“It was very difficult to make a decision quickly, and many Italian companies tried not to make it, but to postpone it. Those who decided to stay adapted to the new reality, trying to close risks, generating more income,” he stated. According to Trani, every third company from Italy present in the country closed its Russian divisions in 2022. Italian businesses mainly worked in the Russian Federation in the agricultural sector, in the field of equipment, the food industry, as well as in the automotive industry.
The decision to leave was made mainly by companies with a small share of turnover in Russia or state-owned companies, as well as businesses whose products fell under sanctions, Trani explained. He also noted that the companies that left Russia "suffered greatly," but those who remained "waiting for the best" are now also wondering whether it is worth continuing to be present in the Russian Federation.
According to Trani, Italian companies, unlike German and French ones, left the Russian Federation on different terms. The investments of most large German companies in Russia were secured by state insurance Hermes, which covers risks for businesses in the CIS countries, he specified. Accordingly, they were able to receive compensation from the state. "And Italian companies left without compensation. The decision to leave the market could have had a terrible effect on investors and partners - that is why most Italian companies decided to stay," the head of the IRTP explained.
On March 27, the Italian manufacturer of household appliances Ariston was the first Western company to announce its return to Russia - it regained control over its subsidiary - Ariston Termo Rus. Ariston emphasized that they will continue to work in the Russian Federation, observing the current sanctions.
In early March, the President of the US Chamber of Commerce in the Russian Federation Robert Agee reported that the organization would ask the US government to ease anti-Russian sanctions. In particular, the US restrictions, according to the Chamber's plan, should be lifted from the aviation and banking industries, investments, and the supply of luxury goods.
The decision to leave was made mainly by companies with a small share of turnover in Russia or state-owned companies, as well as businesses whose products fell under sanctions, Trani explained. He also noted that the companies that left Russia "suffered greatly," but those who remained "waiting for the best" are now also wondering whether it is worth continuing to be present in the Russian Federation.
According to Trani, Italian companies, unlike German and French ones, left the Russian Federation on different terms. The investments of most large German companies in Russia were secured by state insurance Hermes, which covers risks for businesses in the CIS countries, he specified. Accordingly, they were able to receive compensation from the state. "And Italian companies left without compensation. The decision to leave the market could have had a terrible effect on investors and partners - that is why most Italian companies decided to stay," the head of the IRTP explained.
On March 27, the Italian manufacturer of household appliances Ariston was the first Western company to announce its return to Russia - it regained control over its subsidiary - Ariston Termo Rus. Ariston emphasized that they will continue to work in the Russian Federation, observing the current sanctions.
In early March, the President of the US Chamber of Commerce in the Russian Federation Robert Agee reported that the organization would ask the US government to ease anti-Russian sanctions. In particular, the US restrictions, according to the Chamber's plan, should be lifted from the aviation and banking industries, investments, and the supply of luxury goods.
