Reuters2 years ago
Western companies are sticking with Russia, waiting for an economic rebound that they expect will once again bring rich rewards although some have cut operations to weather the slump. Russia is expecting a steep recession this year, caused by low international oil prices and Western sanctions over the Ukraine conflict even though international tensions have eased. "For everyone its absolutely clear that this is a big market that will be back over time," said Alexander Ivlev, managing partner of Ernst and Young in Moscow. The immediate prospects for Western companies in Russia are dim.