Moscow has not received official requests from foreign companies seeking to return to Russia after exiting due to the Russia-Ukraine war and sanctions, Dmitry Medvedev, the deputy chairman of Russia's Security Council and former president, told state-owned news agency TASS on March 20.
“No one has officially applied yet. So, they are informally probing the ground,” Medvedev claimed.
His statement follows Russian President Vladimir Putin’s directive to the Cabinet of Ministers to prepare for the return of Western companies, emphasizing that Russian firms should have "certain advantages" over those re-entering the market.
The decision comes as relations between Russia and the U.S. show signs of rapprochement.
The Kremlin said on March 18 that U.S. President Donald Trump and Putin are developing "mutually beneficial cooperation" in several areas as part of efforts to normalize relations between the two countries.
Since Russia launched its full-scale invasion of Ukraine in 2022, hundreds of Western companies have withdrawn from the Russian market, unwilling to contribute to the country's economy or war effort.
According to the Kyiv School of Economics Institute, 472 foreign firms have fully exited, while another 1,360 have scaled down their operations.
Medvedev insisted that Russia did not force foreign companies out, claiming they left "under pressure from their governments" and "out of fear."
The former president warned that any firms looking to return should expect "a separate conversation" and that those who stay out permanently are of no concern to Moscow.
Martin Fornusek
Despite intensified diplomatic contacts between Washington and Moscow over the war in Ukraine, no major Western companies have publicly indicated plans to return to Russia.
The Kremlin has made it difficult for departing businesses by requiring government approval, imposing a mandatory 50% discount on asset sales, and enforcing a 10% "exit tax."
Russian authorities have also seized assets from subsidiaries of foreign companies that continued operating in the country.
These restrictions are widely viewed as retaliation for Western sanctions, including the freezing of approximately $300 billion in Russian central bank assets.
While some companies have found ways to continue limited operations in Russia through intermediaries or licensing agreements, large-scale reentry remains unlikely under current geopolitical conditions.
Martin Fornusek
(Updated: )
