Putin: Russian brands will develop at a good pace

Brands from Russia will develop at a good pace, the market is not yet full and there is room to move. This opinion was expressed by Russian President Vladimir Putin at a meeting with moderators of sessions of the Eastern Economic Forum (EEF).

“I am very glad that this process [роста российских брендов] continues in such a positive way and our colleagues have such a positive result. It’s great! I have no doubt that it will develop in the same way and at the same pace, I just have no doubt,” he said (quote according to TASS).

Putin noted that Russian brands “have not yet filled the market,” which means “there is something to work on.” He added that the authorities will do everything to support domestic brands.

During a speech at the plenary session of the St. Petersburg International Economic Forum (SPIEF) Russian leader statedthat the departure of foreign brands from the Russian market did not affect the release of goods, only the logo on the products changed. Putin noted that Russian companies continue to occupy vacated production sites.

Against the backdrop of the start of Russia’s special operation in Ukraine and the introduction of anti-Russian sanctions, many Western brands left the Russian market. In September 2022, Putin called on Russian companies to fill vacated niches in the market.

In May of this year he notedthat business in Russia is “actively [их] masters.” According to him, in the 1990s. the market was actually “given to foreigners, including transnational companies,” which is why Russian entrepreneurs could not compete with them. “The time has come to regain our positions,” Putin said.