11 hours ago
Russia hopes Brazil can join China in replacing Western companies
Brazilian firms could plug some of the gaps in Russian markets left by the exodus of Western companies and only partially filled by Chinese firms, Russia's deputy economy minister Vladimir Ilyichev said on Wednesday.
The abrupt departure of scores of Western companies over the conflict in Ukraine led to capital outflows and an economic slowdown. Moscow is now focused on local production and working with so-called 'friendly' countries that have not imposed sanctions, particularly the Brics nations of Brazil, India, China and South Africa.
Any Western firms trying to return face barriers to re-entry and some industries, such as telecom, look firmly off limits.
Local firms have filled some niches left by the Western companies while other sectors, particularly the car industry, are now dominated by Chinese players.
Ilyichev, speaking on the Brazil-Russia panel at Russia's economic forum in St Petersburg, suggested Brazilian firms could establish operations in Russia to supply engineering products and goods related to consumer industries.
