In the past few years, the relations between Russia and the West have been strained, to say the least. Foreign investors interested in doing business there have to take into consideration the geopolitical situation and the market dynamic. The economic sanctions instituted by the U.S. and Europe in 2014 are still in place, and some exporters are also facing counter-sanctions impose by Russia. And as for market considerations, Russia’s health relies heavily on the price of oil and even though the country needs to reform its economy, the presidential election has put a halt to any major change in policy.
Russia is an enormous country covering nine time zones, and a climate ranging from subtropical to permafrost. Its different regions don’t have the same regulation in place, and the bureaucracy is slow. But despite these challenges, Russia also presents significant opportunities for experienced exporters. The regions are competing to attract international investment, and the overall market is highly diversified. Russia also benefits from significant natural resources, a young and well-educated workforce, and a strong transport system. The country’s investment potential is under-utilised, which means investors are presented with many different opportunities.
Russia is a diversified and large market, a puzzle waiting to be solved. In this Getting to Global guide, we will guide you through the process of reaching Russia’s consumers, successfully making sales on ecommerce channels, and getting your products to reach the desired consumers.