As Washington and Moscow edge toward normalization, speculation is rising over the potential return of Western companies to the Russian market. But Russian officials caution that the road back will be far more difficult than the exit.
Russia has been hit with more than 28,000 sanctions over the past three years due to the Ukraine war, triggering a wave of Western business departures. Global brands, including McDonald’s, Starbucks, Coca-Cola, and IKEA, left the country.
Many offloaded their assets to local firms or rebranded operations—McDonald’s became “Vkusno-i Tochka,” while Starbucks now runs as “Stars Coffee.”
Following the return of US President Donald Trump to office, conversations have resumed around easing sanctions and reshaping economic ties.
On March 18, Russian President Vladimir Putin said foreign companies are welcome to return but warned they should not expect to recover assets cheaply after selling them at “a throwaway price.”
Energy infrastructure projects like Nord Stream 2 are reportedly being reconsidered. Some South Korean firms, including LG, Hyundai, and Samsung, are also said to be exploring ways to re-enter the Russian market, though they now face heavy competition from Chinese companies.
French automaker Renault is among those rumored to be eyeing a comeback. However, AvtoVAZ President Maxim Sokolov said the company would need to pay at least 112.5 billion rubles (approximately $1.3 billion) to repurchase its former stake.
Despite the shift in tone, analysts say Western firms are likely to proceed cautiously. Geopolitical uncertainty, high inflation, a volatile ruble, and steep interest rates—currently at 21%—remain key hurdles.