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Fortune
Fortune
Jeffrey Sonnenfeld, Steven Tian

Why 1,000 global companies left Russia and won’t return—no matter what Trump and Putin say

U.S. President Donald Trump and his Russian counterpart Vladimir Putin at the G20 summit in Osaka in 2019. (Credit: Brendan Smialowski / AFP) (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images)

Amidst President Trump’s apparent pivot toward Russia, Vladmir Putin offered the opportunity for U.S. businesses to re-engage in Russia as one of his primary bargaining chips in peace negotiations, an apparent “concession” to America. Putin will fail at this latest effort just as his imperialistic military plans stalled and his economic puffery has imploded.

“U.S. businesses lost over $300 billion from leaving the Russian market,” deceptively declared Kirill Dmitriev, the head of Russia’s sovereign wealth fund and one of Putin’s lead negotiators, on CNN on Tuesday, referring to the original exit of over 1,000 top companies from Russia in 2022 after Putin’s invasion of Ukraine. “Given such hefty losses, [returning] would be in the interests of the U.S.," stated Dmitriev. 

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