Moscow sends a new signal to open the door for Western companies to return to the Russian market

12 months ago, when the Russian government took over the local operations of Ariston, a manufacturer of Italian heating systems, and handed it over to Russia's largest natural gas producer, Italian officials watched in horror. In response to the sanctions imposed by the West on Russia after the outbreak of the Russia-Ukraine conflict in 2022, Russia took over the business of many European businesses and used them to serve the interests of local players, with Ariston Thermo Rus being one of them – only this time, the story has a different ending. Russian President Vladimir Putin signed a decree last month to transfer the business back to Ariston, the result of vigorous lobbying by high-level Italian figures, people involved in the talks said. The case marks the first time that the Russian government has ended the external management of an acquired business, not by forced sale, but by returning the business to its owners. In recent weeks, Russian officials, from members of parliament to Putin himself, have suggested that the government begin preparing for the return of foreign companies, even though companies will face strict conditions when they return to Russia. A Western businessman who is in regular contact with Russian officials said: "The Russian government says that the door is open and there will be conditions, which sends a signal that if you come late, there may be problems." "They wanted to create a 'no time to lose' effect."