Putin’s envoy reveals number of US firms still working in Russia

The American companies are eager to continue doing business in the country, Kirill Dmitriev has said

Some 150 US companies continue to operate in Russia despite the sanctions imposed on Moscow by Washington, Kirill Dmitriev, President Vladimir Putin’s special representative for investment and economic cooperation with foreign countries, has said.

Apple, Coca-Cola, Ford, Microsoft, IBM, McDonald’s, and numerous other American brands decided to withdraw from the country after the escalation of the conflict between Russia and Ukraine in February 2022 and the ramping up of sanctions against Moscow by the administration of then-US President Joe Biden. However, many companies opted to stay, with some doing so by re-branding their Russian enterprises.

Speaking on the sidelines of the meeting of the Russian Union of Industrialists and Entrepreneurs in Moscow on Tuesday, Dmitriev insisted that these American firms “absolutely want to continue doing business in Russia.”

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“The American Chamber of Commerce in Russia (AmCham) indicates that 150 US companies are currently present on the Russian market,” he said.

According to the envoy, who is also the CEO of the Russian Direct Investment Fund, which bankrolled the production of the Sputnik V vaccine against COVID-19, some 75% of the US firms that keep working in the country have been doing so for more than 25 years.

Earlier this month, AmCham President Robert Agee called on the US government to ease its sanctions on Moscow, arguing that the curbs on aviation, investment and banking are harming both American and Russian businesses.

Agee also welcomed dialogue between the US and Russia on Ukraine and other issues, which restarted after Donald Trump’s return to the White House.

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In February, Dmitriev estimated in an interview with CNN that “US businesses lost over $300 billion from leaving the Russian market.” The figure is nearly equal to the value of Russian central bank assets frozen in the West as part of the sanctions related to the Ukraine conflict.

Trump’s special envoy Steve Witkoff suggested last month that the US companies could “come back” to Russia if Moscow and Washington can find a peaceful settlement to the Ukraine conflict. “I think that everybody would believe that that would be a positive, good thing to happen,” he stressed.