Medvedev: Western firms to lose profit from Russia parallel imports

MOSCOW, Apr 26 (PRIME) – Russia’s parallel imports will mean that the Western companies will lose profit, while prices for the buyers will be lower, Dmitry Medvedev, deputy chairman of the Security Council, said on Tuesday on his Telegram channel.

“The scariest thing is when parallel imports emerge on the horizon. It allows people to buy everything they want, but bypassing the official distributors. When the imports become real, profits bypass the parent companies, while the prices for the buyers become lower,” he said.

“Russia did not do it before as it respected the interests of foreign brands in our country, but after they did that to us, they shouldn’t be offended. Everything will be different now.”

Some foreign companies that fled from Russia in compliance with the so-called “sanctions from hell” changed their minds, as the Western boycotts were not for real because profits for businesses mean more than political mottoes. And the loss of profit will be irrecoverable, he said.

Foreign companies that left Russia acknowledge inefficiency of their steps and “side-eyeing” the poor decisions of their governments. They express readiness to right the wrongs, if a way out is found. Producers and sellers of clothes, shoes, furniture, cosmetics, hygiene products, construction and household maintenance materials, and fast food express readiness to reopen in Russia, Medvedev said.

But it will be much more difficult for the companies to return, as many national companies were eager not only to occupy the market that the Western companies left, but are ready to launch full imports substitution and sell high-quality clothes, furniture and good food. Russia will support imports substitution and education of national specialists that will replace foreigners, he said.

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