Volodin said that 76% of foreign companies have kept business in Russia

State Duma Speaker Vyacheslav Volodin said that Russian companies are filling the niches vacated after the departure of foreigners. In confirmation, he cited statistics according to which in 2022 the production of clothing in Russia increased by 42%, and the production of medicines by 15%. At the same time, according to his data, 75.9% of foreign companies continue to work in Russia.

“This decision speaks volumes: they believe in good prospects for the development of the economy of our country, they are satisfied with the business climate. Those who left endure billions of dollars,” Mr. Volodin wrote in his Telegram channel.

“It is important that business be nationally oriented, that the funds earned remain in the country and be used for its development,” he added.

He also recalled that last year Russia banned the development of mineral resources, oil and gas fields by foreign companies, as well as foreign participation in concessions in transport infrastructure and transportation.

In 2022, due to the military operation in Ukraine and the subsequent sanctions, many foreign companies stopped working in Russia. Brands that have left include McDonalds, H&M, Lego, IKEA, Mercedes, Ford, and many more. Yesterday, January 8, President of the Chamber of Commerce and Industry Sergey Katyrin spokethat Western sanctions had a negative impact on the work of more than 60% of Russian companies. A significant part of the organizations has lost foreign partners, but about 25% of them have already found new ones.

Olesya Pavlenko