Italian companies do not plan to leave the russian market, and some are going to increase investments
In their words, the russian market is of great geopolitical and geo-economic importance
Italian companies have no plans to leave the russian market, said Vittorio Torrembini, president of the Association of Italian Entrepreneurs in russia, in an interview with RBC.
According to him, only two Italian firms have sold their russian business recently: the state-owned energy company Enel and another company that has long planned to leave russia.
"Except for companies from the oil and gas sector, everyone has stayed. Some reduced the number of employees, but no one left russia," Torrembini said.
Italian companies remain in russia despite significant difficulties arising from logistical and financial problems, he noted. According to him, the Italian and EU authorities are putting pressure on the banking sector, which continues to work with russia.
"However, our firms are strong enough not to be affected by the restrictions. russia is a big market, it has geopolitical and geo-economic importance. It is not Nepal," Torrembini said.
Moreover, some Italian companies intend to increase their investments in russia. In particular, they are interested in such industries as construction materials and food. According to Torrembini, about three or four companies are preparing to invest in russian business. He did not disclose their names.
In total, more than a hundred Italian companies operate in russia.
Italy's Enel sold its 56% stake in Enel russia to Lukoil and the Gazprombank-Freesia fund for 137 million euros.
Prior to the invasion of Ukraine, 2400 subsidiaries and 1400 companies from the EU and G7 countries were operating in russia. In 2022, 8.5% of foreign organizations left the russian market, economists estimate.
According to the russian Center for Strategic Development, after the invasion began, 34% of foreign companies limited their work in russia, 15% sold their businesses, and 7% left the market without selling.
Background. Meanwhile, it has been reported that shipbuilding in russia is in decline due to the lack of Western spare parts.
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