Very foreign: European business will take part in SPIEF
European companies will participate in the St. Petersburg International Economic Forum (SPIEF), which will be held this year from June 18 to 21. In particular, as Izvestia found out, at least 20 Italian companies have already submitted applications. French businesses were allowed to attend the forum at the Franco-Russian Chamber of Commerce and Industry. In addition, companies from Luxembourg and Belgium are exploring the possibility of participating in the SPIEF. The expert community states that most EU countries are interested in de-escalating relations with Moscow as soon as possible and lifting anti-Russian sanctions. To stop the crisis processes and save jobs, the European economy would clearly benefit from affordable Russian energy resources. About how the mood in European business circles is changing against the background of the change of administration in the White House and the intensification of contacts between the Russian Federation and the United States, see the Izvestia article.
Which foreign companies will be at SPIEF 2025
At least 20 Italian companies have already sent applications to the organizers, the head of the Association of Italian Entrepreneurs in the Russian Federation (GIM Unimpresa) told Izvestia Vittorio Torrembini. The final number of participants has not yet been determined, as registration is still ongoing.
— There are about 100 Italian companies operating in Russia now. Mostly those who were engaged in trade left. And those who have [preserved] production have remained," notes Vittorio Torrembini.
It is possible that French business will also be present at the SPIEF. It is already known that Pavel Shinsky, Director General of the Franco-Russian Chamber of Commerce and Industry, as well as its honorary President Emmanuel Kidet, will take part in the forum.
Pavel Shinsky, Director General of the Franco-Russian Chamber of Commerce and Industry.
— The Franco-Russian Chamber of Commerce and Industry will definitely take part in the SPIEF. Emmanuel Kidet and I will be on our side. We may even initiate a thematic round table with the American Chamber of Commerce. The SPIEF is still a few months away, and the situation is developing extremely rapidly. I hope that the conditions in a couple of months will allow us to perform in more numbers," Pavel Shinsky told Izvestia. — As for business, it is very important that those companies that currently continue to operate in Russia can develop in the Russian Federation in a respectful environment, as President Vladimir Putin said at the congress of the Russian Union of Industrialists and Entrepreneurs (RSPP). I think such companies will participate in the SPIEF.
Companies from Luxembourg and Belgium are also showing interest in the St. Petersburg Forum. Oleg Prozorov, Director General of the Belgian-Luxembourg Chamber of Commerce in the Russian Federation, told Izvestia that a closed round table with potential participants of the forum was held in Bruges in the spring.
Oleg Prozorov, Director General of the Belgian-Luxembourg Chamber of Commerce in Russia.
— At the moment, we have sent materials on the forum to possibly interested companies in Belgium and Luxembourg. In March, they even held a closed round table in Bruges, where they distributed printed materials in partnership with Roscongress. I think there will be an understanding of interest closer to the middle of May. Unfortunately, travel without direct communication is complicated, and business is still under pressure. The EU is not the United States, even a diplomatic dialogue is difficult, if not completely absent," Oleg Prozorov noted.
At the same time, the Belgian-Luxembourg Chamber of Commerce is observing an increase in inquiries and interest in the Russian market.
— A particularly noticeable increase has been observed since November last year, after the elections in America. Everyone is on hold, it seems to me, but I would not make rash statements about the refund yet. We are cautiously optimistic," Oleg Prozorov added.
SPIEF is the largest international event in the business life of Russia. Last year, more than 21.8 thousand participants from 139 countries took part in the forum. Over a thousand agreements worth almost 6.5 trillion rubles were signed at the SPIEF site. Roscongress has already published the forum's business program for this year. The events include sessions such as "Dialogues with Europe: Is the future possible?" as well as the Russia-EU business dialogue. In addition, companies from the USA will be the guests of the forum this year.
— Foreign companies from Europe and the USA have already shown interest in previous years. For obvious reasons, they don't really want to "publicize" their participation, but a number of companies have not stopped being interested," Dmitry Peskov, the press secretary of the President of the Russian Federation, said earlier.
Prospects for the return of European companies to Russia
Despite Western restrictions, Russia remains a prosperous and strong economy. Last year, Russia's GDP grew by more than 4%, significantly more than that of the EU, the United States and the United Kingdom. The main drivers of economic growth are high investment and consumer activity, as well as the outpacing dynamics of industry. The total volume of Russian industrial production increased by 4.6% last year, while manufacturing enterprises increased output by 8.5%.
Nevertheless, European businesses continue to feel pressure from their governments. Georgy Vladimirovich Ostapkovich, Director of the Center for Market Research at the Institute for Statistical Research and Economics of Knowledge at the Higher School of Economics, stressed in a conversation with Izvestia that investment companies would not enter the Russian market as long as sanctions were in effect against the Russian Federation.
Since 2022, the European Union has introduced 16 sets of restrictions, and now another set of restrictions is being actively developed in Brussels. According to Russian Deputy Foreign Minister Alexander Grushko, the European Union has already lost over €1.5 trillion due to sanctions.
— The participation of European businesses in SPIEF 2025, if noted, will be more non-systemic than fragmented. The first fiddle will be played by countries that have not interrupted trade relations with the Russian Federation: Serbia, Hungary, Slovakia," financial market expert and independent economist Andrei Barkhota told Izvestia. — Although this is not declared, most EU countries would like to de-escalate and lift sanctions against Russia as soon as possible. To stop the crisis processes and save jobs, the EU economy would benefit from more affordable energy resources from the Russian Federation.
In addition, according to the expert, the EU countries will not be ready to restore dialogue with Russia until the United States lifts its sanctions. Washington is demonstrating that it is not yet ready for a quick lifting of anti-Russian restrictions. Nevertheless, at the end of February, against the background of the intensification of the Russian-American dialogue, Bloomberg recorded an increase in the interest of foreign investors in acquiring securities of Russian companies.
Moscow allows the return of Western business to the Russian Federation. At the same time, the authorities warn that this will not be easy, since in three years both domestic manufacturers and firms from friendly countries, in particular, from China, have managed to occupy a number of niches.
In mid-March, Vladimir Putin instructed the government to develop rules for the return of Western companies to Russia. The President stressed that the Russian Federation would respect foreign firms that continued to operate in the Russian market despite pressure from their authorities.
— Among the foreign companies that left Russia under the political pressure of the so-called elites, there are those who retained staff, technology, and handed over management to Russian management. In fact, they continued to operate in our market, but under a different brand. We understand that such investors risked a lot and could face a negative reaction from their governments. But they made an independent and responsible choice. And, of course, we respect this choice and will treat our partners with respect," Vladimir Putin said, speaking at the RSPP congress.
By the way, the President of the Russian Federation recently excluded the Russian "subsidiary" of the Italian Ariston from the list of companies placed under temporary management. The management of the Ariston Group immediately announced the return of operational control over the company. According to Paolo Merloni, the executive chairman of the company, Ariston Group intends to resume cooperation with the management of the local division in strict compliance with the current sanctions restrictions.
The return of foreign companies will be possible if certain requirements are met by the Russian Federation. According to RBC, among the prerequisites being developed in the government are requirements for bringing production localization to a certain level, ensuring technology transfer, and deploying the maximum possible chain of elements in Russia, including production facilities and engineering/R&D centers.
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