Western sanctions affected most of Russian companies

YEREVAN, May 31. /ARKA/. The majority of Russian companies have either managed to get adapted to working under Western sanctions or hope to get adapted in the near future, according to the findings of a monitoring of the current state of business in Russia, conducted by the Office of the Commissioner for the Protection of Entrepreneurs' Rights, RBC reported.

It said the sanctions have affected 86.8% of Russian companies. Of these, 77.4% have either already adapted to the new conditions or hope to adapt to the sanctions. However, 11.7% of the companies have failed to do so and are forced to fully or partially shut down.

The situation in business is assessed negatively by the majority of entrepreneurs: 67.1% of them have declining business indicators, of whom 12.8% admitted that they are already in crisis, and 22.4% are balancing near zero. Only 10.4% of respondents said that their business is stable and continues to grow.

Some 34.7% evaluated positively the actions of the government to support business as calm and effective, and more than a half - 56.4% - evaluated them as insufficient.

As many business people - 56.4% - believe that the economic situation in the country is difficult forcing them "to abandon cosmetic changes and radically change the rules of the game.'

Russia needs 'a new economic model that will allow businesses to work comfortably, profitably, and safely. Less than 4% are extremely pessimistic and believe that there are no prospects.

Managers and owners of 6,003 companies from 85 subjects of the Russian Federation took part in the monitoring.

The largest Russian banks, assets of the Central Bank, major enterprises in the leading sectors of the economy, the air transport sector and many others have been affected by the sanctions. -0--