Western Firms will Fall Over in Rush to reestablish business in Russia
Following the escalation of fighting in 2022, Western governments imposed sweeping economic restrictions on Russia in an effort to undermine its economy. Combined with retaliatory measures from Moscow, these steps pushed many foreign companies to withdraw or sell off their Russian operations.
Speaking at a press briefing on Tuesday, Fico criticized the European Union’s latest proposal to fully eliminate imports of Russian gas by November next year, describing the move as “energy suicide.” He argued that such a policy would be unnecessary, as the war in Ukraine is likely to be over by then.
“And write it down, everyone, when the military conflict ends, everyone will break their legs running to Russia to do business,” Fico said. He added that once the situation stabilizes, “we will all come to our senses.”
Slovakia and neighboring Hungary, both of which depend heavily on Russian energy supplies, have warned that they plan to challenge the EU’s proposed gas ban in court. They argue that the decision effectively introduces a new sanction and was pushed through without their consent, even though such measures require unanimous approval.
Russian officials have echoed the view that European businesses are keen to return. President Vladimir Putin has said that many firms are waiting for sanctions to be lifted and are “eager to return” to the Russian market. “Those who wish to return are always welcome,” he said during an economic forum in Vladivostok last year.
At the same time, Putin has cautioned that companies seeking to reenter Russia will face tougher competition, as domestic businesses have filled many of the gaps left by departing Western firms and established themselves firmly in those sectors.
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