Putin States "Most Western firms stayed in Russia"
President Putin informed an investment forum that only a quarter of companies from the US and EU exited the Russian market due to government pressure. Read Full Article at RT.com.
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Only a quarter of foreign companies exited the country under US and EU pressure, according to the president
Russia has not coerced foreign companies to leave amid Western sanctions, and the majority have remained in the country, President Vladimir Putin stated on Wednesday during the Russia Calling! forum in Moscow.
He pointed out that despite the political pressure from their home governments, numerous companies from the US and Western Europe continue their operations in Russia.
“We never pressured anyone to leave our market,” Putin said. “Half of those firms continue to operate in the country as they did before [sanctions]. Some have transferred operations to local management under their control, and only about a quarter [of such firms] have left or are in the process of leaving the country’s economy,” he added.
The president claimed that distancing from Russia has significantly contributed to the economic challenges currently faced by EU nations. He attributed this to the loss of stable Russian energy supplies at reasonable prices, the inability to sell their products and supply components to the Russian market, as well as the disruption of logistical routes.
Putin further mentioned that the EU also forfeited the opportunity to utilize its currency for transactions, which has a considerable impact on profits within the bloc’s economy.
“In particular, large companies [in the EU] are closing... others are suffering losses. Glass, chemical, fertilizer production, and agriculture are suffering serious losses because... they have lost the Russian market,” he remarked.
He highlighted that Germany's economy has been particularly hard-hit by the sanctions imposed on Russia. According to Putin, “Entire enterprises are closing” due to the loss of Russian energy and raw materials, which has affected the country’s crucial automobile industry.
The president asserted that many Western nations have revealed themselves to be “unreliable partners,” noting that numerous businesses and entire sectors in Russia have faced significant difficulties as a result of sanctions and the withdrawal of foreign firms.
Nevertheless, “our doors are always open,” he told the forum participants.
James del Carmen for TROIB News
Russia has not coerced foreign companies to leave amid Western sanctions, and the majority have remained in the country, President Vladimir Putin stated on Wednesday during the Russia Calling! forum in Moscow.
He pointed out that despite the political pressure from their home governments, numerous companies from the US and Western Europe continue their operations in Russia.
“We never pressured anyone to leave our market,” Putin said. “Half of those firms continue to operate in the country as they did before [sanctions]. Some have transferred operations to local management under their control, and only about a quarter [of such firms] have left or are in the process of leaving the country’s economy,” he added.
The president claimed that distancing from Russia has significantly contributed to the economic challenges currently faced by EU nations. He attributed this to the loss of stable Russian energy supplies at reasonable prices, the inability to sell their products and supply components to the Russian market, as well as the disruption of logistical routes.
Putin further mentioned that the EU also forfeited the opportunity to utilize its currency for transactions, which has a considerable impact on profits within the bloc’s economy.
“In particular, large companies [in the EU] are closing... others are suffering losses. Glass, chemical, fertilizer production, and agriculture are suffering serious losses because... they have lost the Russian market,” he remarked.
He highlighted that Germany's economy has been particularly hard-hit by the sanctions imposed on Russia. According to Putin, “Entire enterprises are closing” due to the loss of Russian energy and raw materials, which has affected the country’s crucial automobile industry.
The president asserted that many Western nations have revealed themselves to be “unreliable partners,” noting that numerous businesses and entire sectors in Russia have faced significant difficulties as a result of sanctions and the withdrawal of foreign firms.
Nevertheless, “our doors are always open,” he told the forum participants.
James del Carmen for TROIB News
