Recent Russian moves towards reopening the country to Western businesses will open the door for some companies to reenter the Russian market, but steep requirements, sanctions risks and reputational considerations will likely prevent a mass return of Western firms anytime soon. On April 10, Alexey Yakovlev, a top official in Russia's finance ministry, confirmed to reporters that the ministry had compiled a draft set of requirements for foreign companies to resume operations in Russia after hundreds left their local operations or had them seized after Russia's invasion of Ukraine in February 2022. According to leaks published in various Russian and Western media outlets, these draft conditions include that companies: obtain approval from a special government subcommission; not provide any support for Ukraine or be designated as hostile agents by Russian authorities; have no outstanding debts in terms of paying wages, taxes or otherwise; commit to localizing production and transferring technology;...
