Putin aide says international companies in line to return to Russia
(MENAFN) Foreign companies that left Russia due to sanctions tied to the Ukraine conflict are now looking to return, according to Kirill Dmitriev, President Vladimir Putin’s special economic representative. Dmitriev, who is also the CEO of the Russian Direct Investment Fund (RDIF), shared that global firms are signaling a renewed confidence in Russia, one of the world's largest markets, as ceasefire talks between Moscow and Kyiv gain momentum.
Over 1,000 Western companies, ranging from retail giants to car manufacturers, exited Russia in the past three years due to the conflict. However, with diplomatic efforts moving forward, major South Korean firms, such as LG Electronics and Hyundai Motor Group, are reportedly considering resuming operations. LG has already partially reopened its home appliance plant in Moscow, while Hyundai is evaluating the possibility of restarting production at its St. Petersburg facility before 2025.
Additionally, Italian appliance maker Ariston has announced its return to Russia after leaving in 2022. The trend indicates that foreign brands may be looking to reestablish their presence in Russia, as US policy towards Russia shifts.
Russian Prime Minister Mikhail Mishustin noted that companies which exited under government pressure but maintained key resources, such as jobs and technologies, could be allowed back into the market. Firms with specialized expertise would also be welcomed if they meet Russia's localization and investment requirements.
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