American businesses can't wait to return to Russia, Putin's aid says

American businesses are pragmatic and "burning with desire to return to Russia," Boris Titov, the Russian president's special envoy for relations with international organizations to achieve sustainable development goals said. In New York, Titov held meetings with representatives of companies that had previously exited Russia.

Photo: freepik.com by cookie_studio, https://creativecommons.org/public-domain/pdm/

Handshake

American Businesses Waiting for Right Conditions

Titov noted that US business leaders are waiting for the right conditions to re-enter the Russian market.

"I was in New York, meeting with American businesses. Everyone is eager to return, but they are waiting for the necessary conditions to fall into place," he said.

In a conversation with RBC, Titov clarified that the meeting was organized in mid-January by the American Chamber of Commerce and was attended primarily by representatives of companies that had previously operated in Russia.

"We discussed various aspects, challenges, and barriers to returning. But at that time, the future of US-Russia relations was still unclear, and many questions remained unanswered," he explained.

According to Titov, American companies are pragmatic and understand both the current challenges and the potential opportunities.

"Some companies may have individual shareholder opinions, but the vast majority are ready to resume relations as soon as the barriers are lifted," he emphasized.

Investment Interest in Russia Remains Strong

Titov noted that trade operations between Russia and the US have never been dominant, with economic relations primarily based on investments.

"From an investment standpoint, the Russian market remains attractive and profitable. American companies still see it as one of the largest markets. Moreover, with challenges in China, Russia remains a promising investment opportunity for US businesses," he stated.

He also highlighted his work in developing a Moscow-based business diplomacy center.

"Right now, we are primarily focusing on the East. The West remains uncooperative, although we are open to collaboration. We hope that our ties with American businesses will begin to develop again," Titov said.

However, he declined to specify which companies expressed interest in returning to the Russian market.

Potential Warming of Economic Relations

On February 12, US President Donald Trump and Russian President Vladimir Putin held a phone conversation, followed by a meeting between Russian and American delegations in Saudi Arabia on February 18. These events have sparked discussions about a potential thaw in economic relations and the prospects of foreign companies returning to Russia.

The Russian government has been tasked with developing regulations for the return of foreign brands to ensure that domestic manufacturers maintain certain advantages.

Speaking at the Future Technologies Forum, Putin commented on the potential return of Western businesses, urging a careful approach to avoid losing the progress achieved by domestic industries. He noted that despite challenges posed by sanctions, Russia has benefited from the situation, as local companies increasingly turn to Russian scientists and innovation, often finding domestic solutions more effective than foreign alternatives.

Putin also stated that he has instructed the government to oversee the return of foreign companies in a way that preserves the benefits gained by Russian businesses.

Details

Boris Yuryevich Titov (born 24 December 1960) is a Russian politician and businessman serving as the presidential commissioner for entrepreneurs' rights since 2012. He has led the Party of Growth, previously known as Right Cause, since February 2016. In the 2018 presidential election, Titov ran as a candidate, finishing sixth place with 0.76% of the vote.