A trend has emerged but there is “no publicity” around it, Kirill Dmitriev has said
Foreign businesses that left Russia three years ago are quietly returning to the country’s market, President Vladimir Putin’s investment envoy, Kirill Dmitriev, has said.
US, European, and Asian companies pulled out of Russia due to supply problems caused by unprecedented sanctions imposed on Moscow by the West after the escalation of the Ukraine conflict in 2022. Other firms left due to the risk of facing secondary sanctions or public relations pressure.
In March, Putin ordered the government to draft clear, tight regulations for Western firms seeking to come back to the country’s market, to ensure that local producers are protected.
”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.
Dmitriev stated that he recently met with representatives of over 150 US companies that continue to operate in Russia despite multiple rounds of sanctions.
“Russia has always had a very positive attitude” toward responsible partners who invest in the country, he noted. According to the investment envoy, American businesses lost over $300 billion from leaving the Russian market.
When asked about conditions for the return of Western business to Russia, the president’s economic aide noted that the government is actively engaged in “setting the rules” for the process. According to Dmitriev, it’s not about putting up barriers, but giving priority to protecting domestic businesses.
Moscow and Washington have taken steps to improve relations since US President Donald Trump assumed office in January. The two countries have held a series of high-level meetings in recent months aimed at boosting diplomatic ties and resolving the Ukraine conflict.
Both Putin and Trump spoke publicly about reviving economic cooperation between the two nations.
Dmitriev visited Washington in early April, with the talks focusing on potential joint investment projects in rare earth metals and in the energy sector.
In recent months foreign companies that had left Russia have begun to register new trademarks in the country, signaling their potential return. Among them are McDonald’s, Hyundai, Intel, Microsoft, LG, IKEA, Chanel, Rolex, and Louis Vuitton, according to data from the Russian patent office, Rospatent.
