Dmitry Medvedev, now deputy head of Russia's Security Council, answered TASS's question about Western companies leaving Russia. He stressed that Russia did not fire any Western companies that they left themselves. He said that these companies will have difficulty returning to Russia.
The Russian politician noted that in March 2022, he warned that foreign companies would find it difficult to return to the Russian market, regardless of the "reasons for withdrawal".
"Life has proven those words to be true. We don't chase anyone away, they leave themselves, some are under pressure from the government, some are afraid..." - Mr. Medvedev said.
The Wall Street Journal pointed out that the Russia-Ukraine conflict broke out in 2022, leading to one of the largest migrations in the history of businesses as the West imposed a wave of sanctions on Russia, banning many types of trade and investment.
Russia's economy has remained strong for more than 3 years of conflict, largely thanks to the ability to continue exporting oil, especially to China and India. However, the Russian economy is currently slowing under the weight of sanctions, inflation and high interest rates.
According to the Kiev Economic School, from 2022 to January 2025, nearly 500 international companies have completely left Russia. About 1,300 other companies have announced that they will leave Russia but have not yet completed the process.
Austria's Raiffeisen Bank, one of the last Western financial institutions to remain in Russia, said it was complying with the European Central Bank's order to reduce business operations in Russia. A Raiffeisen spokesperson said the bank is considering the possibility of selling part of its Russian branch.
Last month, the CEO of another Western bank, Italy's UniCredit, said that the bank wanted to withdraw from business activities in Russia and hoped that the end of the conflict would allow the bank to sell its Russian branch at a reasonable price.
