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Russian ministry prepares guidelines for Western business comebacks

The ministry would follow the instructions of the country’s leadership on the issue, Deputy Minister Vasily Osmakov stressed

ST. PETERSBURG, April 23. /TASS/. The Russian Industry and Trade Ministry has drafted proposals setting some guidelines for foreign business hoping to return to the country, Deputy Minister Vasily Osmakov told TASS, adding that the ministry would follow the instructions of the country’s leadership on the issue.

"[Proposals] have been drafted. I have no details to provide," he said when asked a respective question.

"Fundamentally, the country’s leadership, acting through the president, through First Deputy Prime Minister Denis V. (Manturov - TASS), through Prime Minister Mikhail V. Mishustin has announced all basic criteria. <…> We will simply follow them, possibly adding some specifics," Osmakov added.

Earlier, Director of the Russian Finance Ministry’s Financial Policy Department Alexey Yakovlev also said that the ministry had prepared some preliminary rules around the return of foreign companies, adding that the market should play the biggest role in this process, a fundamental criterion.

Speaking at the congress of the Russian Union of Industrialists and Entrepreneurs earlier, Russian President Vladimir Putin tasked the government with developing the procedure for the return of Western businesses to the country, ensuring best business practices. He also tasked the government with keeping a close eye on transactions involving returning Western companies that "slammed the door" when leaving.

Manturov also noted earlier that the ability of those companies, which left with buyback options, would be analyzed concerning fulfillment of their conditions. Other firms may return "starting from scratch."

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Russia's domestic policy

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