Technology

US tech companies want to resume operations in Russia — AmCham head

By Tass

Copyright tass

US tech companies want to resume operations in Russia — AmCham head

WASHINGTON, September 15. /TASS/. American tech companies, companies working in the aviation industry and energy equipment production, as well as in luxury goods and cosmetics are especially interested in resuming operations in Russia, head of the American Chamber of Commerce in Russia (AmCham Russia) Robert Agee, said in an interview with TASS.

Speaking about American businesses hoping to return to Russia, he noted: “These are primarily companies that have fallen under sanctions that technically prevent them from working in Russia, for example, in the field of high technology, luxury goods and cosmetics, in the production of energy equipment and the same aviation industry.”

“Unfortunately, they cannot operate due to direct restrictions, but, of course, they would like to return,” Agee explained.

As he recalled, the American Chamber of Commerce in Russia had previously calculated that the cessation of operations in Russia had caused serious financial damage to some American companies.

“$100 billion is direct losses from forced withdrawal, losses in money If you calculate indirect losses – loss of market share, lost profits, and so on, the figure will be somewhere around $300 billion,” Agee noted.

“Companies are currently continuing to lose market share. It is quite difficult to calculate, but the losses of American companies in money coincide with the dynamics of market share losses in individual sectors,” he added.