One of Donald Trump's top Cabinet members has said there are “extraordinary opportunities" for economic collaboration between the US and Russia.
US Secretary of State Marco Rubio made the suggestion after talks with Russian officials last week. Mr Trump himself has also suggested on Monday that he was “trying to do some economic development deals” with Moscow. This comes after swathes of American companies moved out of Russia following Vladimir Putin's full-scale invasion of Ukraine in 2022.
More than 1,000 global companies have voluntarily left entirely or decreased operations in the country since then, CNN reports.
This is according to research by the Yale School of Management.
Now, Kirill Dmitriev, head of the Russian Direct Investment Fund, said he expects some US firms to come back soon, according Russian state media agency TASS.
But some experts as pessimistic, arguing that it would not be worth it for companies to move back.
Janis Kluge, a researcher at the German Institute for International and Security Affairs, said: “I am sceptical that many companies would risk their reputation and risk going into this very unsafe and risky business environment for this relatively small market."
“It’s still too toxic for American businesses to make a lot of money there," he added.
Timothy Ash, a Russia specialist at Chatham House and senior strategist at RBC Bluebay Asset Management, said: “There were constant problems previously in terms of corruption, bureaucracy, red tape [and] dealing with the Kremlin."
It comes as the Russian economy continues to struggle under sanctions as high interest rates see mortgage costs soar and housing developers pushed to the brink of bankruptcy.
Interest rates in the country are at a record 21% as Putin tries to keep a lid on rampant inflation.
Various reports have highlighted how food prices have soared in the last year, with potato costs rising as much as 64%.
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