Putin commands government to get ready for comeback of foreign firms
(MENAFN) President Vladimir Putin has ordered the Russian government to start preparing for the possible return of foreign companies that exited the Russian market amid the Ukraine conflict. Following Russia’s military actions in Ukraine in 2022, numerous major corporations, including US giants like Microsoft and McDonald’s, withdrew from Russia. This departure was also driven by extensive Western sanctions imposed on Moscow.
Putin has emphasized that these companies left voluntarily but indicated that Russia remains open to their return, provided that the interests of domestic businesses are safeguarded. After meeting with the Russian business group Delovaya Rossiya, Putin directed the government to review proposals on the conditions under which individuals from so-called “unfriendly” countries could operate in Russia and invest in real estate and shares.
The list of “unfriendly countries” includes most EU nations, the US, UK, Canada, Japan, South Korea, Australia, and New Zealand. Russian Finance Minister Anton Siluanov recently suggested that investment restrictions on these countries might be eased.
In May, Putin called for a pragmatic approach toward foreign firms, advocating case-by-case evaluations based on whether their return would benefit Russia. “If it benefits us to have a company back, we should allow it; if not, we should find reasons to keep it out,” he said.
Kremlin investment envoy Kirill Dmitriev estimated in April that US companies lost about $300 billion by leaving Russia. Earlier this year, Washington and Moscow resumed direct talks, agreeing to gradually rebuild the economic ties broken by the Biden administration in 2022.
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