Italian corporations in Russia: clarifying sanctions | EUROtoday

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Worry and nervousness. These are the emotions that run by way of the Italian enterprise neighborhood in Russia after the non permanent nationalization of Ariston Thermo, which got here beneath the administration of Gazprom. Few entrepreneurs wish to discuss, however with the microphones turned off, many take pleasure in reflections and in some instances precise outbursts on the administration of relations with Russia.

«The push to exit Russia has been robust», says Vittorio Torrembini, president of Gim-Unimpresa, who has been in Moscow for 35 years as a consultant of Italian corporations, one of many few who speaks overtly. «And but – he continues – the businesses which have left are few, those who had no selection, the oil and gasoline and automotive corporations, for instance. The others, regardless of a thousand difficulties, remained.”

According to the Yale University database, updated yesterday, of the 1,028 large companies that have left Russia since the beginning of the conflict, Italians account for 1.4%, around ten (Generali, Autogrill, Enel, Eni, Iveco ). The Americans are around 320, the British around one hundred, the Germans around eighty and the French around forty. Some Italian companies are taking time to evaluate the situation (Barilla, Campari, DeLonghi, Geox, Armani, Intesa Sanpaolo, Maire Tecnimont, Menarini, Saipem), others have reduced activity (Ferrero, Indesit, Luxottica, Pirelli, Valentino) or suspended investments (Diadora, Ferragamo, Ferrari, Leonardo, Monclair, Prada, Yoox, Zegna). But there was no exodus of large groups. Indeed, again according to Yale, some companies, including Ariston Thermo, had continued the activity (trBenetton, Boggi, Buzzi, Calzedonia, Cremonini, De Cecco, Diesel, Fenzi, Fondital, Perfetti, Unicredit, among others).

The attitude of Italians, as many entrepreneurs reason, has been cautious. This is why the nationalization of Ariston is seen as a warning. Torrembini speaks of a signal in view of the Italian-led G7. «On the table there will be a US request to confiscate Russian assets abroad. But Russian assets in the USA are worth around six billion, while those in Europe are worth 280. With Ariston, Putin is sending a signal to Italy on the same ground as confiscations.”

There are round 350 Italian corporations in Russia (there have been round 450 earlier than the battle) of which round 100 have manufacturing actions. Out of the blue, entrepreneurs level out that Rome, at occasions, appeared extra reasonable than the king. Instead of freezing the oligarchs' belongings, an entrepreneur says, Italy seized them. Actions bordering on the provocative have been taken, such because the revocation of the honors awarded to Russian residents, whereas Macron has been cautious not to remove the Legion of Honor from Putin.