Latest news with #WesternFirms
Japan Times
27-05-2025
- Business
- Japan Times
Putin threatens to 'throttle' Western firms remaining in Russia
Russian President Vladimir Putin on Monday threatened to "throttle" Western firms remaining in Russia and acting against its interests, as part of Moscow's effort to beef up domestic software development. "We need to throttle them. I completely agree, and I say this without hesitation," he said in response to a businessman's call to curb the activities of U.S. tech companies Zoom and Microsoft, which currently provide only limited services in Russia. Many Western firms left Russia or significantly wound down their activities in the country after Moscow launched its military offensive on Ukraine, prompting a barrage of economic sanctions from Ukraine's allies. "We haven't kicked anyone out ... we have provided the most favorable conditions for them to work in our market, and they are trying to throttle us," the Russian president said at a meeting with entrepreneurs, without providing details on how the Western companies were damaging Russia. "We must respond in kind, mirror their actions," added the Russian president, who has significantly tightened exit conditions for companies seeking to leave Russia, forcing many to sell their assets at steep discounts. There has been growing media speculation that some companies might consider a comeback amid U.S. President Donald Trump's efforts to reset relations with Russia and achieve a fast peace in Ukraine. Kirill Dmitriev, head of Russia's sovereign wealth fund and Putin's special envoy on economic cooperation, said in April that his fund received a lot of requests from U.S. firms wishing to come back. So far, no major Western company has publicly announced plans to return to Russia. Some businesses secured buyback options after selling their assets to the local management, leaving the door open for a potential return to the country. The companies that have left Russia completely, like U.S. fast food chain McDonald's, won't receive a warm welcome if they decide to come back, Putin said. "They (McDonald's) have put everyone in a difficult position, left, and now, if they want to come back, are we supposed to roll out the red carpet for them? No, of course not," he said.
Russia Today
08-05-2025
- Business
- Russia Today
Western firms quietly returning to Russia
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.
