RT.com
27 May 2023, 01:22 GMT+10
The president vowed that Russia won't reward firms opting to leave the country with excess capital
Russian companies should reclaim their position on the domestic market and expand beyond it, President Vladimir Putin has told a televised meeting with industry leaders of the Business Russia organization.
According to the head of state, focusing solely on the local market would only lead to self-isolation and loss of competitiveness.
The country's authorities will keep working to reduce the administrative burden that local businesses have to face, Putin said. He added that the government had introduced an assessment of the impact of regulations on the work of companies and organizations, cut down the number of inspections, as well as simplifying the reporting and submission of other mandatory information.
The president pledged to keep direct dialogue with the business community to adopt policies that are in line with their interests.
Putin also said Russia was not going to reward those companies that have left the country. New regulations oblige foreign firms to sell their assets in the country at a 50% discount, and make a mandatory contribution to the Russian budget equal to at least 10% of half the market value of its local assets.
"We are not going to reward them with any excess capital," he said, adding that Russia would behave much more civilized than those nations that apply restrictive measures. "Naturally, we must and will protect our interests."
For more stories on economy & finance visit RT's business section
Get a daily dose of Europe Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Europe Sun.
More InformationWASHINGTON D.C.: The Federal Aviation Administration has said that a drone sighting disrupted some flights at Pittsburgh International Airport this ...
PORTLAND, Oregon: A federal trial has begun in Portland, Oregon examining the constitutionality of a stringent gun control law approved ...
PHILADELPHIA, Pennsylvania: Philadelphia Mayor Jim Kenney and members of the city's historical commission have been sued by a group which ...
LANSING, Michigan: Michigan's Department of Natural Resources said by a wildfire in the state has burned through more than 3 ...
ISTANBUL, Turkey: In an interview with Reuters, Willie Walsh, director-general of the International Air Transport Association, (IATA), said airlines are ...
SACRAMENTO, California: Sixteen migrants from Venezuela and Colombia, who had entered the United States through Texas, were transported to California ...
FREMONT, California: Elon Musk's brain implant startup Neuralink, valued at some $2 billion during a private fundraising round two years ...
NEW YORK, New York - U.S. stocks moved higher Thursday as investors and traders took a break from their recent ...
LISBON, Portugal: Carsten Spohr, Chief Executive of Lufthansa, has said that as Portugal's government is still debating whether to sell ...
NEW YORK, New York - U.S. stocks were divided on Wednesday, with the technology and industrial sectors parting ways.Tech stocks ...
HOLLYWOOD, California: More than tripling the debut of its 2018 animated original predecessor, Sony Pictures' "Spider-Man: Across the Spider-Verse" opened ...
PARIS, France: European plane manufacturer Airbus is reported to be close to a record agreement to sell 500 narrow-body jets ...