Head of Russian Union of Industrialists: Restrictions on Foreign Businesses in Russia Ineffective

YEKATERINBURG, July 8. /TASS/. Showing a red card to foreign businesses remaining in Russia and imposing restrictions on them is ineffective from both economic and technological standpoints, head of the Russian Union of Industrialists and Entrepreneurs (RSPP) Alexander Shokhin said.

"Work is also underway to protect business interests. I see colleagues here representing foreign businesses in Russia. We assume that bona fide foreign businesses remaining in Russia should be entitled to national treatment in the broad sense of the term provided they abide by the rules of the game. There is no need to show a red card <…> to such businesses; doing so would be counterproductive as well, including from the standpoint of economic and technological models. This is, therefore, another topic we are discussing," he said at an off-site session of the Verona Eurasian Economic Forum held as part of the Innoprom forum.

Two days ago, the RSPP, together with the Association of European Businesses and the American Chamber of Commerce in Russia, submitted a joint position to the State Duma (lower house of the parliament) and the Presidential Administration regarding regulations governing the employment of highly qualified personnel by foreign companies, Shokhin said, adding that it is important to prevent any tightening of requirements for these employees.