After the start of Russia's full-scale invasion of Ukraine in 2022 and the introduction of Western sanctions, more than 70% of Italian companies continued to operate in the Russian Federation. About this said President of the Italian-Russian Chamber of Commerce (IRTC) Vincenzo Trani.
According to him, about a third of Italian companies present on the Russian market have nevertheless decided to leave. These are mainly enterprises with a small share of Russian turnover, state-owned companies, as well as businesses whose products have been subject to sanctions.
The remaining companies "have adapted to new conditions and are trying to reduce risks while increasing profits", Trani noted. He also added that those who left the market “suffered serious losses,” while those who remained are now reassessing the feasibility of their presence in the Russian Federation.
Italian companies, according to Trani, were exiting the Russian market without state support, unlike German companies, whose investments were insured by the government's Hermes program.
This allowed German companies to receive compensation that Italian firms were denied. Trani pointed out that “leaving the market without compensation could have caused significant damage to the companies’ reputation with investors and partners.”
According to the IRTP, Italian business in the Russian Federation is mainly represented in the fields of agriculture, food industry, equipment, and the automotive industry.
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