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Russia Today
7 days ago
- Business
- Russia Today
Sanctions, no ‘rolling out carpet' for McDonald's, the fight against ‘bad IT habits': Key points from Putin's meeting on economy
Russian President Vladimir Putin met with business leaders in the Kremlin on Monday, discussing the state of the economy and the effects of Western sanctions. On Russian Entrepreneurship Day, the president thanked business leaders and their employees for driving the recovery from foreign sanctions and effectively filling the space left by corporations that chose to cut ties with Russia over the Ukraine conflict. Fourth-largest economy in the world Putin noted that the Russian economy now ranks fourth globally by purchasing power parity (PPP). He credited the accomplishment to the business community and workers across the country. According to the International Monetary Fund, Russia overtook Japan as the fourth-largest economy based on PPP in 2024, ranking behind only China, the US, and GDP growth GDP grew by 4.1% in 2023 and 4.3% in 2024 – a 'solid result,' considering the 'difficult conditions,' Putin said. 'The growth was neither confined to individual sectors nor limited to specific regions. On the contrary, it spanned a wide spectrum: industry, agriculture, digital technologies, services, finance, and more,' he went on to say. The government projects a 2.5% growth rate in 2025. Russia won't be 'rolling out a carpet' for McDonald's Putin said the government would devise a program for foreign companies wishing to return to the Russian market, 'but only insofar as it aligns with the protection of our own business interests.' Moscow, he stressed, will not be 'rolling out a carpet' for McDonald's and other corporations. 'Let's consider the terms. If their return is beneficial to you, then by all means, they can come back. If something isn't currently in your interest, let's work together to make it so,' Putin told Russian business leaders. Fighting 'bad IT habits' The president welcomed calls to restrict access to services from companies such as Microsoft and Zoom, which officially exited the Russian market after 2022. 'We need to strangle them. I completely agree. I say this openly because they are trying to strangle us. We need to reciprocate,' he said. He stressed that Russia did not force any IT companies to leave in the first place. However, he urged Russians to abandon the 'bad habits' of relying on foreign services. Sanctions making economy stronger Putin argued that Western sanctions have inadvertently helped the country ramp up domestic production and become more self-sufficient. 'Russia has always demonstrated remarkable resilience in the face of hardship. This is one of those moments when overcoming difficulties only makes us stronger.' Fines for breaching 'local production' laws The president also backed the idea of fining state-owned companies for violating recently adopted procurement laws that prioritize domestically produced goods over foreign goods. 'There must be both oversight and sanctions… to deter violations of the norms,' he said.
Russia Today
27-05-2025
- Business
- Russia Today
Sanctions, no ‘rolling out carpets' for McDonald's, the fight against ‘bad IT habits': Key points from Putin's meeting on economy
Russian President Vladimir Putin met with business leaders in the Kremlin on Monday, discussing the state of the economy and the effects of Western sanctions. Marking Russian Entrepreneurship Day, the president thanked business leaders and their employees for driving the recovery from foreign restrictions and effectively filling the space left by corporations that chose to cut ties with Moscow over the Ukraine conflict. Fourth largest economy in the world Putin emphasized that the Russian economy now ranks fourth globally by purchasing power parity (PPP). He credited the accomplishment to the business community and workers across the country. According to the International Monetary Fund, Russia overtook Japan as the fourth-largest economy based on PPP in 2024, ranking behind only China, the US, and GDP growth GDP grew by 4.1% in 2023 and 4.3% in 2024 — a 'solid result,' considering the 'difficult conditions,' Putin said. 'The growth was neither confined to individual sectors nor limited to specific regions. On the contrary, it spanned a wide spectrum: industry, agriculture, digital technologies, services, finance, and more,' he noted. The government projects a 2.5% growth rate in 2025. No 'rolling out carpets' for McDonald's Putin said the government would devise a program for foreign companies wishing to return to the Russian market, 'but only insofar as it aligns with the protection of our own business interests.' Moscow, he added, will 'not be rolling out a carpet' for McDonald's and other corporations. 'Let's consider the terms. If their return is beneficial to you, then by all means, they can come back. If something isn't currently in your interest, let's work together to make it so,' Putin told Russian business leaders. Fighting 'bad IT habits' The president welcomed calls to 'restrict' access to services from companies like Microsoft and Zoom, which officially exited the Russian market after 2022. 'We need to strangle them. I completely agree. I say this openly because they are trying to strangle us. We need to reciprocate,' he said. He stressed that Russia never forced any IT company to leave in the first place. However, he urged Russians to abandon the 'bad habits' of relying on foreign services. Sanctions making economy stronger Putin argued that Western sanctions have inadvertently helped the country ramp up domestic production and become more self-sufficient. 'Russia has always demonstrated remarkable resilience in the face of hardship. This is one of those moments when overcoming difficulties only makes us stronger,' he said. Fines for breaching 'local production' laws The president also backed the idea of fining state-owned companies for violating recently adopted procurement laws that prioritize domestically produced goods over foreign ones. 'There must be both oversight and sanctions … to deter violations of the norms,' he said.
Yahoo
27-05-2025
- Business
- Yahoo
Putin Threatens to ‘Throttle' Big Tech Firms Like Zoom and Microsoft
Russian President Vladimir Putin said U.S. tech companies like Microsoft and Zoom should be 'strangled' and 'throttled' in his country, arguing that Russia should build domestic competitors instead. During a meeting with Russian company leaders to evaluate certain sectors and the domestic economy, a business leader expressed frustration to Putin that U.S. companies that have announced their exit from the country continue to operate. Microsoft said it was ending sales in the country in 2022 after Russia invaded Ukraine, and Russian lawmakers have railed against Zoom for years. 'We need to strangle them. I completely agree,' Putin said, according to Turkey's Anadolu Agency. 'I say this without any embarrassment, because they are trying to strangle us. We need to reciprocate.' Microsoft and Zoom did not respond to immediate requests for comment from The Daily Beast. Putin also attacked McDonald's, which also exited the nation after Russia began its war in Ukraine, saying the battle did not align with its core values. 'It is impossible to ignore the humanitarian crisis caused by the war in Ukraine,' McDonald's CEO Chris Kempczinski wrote at the time. 'And it is impossible to imagine the Golden Arches representing the same hope and promise that led us to enter the Russian market 32 years ago.' 'They put everyone in a difficult position, ran away, and now, if they want to come back, should we pave the way for them?' Putin said on Monday. 'Of course not.' McDonald's did not respond to an immediate request for comment. McDonald's reiterated its commitment to staying out of the country in a letter to a Ukrainian advocacy group last month. Putin also lamented that Western companies that left due to 'political pressures' have hurt Russian businesses. 'Some companies left their Russian partners in a difficult situation,' he said. Putin's remarks came after President Donald Trump attacked Putin in a statement on Truth Social on Sunday, saying the Russian leader had gone 'absolutely CRAZY' after killing Ukrainian citizens. 'He is needlessly killing a lot of people, and I'm not just talking about soldiers. Missiles and drones are being shot into Cities in Ukraine, for no reason whatsoever,' he said. 'I've always said that he wants ALL of Ukraine, not just a piece of it, and maybe that's proving to be right, but if he does, it will lead to the downfall of Russia!'
