomatic ties and address the Ukraine conflict.
Both Putin and Trump have publicly expressed their intent to revive economic cooperation between the two countries.
In early April, Dmitriev was in Washington, where discussions centered on potential joint investment projects in rare earth metals and the energy sector.
In the last few months, foreign companies that previously exited Russia have begun re-registering new trademarks within the country, indicating signs of a possible return. Among those companies are McDonald's, Hyundai, Intel, Microsoft, LG, IKEA, Chanel, Rolex, and Louis Vuitton, as reported by Russia's patent office, Rospatent.
Ramin Sohrabi for TROIB News
Foreign businesses that exited Russia three years ago are discreetly re-entering the country’s marketplace, as stated by Kirill Dmitriev, President Vladimir Putin’s investment envoy.
US, European, and Asian companies withdrew from Russia largely due to supply chain disruptions caused by unprecedented sanctions imposed by the West following the intensification of the Ukraine conflict in 2022. Other companies departed to avoid the risk of secondary sanctions or public relations fallout.
In March, Putin instructed the government to outline clear and strict regulations for Western firms looking to reestablish a presence in the Russian market, aiming to safeguard local producers.
“The trend is there, we see that some firms are already returning. It’s just that there is no publicity around it. The process, however, is certainly underway,” Dmitriev told journalists on Thursday.
He mentioned that he recently held discussions with representatives from over 150 US companies that still operate in Russia despite several rounds of sanctions.
“Russia has always had a very positive attitude” toward responsible partners who invest in the country, he remarked. Dmitriev added that American companies incurred losses exceeding $300 billion after their exit from the Russian market.
When queried about the conditions for the return of Western businesses to Russia, the president’s economic aide emphasized that the government is actively involved in “setting the rules” for the process. As per Dmitriev, the focus is not on creating obstacles but rather on prioritizing the protection of domestic businesses.
Since US President Donald Trump took office in January, Moscow and Washington have initiated efforts to enhance bilateral relations. The two nations have engaged in a series of high-level meetings in recent months, aiming to strengthen diplomatic ties and address the Ukraine conflict.
Both Putin and Trump have publicly expressed their intent to revive economic cooperation between the two countries.
In early April, Dmitriev was in Washington, where discussions centered on potential joint investment projects in rare earth metals and the energy sector.
In the last few months, foreign companies that previously exited Russia have begun re-registering new trademarks within the country, indicating signs of a possible return. Among those companies are McDonald's, Hyundai, Intel, Microsoft, LG, IKEA, Chanel, Rolex, and Louis Vuitton, as reported by Russia's patent office, Rospatent.
Ramin Sohrabi for TROIB News
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