Italian firms bullish on Russia industry group RT Business News
Italian firms bullish on Russia industry group
Companies continue to defy outside pressure, the head of an entrepreneurial association has said
FILE PHOTO: The Cinzia Rocca shop in the GUM shopping mall in Moscow, Russia.
Soeren Stache / picture alliance via Getty Images
Italian companies will continue to operate in Russia despite enormous difficulties and pressure from the EU, the president of the Association of Italian Entrepreneurs in Russia, Vittorio Torrembini, told RBK on Tuesday.
Only two Italian companies have sold their businesses in Russia thus far, including state-owned energy giant Enel, Torrembini said without naming the second firm. Except for the oil and gas sector, all others have stayed. Some [firms] have reduced the number of employees but nobody has left Russia, he added.
Enel, Europes largest utility company, sold its entire 56.4% stake in PJSC Enel Russia in October to local giant Lukoil and the Gazprombank-Frezia investment fund for 137 million ($133 million). Enel is estimated to have lost more than 1 billion as a result of the deal.
Torrembini insisted that Italian businesses remain keen on the Russian market and have no plans to leave. He suggested that new investment plans are even being made, particularly in the construction and food retail sectors, but declined to disclose the names of the companies.
He acknowledged that firms working in Russia are facing enormous logistical, financial, and banking difficulties due to mounting pressure from Italian and EU authorities, but asserted that our companies are strong enough to defy the influence of restrictions.
Wednesday, April 26, 2023 at 5:26 am