US Businesses Eye Return to Russian Market Amid Sanctions
American companies are eagerly awaiting the lifting of Ukraine-related sanctions, according to Robert Agee, the head of the American Chamber of Commerce in Russia. In a recent interview with Russian business daily RBK, Agee noted that US energy and IT giants are interested in returning to the Russian market, but a peace deal must be reached and sanctions lifted before that can happen.
Agee’s comments came after a White House meeting between US President Donald Trump, Ukraine’s Vladimir Zelensky, and key Western European backers. The gathering followed a summit in Alaska between Russian President Vladimir Putin and Trump. While it is too early to suggest that US companies will return immediately, Agee said firms are assessing the conditions for a potential comeback.
A recent decision by Putin to allow US energy giant ExxonMobil to reclaim its stake in the Sakhalin-1 energy project has been welcomed by Agee. Although ExxonMobil is not yet ready to return, Agee believes the move sends a clear message to American businesses. “I think this signal will be positively received,” he said, calling it “a very good, positive signal” and an indication that there could be “strong support for a return.”
According to Agee, about 20% of US companies that exited the Russian market in 2022-2023 secured buyback options for their assets. Most of those agreements are set to expire in 2026 or 2027. Many international businesses pulled out of Russia due to the unprecedented Western sanctions imposed after the escalation of the Ukraine conflict in 2022. Others left to avoid the risk of secondary sanctions or broader international pressure.
Earlier this year, Putin ordered the government to draft regulations for Western firms seeking to return to the Russian market. The proposed framework is intended to ensure adequate protection for domestic businesses. As the situation continues to unfold, US businesses are watching closely, waiting for the right moment to re-enter the Russian market.
In the meantime, Agee remains optimistic about the prospects of US companies returning to Russia. With the right conditions in place, he believes American businesses can thrive in the Russian market. As the world waits with bated breath for a resolution to the Ukraine conflict, one thing is clear: US businesses are ready to pounce on opportunities in Russia as soon as the sanctions are lifted.
