German Business Leaders Attend Putin's Economic Forum, Citing Market and Asset Protection

Schepp also cautioned against ceding the Russian market entirely to Asian competitors. "Der Westen sollte Russland, seinen großen Markt und seine Rohstoffe nicht auf Dauer Asien überlassen," he said, pointing to aggressive expansion by Chinese firms.

According to the chamber, Chinese companies alone founded 1,400 new enterprises in Russia during the first quarter of this year. This contrasts with the cautious stance of many Western firms navigating a complex sanctions environment.

The Asian Competition

The AHK estimates that around 1,600 German companies, including the Globus retail chain, remain active in Russia. Their combined turnover reached approximately 20 billion euros last year, according to chamber calculations.

Before the Russian invasion of Ukraine, Germany was Russia's largest European trading partner. Bilateral trade volume peaked at 80 billion euros in 2012 and stood at 59.7 billion euros in 2021. Due to Western sanctions, that figure has since collapsed to below ten billion euros annually.

A new business climate survey conducted by the chamber among its 750 members reveals a strong commitment to staying in the Russian market. Nearly all respondents plan to maintain their presence, viewing the market as strategically important.

A Survey of Commitment

The survey, which included 265 participants, found that 75 percent are satisfied with the development of their Russian business, despite losses in the millions due to sanctions. However, two-thirds believe Western punitive measures are significantly impacting the Russian economy, with 18 percent calling the impact "very strong" and 49 percent "strong."

On the contentious issue of energy imports, the survey revealed a clear preference for resuming trade. When asked if Germany should import gas and oil from Russia again, 65 percent answered "yes, the sooner the better," while 31 percent said "yes, but only after the weapons in Ukraine fall silent."

The Energy Question

The forum's official program lists several German attendees. They include Bruch, the long-time managing director of Globus Holding, and representatives from the dairy producer Dürr, which operates in Russia through the EkoNiva group. Several politicians from the Alternative for Germany (AfD) party are also invited.

The participation of German business figures at the forum, which serves as a showcase for the Russian economy, highlights the ongoing tension between geopolitical solidarity with Ukraine and the economic interests of companies with significant exposure to the Russian market.

Schepp emphasized that maintaining dialogue is critical. "Nicht zuletzt für den Moment nach einem Waffenstillstand müsse es Kontakte geben," he stated, framing the forum attendance as a pragmatic step to safeguard long-term German economic interests.