A growing number of American companies are expressing interest in resuming business operations in Russia, according to Kirill Dmitriev, the Russian President’s special envoy for investment and CEO of the Russian Direct Investment Fund (RDIF).
Speaking during a televised interview on Russia 1, Dmitriev stated that numerous U.S. firms, particularly in the energy sector, have approached Russian authorities with requests to return to the country, after previously exiting due to Western sanctions and political pressure.
The exodus of U.S. and European companies from the Russian market began in 2022, following sweeping economic sanctions imposed by the West in response to the escalation of the Ukraine conflict.
These measures led many multinational firms to suspend operations, divest assets, or fully withdraw from the Russian economy. However, Dmitriev claims that this trend is now partially reversing.
“We see a large number of requests from American companies, in the energy sector and in many other areas,” he said, referencing discussions held during his recent visit to Washington.
Despite the renewed interest, Dmitriev emphasized that Russia will not grant unconditional re-entry to these companies.
The Kremlin, he noted, is prioritizing domestic businesses and collaborative ventures involving foreign investment rather than allowing complete foreign dominance in strategic sectors.
“Foreign firms can only return where Russia is ready to welcome them,” he explained.
“The focus is clearly on supporting Russian enterprises and forming joint partnerships with those American businesses that are genuinely committed to working in Russia under the new conditions.”
Dmitriev also indicated that potential joint investment projects were discussed during his talks in the U.S., including opportunities in rare earth metals, liquefied natural gas (LNG), and Arctic development.
These sectors are considered vital to Russia’s long-term economic and geopolitical strategy, particularly as the country seeks to offset the impact of Western sanctions by fostering self-sufficiency and strengthening ties with non-Western partners.
While cautioning that any progress would be gradual, Dmitriev expressed “cautious optimism” about the prospect of improved U.S.-Russia relations.
He added that additional contacts between representatives of both countries are scheduled to take place in the coming days.
According to Dmitriev, around 150 American companies have continued operating in Russia despite widespread pressure from the U.S. government and shareholders to sever ties.
These businesses have maintained a low profile but remain active across a range of industries.
However, Dmitriev warned that any American companies seeking to reenter the Russian market could face challenges, noting that many of the spaces they previously occupied have since been filled by Russian firms or companies from non-Western countries.
“Returning won’t be easy,” he told Reuters in a separate statement in February. “The market has evolved, and in many cases, Russian businesses have successfully replaced their former Western counterparts.”
The remarks highlight a broader trend in Russia’s economic policy, which has shifted toward fostering greater self-reliance and deepening ties with countries in Asia, the Middle East, and Latin America.
At the same time, Moscow appears to be keeping the door slightly ajar for selective reengagement with the West — but on its own terms.
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