Russian businessman highlighted significant investment emerging in wake of Western firms
Date
12/11/2023 6:54:39 AM
(MENAFN) Russian businessman Vladimir Potanin, the owner of Norilsk Nickel and considered Russia's richest individual, highlighted the significant investment opportunities emerging in the wake of Western companies leaving Russia due to Ukraine-related sanctions. Speaking at the VTB bank 'Russia Calling!' forum, Potanin encouraged Russian firms to capitalize on the situation, emphasizing that the departure of foreign investors has left behind valuable assets that domestic companies can acquire and leverage for expansion.
Potanin, who recently made strategic acquisitions like Rosbank from Societe Generale and a controlling stake in Tinkoff Bank from Oleg Tinkov, sees the current scenario as a favorable time for Russian businesses. In earlier interviews, he noted that the "panicked exodus" of foreign companies has created an environment where Russian businesses can secure acquisitions at attractive terms, often with steep discounts.
The Russian business landscape has witnessed approximately 300 foreign companies leaving the market under the pressure of sanctions since the conflict in Ukraine escalated in February 2022. These departures, intended to weaken the Russian economy, have inadvertently paved the way for domestic firms to strengthen their positions by acquiring abandoned assets.
Potanin's strategic moves in recent months serve as a testament to the potential for Russian companies to navigate and capitalize on the changing economic dynamics, seizing opportunities presented by the shifting geopolitical landscape.
MENAFN11122023000045015687ID1107570868
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.