Western companies have difficulties while leaving Russian market - paper

Business & Economy May 01, 2022, 7:23

According to the Financial Times, companies from various economic sectors - from oil to car industry - have no chance of leaving the Russian market painlessly

LONDON, May 1. /TASS/. A number of Western companies, who had earlier announced plans to exit the Russian market, are experiencing difficulties in wrapping up their Russian operations, the Financial Times reported citing own sources.

According to the report, companies from various economic sectors - from oil to car industry - have no chance of leaving the Russian market painlessly.

The key difficulties that they face are few potential buyers for their businesses, costly exit options and uncertain prospects for any future return.

Moreover, some firms are reluctant to sell their Russian businesses to the Russian government or to local entrepreneurs, who may be blacklisted by the US or Europe.

On February 24, Russian President Vladimir Putin announced a special military operation in response to a request for help by heads of the Donbass republics. He stressed that Moscow had no plans of occupying Ukrainian territories, but the goal is demilitarization and denazification of that country. In response, the United States, the European Union, the United Kingdom and some other countries imposed large-scale sanctions against Russia and boosted arms supplies to the Ukrainian government.

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