On 3 February 2021, Anna Urumyan, head of the Lower Saxony representation in the Russian Federation, made a presentation at an online event organized by the Hanover Chamber of Industry and Commerce on the topic of "Russia 2021 - What German exporters/suppliers need to prepare for". She reported on the current economic situation and the prospects for economic development and showed what innovations and changes companies doing business in Russia have to prepare for.
According to current forecasts, Russia's economy will not reach its pre-crisis level until 2022 at the earliest. The exchange rate (rouble/EUR) plummeted in 2020, and growth has slowed significantly, not least due to the pandemic. The "National Action Plan to Revive the Economy" consists of about 500 measures aimed at providing targeted growth impulses. The range extends from improving the business climate to export promotion and import substitution.
The topics of localisation and import substitution will continue to be the focus of the Russian government in 2021, as in previous years – additionally driven by possible further sanctions by the EU and the USA. In parallel, some changes in regulations and legislation are expected, which could be relevant for German exporters/suppliers as well as for German subsidiaries in the Russian Federation.
Anna Urumyan could once again convince with her special expertise on import issues and customs requirements in Russia, and several participants of the workshop have already registered for a follow-up. We are sure that some participants will approach the representation after this event to seek support of their business activities in Russia.