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President Vladimir Putin convened a meeting with Russian business leaders to motivate greater domestic investment. The meeting on Wednesday included government representatives and members of the Russian Union of Industrialists and Entrepreneurs.

Kremlin Spokesman Dmitry Peskov, during a briefing with reporters, detailed the meeting’s focus on enhancing the Russian economy’s appeal for investment. Peskov said, “The discussion was about possible steps to improve the attractiveness of our economy for investment. To create more competitive conditions for completing the process of transferring companies here; redomiciling was actively featured on the agenda.”

These efforts, seen by Russian lawmakers as crucial, come as Russian firms face increasing difficulties in conducting business with Western countries due to sanctions following Moscow’s invasion of Ukraine. Numerous Western companies have either exited Russia or are in the process of doing so since the invasion in 2022.

Peskov added, “The vast majority of entrepreneurs who took part have in one way or another encountered illegal treatment abroad, and now the process of transferring their business to Russian jurisdiction is actively underway, using all available mechanisms.”