"The AEB views the current economic situation in Russia as difficult, but stable. The end of last year and the beginning of this year were not the easiest times for European companies working on the Russian market, but they have adapted to new conditions by now," Schauff said in an interview with RIA Novosti.
Schauff stressed that Western sanctions against Russia, especially those that targeted dual-purpose goods, oil, gas and financial sectors had hurt the European companies forcing them to revise their development strategies.
"One of the key issues for us at present is imports substitution. It is becoming more and more difficult for foreign companies to participate in state tenders, their activities are closely monitored," Shauff said.
"However, the European companies maintain their interest in working on the Russian market, while accepting the import substitution strategy. The companies localize their production, open new plants and create new work places in Russia," he added.
The AEB is a non-commercial partnership established in Russia in 1995 to represent and promote the interests of European companies conducting business in and with the Russian Federation.
