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Exit of foreign retailers opened up niches worth $23.8 bln in Russia — Putin

According to the Russian leader, lots of foreign businesses manufactured their products locally, therefore their departure from the Russian market has not affected output

ST. PETERSBURG, June 16. /TASS/. The exit of foreign companies from Russia has opened up some 2 trillion rubles ($23.8 billion) worth of niches, Russian President Vladimir Putin said, addressing a plenary meeting of the St. Petersburg International Economic Forum (SPIEF) on Friday.

"Foreigners have largely vacated up to 2 million square meters of retail space and a niche worth about 2 trillion rubles ($23.8 billion)," he said.

According to the Russian leader, lots of foreign businesses manufactured their products locally, therefore their departure from the Russian market has not affected output. "What has changed is the logo. Meanwhile, revenues from these businesses stay in our country," the Russian leader maintained.

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