Only 100 of 500 major companies have left Russia

By Rhod Mackenzie

The Deputy Prime Minister of the Russian Federation and Head of the Ministry of Industry and Trade, Denis Manturov, stated that only 100 out of 500 European companies have officially left the Russian market. Manturov made this statement during the plenary session of Industry Day as part of the “Russia” forum and exhibition at VDNKh.

He clarified that the 20% figure only includes companies with a turnover of more than half a billion rubles per year.

He noted that he would not disclose the names of the companies that left the domestic market, as most of them have been compelled to do so by the decision of Russian President Vladimir Putin.
During the 'Results of the Year' event on December 14th, Russian President Vladimir Putin announced that the share of Russian brands in the domestic market had increased by 30%. He also called for support in promoting regional brands to diversify the Russian market and make it more appealing to consumers.

Manturov also mentioned American companies that have exited the domestic market. He reported that out of the 350 major brands represented in the Russian market, 66, or about 19%, have left.

In his opinion, this indicates that the Russian market is attractive to foreign companies. Manturov stated that Russia intends to continue attracting foreign investment and will create suitable conditions for individuals, specialists, investors, and business owners who are willing to come from abroad.
On December 7, the Russian Prime Minister, Mikhail Mishustin, announced a new program to provide additional support for large investment projects under sanctions. To achieve this goal, the development institute VEB.RF will begin to provide companies with guarantees according to a simplified scheme, with a volume of up to 200 billion rubles.

Amid a special operation to protect the population of Donbass, Western countries have increased sanctions on the Russian Federation. The Russian President made the decision to start the operation after the situation in the region worsened due to Ukrainian shelling.