After the start of a full-scale war between Russia and Ukraine in 2022 and the introduction of Western sanctions, more than 70% of Italian companies continued to work on the Russian market. This was announced by the president of the Italian-Russian Chamber of Commerce, Vincenzo Trani, in an interview with the Russian publication RBC.
According to him, about a third of the Italian companies present in the Russian Federation have decided to leave the market. These are mainly companies with a small share of revenues in Russia, state-owned enterprises or those whose products have come under the influence of sanctions.
“The remaining companies have adapted to the new conditions and are trying to reduce risks while increasing profits,” Trani said.
He added that those who left Russia “suffered serious losses”, while those who continue to operate are now reviewing the expediency of their presence on the Russian market.
Trani also emphasized that, unlike German companies, which were able to benefit from the government’s Hermes investment insurance program, Italian companies exited the market without any support from the government. As a result, they could not claim compensation, which Trani said could seriously damage their reputation with investors and business partners.
IRTP notes that Italian business in the Russian Federation is mostly represented in the spheres of agro-industry, food products, equipment manufacturing, and the automobile industry.
We will remind that on February 21, Vladimir Putin instructed the government to prepare for the return of Western companies to the Russian market. The President of the Russian Federation expressed his desire to give Russian companies “certain advantages” compared to those who decide to return to the Russian market, considering it a form of response to Western sanctions.
