Putin said that domestic business easily replaced companies that left the market

Russian President Vladimir Putin said that domestic companies immediately filled the markets that had been vacated after the departure of foreign companies with their goods. According to him, last year was only good for Russia, production in the segment of small and medium-sized businesses is growing, the country has become much more sovereign and independent in the field of economy and finance.

“Participants in economic activity in Russia have grown up, strengthened, they have their own level of culture, their established connections around the world. They easily and simply replaced those who left,” the president said during a working visit to an aircraft plant in Ulan-Ude.

The head of state noted that Russia’s “ill-wishers” expected to create problems for the country in the medium term, and there really is such a danger – for example, in the issue of providing long-term enterprises with equipment. “But I think that everything will be fine here,” the president concluded.

According to him, now the authorities are introducing new tools to support innovative industries, including industrial mortgages, benefits and the creation of certain industrial clusters. According to the president, Russia needs to preserve internal competition so as not to “close itself in its own juice” and so that the consumer can feel it.

According to January research economists Simon Evenett from the University of St. Gallen and Niccolo Pisani from the IMD business school, by the end of 2022, 8.5% of Western companies operating in Russia left Russia.

Analysis Center for Strategic Research showed that as of September 2022, 34% of the largest foreign companies operating in Russia limited their activities in the country, 15% transferred the Russian division to a new owner, and 7% announced a complete withdrawal from the Russian market.

Erdni Kagaltynov