MOSCOW, Jan 17 (PRIME) -- Europe’s continued sanctions on certain industries within Russia have led the country to become more self-sufficient, with many industries experiencing growth, Dmitry Kostygin, chairman of big local e-commerce company Ulmart’s board of directors, told CNBC on Tuesday.
Kostygin likened Russian sanctions to “cutting the credit cards of your children.” The outlook for the country’s consumer is looking “better and better” in 2017, according to the executive.
“Russia is becoming more focused on itself and producing more itself: agriculture is on the rise, food processing is on the rise and quite a few other manufacturing segments are up, so whatever doesn’t kill you makes you stronger,” Kostygin told CNBC at the World Economic Forum in Davos, Switzerland.
He added that he remains cautiously optimistic about a Trump presidency and the potential for resetting hereto fractious relations between the two global powers.
Inflows of capital into Russia are becoming stronger and more and more companies are seeking initial public offerings (IPOs), he said.
Ulmart, which was founded in 2008 in St. Petersburg and, in 2013, exceeded U.S. $1 billion in sales, is itself yet to go public, having postponed its IPO on several occasions.
However, Kostygin said that, with market conditions as they are, the company could expect to list in the coming year.
“We’re keeping our hands on the pulse of the market and so as soon as we feel it is becoming positive – I think within two quarters – we are ready to move,” he said.
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