AmCham Russia CEO Robert Eydji stated that Western companies continue to find the Russian market appealing, but that Washington's sanctions have placed a heavy burden on American businesses.
Speaking to RIA Novosti, Eydji said, "The Russian market remains a large, stable and fast-growing market for Western companies. It also offers excellent opportunities to connect with Central Asian countries."
Eydji noted that only 17 percent of American companies have left Russia, saying, "Some left due to government pressure, some because of sanctions, and some had to transfer their assets to Russian management."
Most European companies remain in Russia
Eydji reported that Finnish and British companies have largely pulled out, while most German, French and Italian companies continue operations. "Although major brands like Siemens, BMW and Mercedes have left, the backbone — small and medium-sized enterprises — have mostly remained in Russia," he added.
The CEO noted that American companies remaining in Russia operate in sectors such as fast-moving consumer goods, food, pharmaceuticals and medical equipment, and stressed that they employ tens of thousands of Russian citizens. Without naming names, Eydji shared that "more than 7,500 people work at a single facility of one company."
Sanctions cost $200 billion
Emphasizing that Western companies generally do not want to leave Russia, Eydji said many firms wish to return but sanctions prevent them. "American business has lost about $200 billion in the last four years alone due to sanctions. That's a huge amount," he said.
Eydji explained that as AmCham they have sent reports to Washington calling for sanctions to be lifted, noting that the sanctions include investment bans imposed particularly during the Biden era. "But the real priority, as we all expect, is the end of the conflict between Moscow and Kyiv," he said.
Trump's anticipated visit
Eydji said the White House is not indifferent to the situation of American business in Russia, and noted that President Donald Trump has often spoken of normalizing US-Russia trade relations. "I expect Trump to come to Moscow as soon as the war ends. Putin invited him during their meeting in Alaska," Eydji said.
Eydji emphasized that there is potential for cooperation between the US and Russia in many areas such as rare earth metals, space, the Arctic region, information technology and nuclear energy. Recalling Russian Direct Investment Fund (RDIF) CEO Kirill Dmitriev's proposals for partnerships in aviation, Eydji said, "Can you imagine how many American businesspeople would come to Moscow together with Trump?"
Importance of cultural ties
Eydji said the peoples of the two countries miss each other and that cultural contacts need to be reestablished. "During the Biden era there were no people-to-people contacts at all. Although the media tries to scare Americans about Russia, the public doesn't believe this propaganda. I've lived in Russia for over 30 years and have never encountered any negative attitude," he said.
While acknowledging that major cultural projects are difficult for now, Eydji stressed the importance of starting with small steps, such as hockey. "Russians and Americans miss each other. We must work to change this perception," he said.
