Putin aide says international companies lining up to return to Russia
(MENAFN) According to Kirill Dmitriev, President Vladimir Putin’s special economic representative, foreign companies that left Russia due to sanctions following the Ukraine conflict are now looking to return. Dmitriev, who is also the CEO of the Russian Direct Investment Fund (RDIF), responded to a Korea Times report on Friday that South Korean businesses are keen to resume operations in Russia, especially as US-backed ceasefire discussions between Moscow and Kiev progress.
“Global companies are lining up to return to Russia, signaling renewed confidence and fresh opportunities in one of the world’s largest markets,” Dmitriev wrote on social media. Over 1,000 Western companies, ranging from retail brands to major automakers, exited Russia in the past three years. However, with ceasefire talks gaining traction, some significant South Korean firms are reportedly exploring the possibility of resuming operations in the Russian market. This move highlights Russia’s strategic importance, particularly in light of growing trade pressure from the US.
LG Electronics is reportedly among the first to restart operations, resuming work at its Moscow-based home appliance plant that produces washing machines and refrigerators. Hyundai Motor Group, which had a dominant presence in Russia with its car brands, is also evaluating the prospect of re-entering. The group sold its St. Petersburg plant in 2023 but retained the option to repurchase it by 2025, meaning it must decide whether to restart production before then.
This trend is reflected in other foreign brands as well. Earlier this week, Italian manufacturer Ariston announced its return to Russia after exiting in 2022. The return of such firms could signal a broader trend of foreign companies returning or buying back assets in Russia, as US relations with the country shift.
Russian Prime Minister Mikhail Mishustin has stated that each company’s return will be evaluated individually. Companies that exited due to government pressure but retained jobs, contacts, and technologies, and have a buy-back option, may be allowed to return. Companies with unique expertise are also encouraged to re-enter, provided they meet local investment and localization requirements.
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