International business during the pandemic in Russia.

The Russian market has of strategic importance for foreign investors. This is the conclusion of the study “International Business in Russia”. The study was prepared by EY for the Advisory Council for Foreign Investment in Russia (FIAC) with the support of the Ministry of Economic Development of the Russian Federation.

Representatives of 62 international companies were interviewed in August-September 2020. The survey participants represent all sectors of the economy. The average revenue of survey participants across Russia was 1.1 billion USD  in 2019.

  • 92% of international companies that took part in the survey consider Russia as a strategic market.
  • 53% of international companies are going to increase their presence in the Russian market.
  • The USA, Germany and Kazakhstan are the most important economic partners of business in Russia.

The survey results show that Russia is one of the strategic markets for 92% of the companies surveyed. The pandemic, commodity price volatility and macroeconomic instability have not greatly affected their position. The share of companies that call Russia a strategic market is consistently high and slightly increased compared to last year

More than half of the survey participants (53%) said they intend to increase their presence in Russia in the near future, 56% of respondents plan to introduce new products and services to the Russian market, and 42% of companies plan to expand production in Russia.

Source: EY Companies is a global leader in audit, tax, strategy, transactions and consulting (