Russia promises to "look after" international businesses

According to the Kremlin, this includes businesses that have resumed operations after ceasing due to the Ukraine crisis as well as those that want to do so.



According to Dmitry Peskov, a spokesman for the Kremlin, foreign businesses that remain in Russia or intend to relocate there despite pressure from sanctions due to Ukraine will be given enticing terms.


"Those foreign businessmen that remain [in Russia] are well taken care of by us. The businessmen that are currently being forced to wait it out due to pressure have already said that they would restart their operations here as soon as possible, and we have the utmost respect and concern for them," the official said.


Before the 25th Petersburg International Economic Forum (SPIEF), which would take place the following week, Peskov made his remarks. He stated that fewer representatives from Western firms are anticipated than in past years at the meeting. However, according to Peskov, their number would be reduced owing to political pressure related to Russia's ongoing military campaign in Ukraine, not because they are unwilling to cooperate with Russia.


"Yes, there is a directive for all US allies [to sever ties with Russia], there is a choice of individual countries, there is a decision of the European Union as an integration association. Unfortunately, many business owners from both America and Europe must wait it out, but they aim to return to our market as soon as can, according to Peskov.


International businesses began to leave Russia not long after Moscow began its military intervention in Ukraine in late February. Due to the sanctions imposed by Western nations in response, several businesses found it difficult or impossible to conduct financial transactions and logistics, while enterprises operating in Russia began to worry about their reputation due to the widespread criticism of Russia's actions in the West. Nearly half of the 1,345 major foreign corporations represented in the nation, according to estimates from the Yale Institute for Senior Leadership, have either ceased or discontinued their operations in the Russian market.

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