Sanctions: Opportunity in Disguise
Making it work under sanctions
Since the beginning of Russia’s special operation in Ukraine, the country has been subjected to thousands of sanctions from Europe and the US. With international banking transactions suspended and supply chains disrupted, Russian businesses had to regroup and look for new ways to keep functioning. Many succeeded in finding new ways to organise their operations; some even saw sanctions as a blessing in disguise since they helped become less dependent on foreign resources and technology.
Some companies had the experience of surviving a crisis. A footwear production company in Dagestan survived 2008 and 2014 and even expanded its operations. So did another company, a dairy in the city of Vladimir owned by a British farmer John Kapiski. In 2014, when many foreign dairy exports were banned, they managed to open a cheese-making facility and produce 40 types of cheese, butter and yoghurt. They admit now they rely heavily on foreign medications and parts but see this as a challenge and are going to find a way. A Moscow-based furniture producer has suffered a decline in publicity after social media was closed, but can't deny furniture giants leaving the Russian market are an advantage. Now the team is trying to revise its product range, add new items or redesign existing ones to cut costs.
The overall sentiment was best expressed by Murad Dzhalaev, a shoe factory owner from Dagestan, “ We are currently in good spirits and ready to work. We’re not afraid of any crisis because we’ve been through them before. So I think we’ll power through.”
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9.45(24 users)
Published: 06 May 2022 12:00
View: 1489
Duration
24:34
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