Russia's Mixed Sentiments on Foreign Company Exit Post-Sanctions
A recent study on corporate social responsibility (CSR) in Russia reveals mixed sentiments towards the departure of foreign companies due to sanctions. While some Russians express regret, others see opportunities for domestic businesses to grow.
The study found that 44% of Russians believe domestic businesses have largely replaced Western brands, with 17% reporting full import substitution. However, the greatest challenges persist in technologically complex sectors like automobile and civil aviation manufacturing.
The impact of sanctions has been significant, with price increases, reduced product variety, and app and social media blocking being the most frequently mentioned consequences. Despite this, the personal impact of foreign brand departures has lessened over the past three years, even among younger Russians.
President Vladimir Putin has stated that the return of foreign business should be accompanied by guarantees of fair dealing, with preference given to Russian producers. This stance reflects the 45% of Russians who do not regret the departure of Western companies. Conversely, only about a third of Russians regret their exit.
While domestic companies have been able to meet most citizens' needs, they have not been able to fully replace the departed brands.
The CSR study paints a complex picture of Russia's business landscape post-sanctions. While domestic businesses have made strides in replacing foreign brands, significant challenges remain, particularly in technologically advanced sectors. The Russian government and public opinion seem to be aligned in their preference for fair dealing and support for domestic producers.
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