Big Western Companies Are Pumping Cash Into Russia
- Ikea, Leroy Merlin invest in new stores, betting on growth
- After two years of recession, consumers seen bouncing back
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Even before the U.S. presidential election raised hopes of warmer ties with the Kremlin, some big Western companies were betting Russia’s economy will soon come out of the deep freeze.
Big retailers like Sweden’s Ikea Group and France’s Leroy Merlin SA have begun pumping billions of dollars in new stores and factories, counting on Russia’s consumers to start emerging from hibernation after two years of recession.