Katyrin stated the need to protect companies invested in import substitution

It is premature to talk about the massive return of foreign businesses to Russia. It is necessary to allow them to work in the country, taking into account how they left the market and what damage they caused to the Russian economy. This was stated by Sergey Katyrin, President of the Russian Chamber of Commerce and Industry, in the Izvestia studio at the St. Petersburg International Economic Forum (SPIEF).

"It's premature to say that someone is going to return en masse. I don't feel that way. There are consultations, it is true, with our foreign representatives, we have representatives from 40 countries around the world. Naturally, they are being probed there," Katyrin said.

According to Katyrin, both companies that previously worked in the Russian Federation and those who are just considering entering the market are showing interest. The signals come, in particular, from the American business. The approach to each case should be individual.

He noted that for companies that left correctly, transferred business to Russian managers and maintained production, milder conditions are possible. If a foreign business left the country to the detriment of the economy, supported the opposite side of the conflict, or publicly opposed Russia, its return may be undesirable.

The head of the Chamber of Commerce and Industry also noted the need to protect Russian companies that have invested in import substitution. Domestic manufacturers have already increased their capacities and are ready to meet the needs of the market.

According to him, in the Leningrad Region, for example, companies are proposing to reduce parallel imports by individual items. Katyrin stressed that it is important to prevent a situation where entrepreneurs who have invested in import substitution will lose out due to the return of foreign competitors.

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On May 30, the head of the Association of European Businesses (AEB), Tadzio Schilling, said that when European companies return to Russia, all cooperation should start from scratch. The head of the AEB added that his colleagues and entrepreneurs from the European Union (EU) remain positive about the prospects for cooperation with the Russian side.

Russian Deputy Foreign Minister Sergei Ryabkov said on May 22 that representatives of American companies were also interested in returning to the Russian market. Estonia, Italy, Austria and Germany are striving for the same thing.