Over 300 US Companies Continue Operations in Russia Amid Sanctions

Over 300 American companies continue to operate in Russia despite US sanctions, according to Anton Kobyakov, an aide to the Russian President and executive secretary of the organizing committee for the Eastern Economic Forum (EEF). In an interview with the Russian state news agency TASS, he stated that these companies remain in the Russian market despite direct prohibitions and obstacles from Washington. According to TASS, Kobyakov noted that Western investors are maintaining their ties with Russia, and some are still cooperating with Moscow. "Nobody wants to leave, because they know the value of these relationship networks and understand their own business interests," he said. He added that some European companies have been pushed into difficult situations by their own governments with the aim of preventing them from working with Russia. Kobyakov emphasized that the Russian government has not created any obstacles for those deciding to stay in Russia. These companies operate under equal conditions with Russian firms and are treated as Russian economic operators. Meanwhile, data from the Yale School of Management in the United States shows that a large number of Western companies have withdrawn from Russia since the outbreak of the conflict between Russia and Ukraine in February 2022. To date, over 1,000 foreign companies have reduced or withdrawn their operations in Russia, with some proceeding with asset sales or management transfers. According to a Reuters statistic from early 2024, foreign companies have incurred losses exceeding $107 billion due to their withdrawal from the Russian market. Source: Koh Santepheap Khmer