Putin on Russia's future with the West: 'What was before will not be again'

Vladimir Putin instructed the government to develop a procedure for coordinating the return of foreign companies that previously left Russia. He emphasized that the process should be as transparent as possible, ensuring that domestic producers retain certain advantages.

Photo: en.kremlin.ru by Administration of the President of Russia, https://creativecommons.org/licenses/by/4.0/

Vladimir Putin

Speaking at the Congress of the Russian Union of Industrialists and Entrepreneurs, Putin noted that some companies sold their businesses at a discount, but when returning to Russia, they should not be allowed to buy them back at the same low price.

"This should not happen, and it cannot happen," the president said.

He added that there should be mandatory guarantees for foreign businesses to ensure fair and responsible conduct while operating in Russia.

Putin also tasked the government with studying how to regulate the interaction between Russian companies and enterprises from our competitors, in order to provide advantages for domestic producers.

"Yes, within the framework of the WTO, but we were still faced with certain difficulties. And we can appropriately regulate the return of those who want to come back to our market," the president stated.

Discussions about the potential return of foreign companies to Russia began during negotiations between Moscow and Washington in Riyadh on February 18. Last week, Putin mentioned that Russia was already engaged in talks regarding the return of several foreign companies to the Russian market. According to him, these discussions are taking place in a "closed format" and at the initiative of "some of our partners."

First Deputy Prime Minister Denis Manturov stated that Russia would only welcome the companies that the country would like to return. Kirill Dmitriev, head of the Russian Direct Investment Fund, suggested that foreign companies might need to create joint ventures with Russian businesses to return to the market.

Putin: The West Will Continue Putting Spokes in the Wheels

Sanctions are a reality of the current stage of global economic development, said Russian President Vladimir Putin at the Congress of the Russian Union of Industrialists and Entrepreneurs. Even if restrictions are relaxed, there will always be another way to "put a spoke in the wheel," he added.

"Even if there is some gesture from their side to lift or ease something, you can expect that another way will be found to 'press' and put a spoke in the wheel," said Putin.

The president compared the current situation to the Jackson-Vanik amendment in 2012.

The Jackson-Vanik amendment was an addition to the U.S. Trade Act passed by Congress in 1974. It imposed restrictions on granting most-favored-nation trade status, as well as on issuing government loans and credit guarantees to countries with non-market economies, and applied discriminatory tariffs and fees on imported goods from these countries. It was only abolished by President Barack Obama at the end of 2012.

"There was no Soviet Union anymore, the very entity it was aimed at, and relations between Russia and the U.S. were at their best... yet the amendment was effective. And when it was repealed, it was simply replaced with another restrictive act against Russia," the president noted.

28,595 sanctions imposed against Russia

Putin highlighted that Russia currently lives under 28,595 sanctions imposed on various individuals and legal entities. This is more than the number of all sanctions against all countries. Restrictions from the West have become a permanent reality of today's world, Putin noted.

"What was before will not be again. We should not expect full freedom of trade, payments, and capital flows," Putin concluded.