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14 Feb, 2024 15:02

Number of Western firms that left Russia revealed

Only a fifth of the large American and European businesses operating in the country have pulled out, according to Deputy Prime Minister Denis Manturov
Number of Western firms that left Russia revealed

Only about 20% of the large companies from Europe and 16% from the US have left Russia in light of Western sanctions pressure, Russian Deputy Prime Minister Denis Manturov has revealed.

Many enterprises that remained in Russia continue to increase investment, according to Manturov, who also serves as the trade and industry minister.

“This figure is from the Association of European Businesses. Of the 500 large European companies – I do not take those with a turnover of less than half a billion rubles a year – only 100 have officially left so far, which is 20%,” the minister said on Wednesday while visiting the exhibition-forum ‘Russia’ in Moscow.

The deputy prime minister also highlighted that 66 out of the 350 (about 19%) large American companies in Russia had left. “This suggests that our market and our potential is of interest, particularly taking into account the cost of energy resources. You see what is happening in Europe where enterprises are gradually shrinking,” Manturov said.

The Russian government will continue to attract foreign investment and will create the necessary conditions for foreign specialists, as well as investors and business owners, according to Manturov. “This applies to both unfriendly and friendly countries. We are always open to reasonable dialogue and investors.” 

Russian President Vladimir Putin confirmed recently that the market will remain open and competitive despite Western attempts to isolate it. He said that the Western departures had been beneficial for domestic companies, who “immediately took over.” Russia has enough talent, as well as qualified workers and managers to “ensure that everything runs smoothly,” according to the president.

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