76% of foreign firms still in Russia despite war, says lawmaker

MOSCOW

Nearly 76% of foreign companies continue to operate in Russia, the head of the country’s lower legislative chamber said on Monday.

Despite the exodus of dozens of foreign firms over the war in Ukraine, “75.9% of foreign companies stayed in Russia, State Duma speaker Vyacheslav Volodin said on Telegram.

“This decision speaks volumes: They believe in good prospects for the development of our country’s economy, they are satisfied with the business climate. Those who left suffer billions of dollars in costs,” said Volodin.

The senior lawmaker added that Russian companies were replacing niches left open by foreign businesses that left after Russia started its “special military operation” in February last year.

The lawmaker urged businesses to be “nationally oriented,” so their earnings are spent on the development of Russia, underlining that it was a priority of the State Duma to provide legal support for such purposes.

• Foreign companies
• Russia
• Vyacheslav Volodin