Russian President Putin Waves A Goodbye To All The Foreign Businesses That Have Left Russia

 

Reuters: Putin waves a sarcastic goodbye to foreign business departing Russia 

(Reuters) - President Vladimir Putin waved a sarcastic farewell on Thursday to foreign businesses which have left Russia over the conflict in Ukraine, saying their departure would benefit Russian companies. 

Speaking to senior officials at a meeting broadcast on state television, Putin said those companies had suffered major losses as a result of exiting a large and lucrative market. 

"Today many of them (Western brands), under pressure from their governments, are leaving our market. All the best to them," he said, briefly waving his hand in a farewell gesture. 

"Nothing (in Russia) has collapsed and nothing is falling apart. Our companies and entrepreneurs are picking up these enterprises, and even entire sectors, and continue this work very successfully," Putin added.  

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Update #1: Putin's getting sassy over Western firms that have pulled out of Russia (Metro)  

Update #2: Putin laughs as sanctions fail to crush Russian economy; Waves sarcastic goodbye to Western firms (Hindustan Times)  

WNU editor: Some major Western firms literally sold their Russian assets for pennies on the dollar. For some Russian businesses and institutions they have made fortunes that they could only dream about. That is why Putin is laughing at the situation. With the exception of some major Western retail chains/brands that have closed their stores in some major shopping malls, nothing has changed. And Russians are now getting Western goods via through third parties like China, India, and others. 

I know my cousin could not get his Mercedes repaired last summer because he could not get a part because of sanctions. But a month later he got a call from the mechanic that the part was now available, and at a price that was the same before sanctions. 

A prediction. 

When this war is over and tensions between Russia and the West subside (in the next decade or two), I am willing to bet that when the experts study the impact that sanctions had on Russia, they will conclude that while it did limit Russia's growth and prosperity, the Russian economy did not collapse as many in the West predicted, and in fact some Russian business sectors (like real estate, agriculture, arms/weapons, metals, and energy) actually prospered. 

And yes. I do expect Western businesses will eventually return to Russia, and they will be paying through the nose to get involved. 

On another note. And I think this is a scary one. China is studying the impact that sanctions has had on the Russian economy. And what I am hearing from some of my friends and contacts in China is that they see a golden opportunity arising if the West should impose sanctions on China, not the disaster that Western pundits and politicians are warning about.

The West has invested literally trillions into the Chinese market. The possibility that Chinese business interests could buy these Western assets for pennies on the dollar as Russia has done .... wow .... talk about tempting China to be more aggressive.