Number of foreign companies in Russia has increased since the start of sanctions

By Rhod Mackenzie

The Russian President Vladimir Putin said at the VTB international forum "Russia Calling" that the number of foreign companies operating in Russia did not decrease after the introduction of sanctions, but on the contrary increased by almost 1.5 thousand.

"As of 1 March 2022, 24.1 thousand foreign organisations were registered in Russia, and as of 1 November this year, there were almost 1.5 thousand more, namely 25.6 thousand," the Interfax agency quotes the head of state.

According to the Russian leader, this indicator shows the willingness and desire of foreign companies to work in our country. At the same time, Putin noted, "the growth of the domestic market and the expansion of the Russian Federation's contacts with foreign countries - the countries of Asia, the Middle East, southern Eurasia, Latin America and Africa - open up additional opportunities for the Russian economy and almost any business".

In this regard, the President cited some indicative, as he put it, figures: "In 1.5 years, the number of domestic light industry companies has increased by 80%, furniture manufacturers by 30%, children's toys by 20%".

In the same period, the head of state added, the number of trademarks owned by domestic companies increased by more than a third.

"All this suggests that investment in projects for the production of such products, the creation of new enterprises and jobs throughout the country is beneficial and profitable," Putin concluded.

Earlier the head of the presidential press service Dmitry Peskov announced Russia’s adaptation to Western sanctions..

"Of course, sanctions create additional problems," he admitted. "But I repeat, we have adapted to the sanctions."

Peskov also noted that Western restrictions cause certain problems, but Russian companies have already learned to overcome them.