Deputy director of the Russian Institute of World Economy and International Relations, Milovidov, said that foreign companies that have suspended operations in Russia are likely to return to Russia before the summer, especially those that can be easily replaced.
Milovidov noted that he could not yet specify which companies would return. But he said that he is sure that Chinese counterparts have taken the position left by Samsung’s departure, and eventually, the Korean giant will be out of Russia. The company’s representatives discussed the option of continuing cooperation with Russia moderately. Not surprisingly, despite Samsung having suspended its business in China, many more examples of such companies in the United States and Europe.
He added that’s why the United States wants China to support sanctions against Russia. They know that China is the biggest trading power and has a massive variety of products to offer to Russia.
Due to recent geopolitical developments, Samsung Electronics previously announced that it had halted exports of its products to Russia, ranging from processors to smartphones and consumer electronics.
Lee Sang Hyun, President of the Sejong Institute, the Republic of Korea’s leading analytical center, also shared the same opinion. After Samsung exited the Russian market, he said that Chinese businesses would certainly take its position.
He added, “that is quite an unlucky situation [for Samsung]. But perhaps Samsung well understands that and tries to make a comeback to the Russian market as soon as possible if the situation is getting better.”
Based on data from Statcounter, Samsung leads the smartphone market in Russia, accounting for roughly 26.6% of the market share, followed by Apple (23%) and Xiaomi (19.9%) in 2021.
According to Fortune, at least 380 companies had announced plans to pull out their operations from Russia as of March 15. The South Korean tech giant has joined a growing list of firms, including Apple and Microsoft, suspending their sales and services in Russia in response to its invasion of Ukraine.