Russia’s Press Secretary Dmitry Peskov announced during a press briefing on Tuesday that Western companies which wish to exit the Russian market will need to follow the procedures set by the Russian government.
He added that Russia will not bar any company from exiting its market, however the companies will be forced to abide by the rules set by the Russian government.
Peskov said, “Taking into account the quasi-war that is being waged with Russia by the collective West, a special regime applies to Western companies that are leaving under pressure from their governments,” adding that before such companies are allowed to divest themselves of their assets, they will need to acquire permission from a specially designated government commission.
He went on, “A free, unhindered exit, of course, cannot happen now, and the commission strictly regulates this.”
He added that Russia is still “open to foreign investment” and is, “ready to create comfortable conditions for companies to work here.”
He said that many Western companies are still operating in the Russian market, and are “quite profitable,” but Russia is not seeking to force anyone to remain operating if they wish to leave.
He explained, “Many niches that are vacated here after the departure of some companies are occupied by other firms. And if businesses from some countries leave, those from other countries show increased interest.”
Many foreign companies have been pressured by their governments to reevaluate their presence in Russia following sanctions levied against Moscow over the conflict in Ukraine.
Despite this pressure however, KSE, which tracks about 3,000 companies which operated in Russia prior to March of 2022, has released data showing that fewer than 300 have actually left the Russian market.
The laws which govern the exit of foreign companies from the Russian market stipulate that the companies must sell their assets at a 50% discount after obtaining government permission for the sale, and then they must make a donation to the Russian government’s budget in the amount of 10% of the half-market value of the company’s Russian assets.
