South Korea's largest companies have already begun preparing to return to the Russian market. This is happening against the backdrop of negotiations to end the Russian war against Ukraine. This was reported by RBC-Ukraine with reference to The Korea Times.
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What is known
As the publication writes, we are talking about Hyundai, Samsung and LG. The companies are accelerating preparations and considering the feasibility of resuming business in the Russian Federation.
LG Electronics
In particular, The Korea Times sources reported that LG Electronics is making “quick steps.” The company has probably already partially resumed operations at its home appliance plant in Moscow.
An unnamed LG representative explained that the company allegedly wants to prevent the degradation of production facilities, which have been idle since the start of the full-scale war. At the same time, production is carried out using the plant's warehouse stock. Before the war, the Moscow plant produced washing machines and refrigerators.
Hyundai Motor Group
Hyundai Motor Group may also be considering a return to Russia. Before the full-scale war, Hyundai and Kia were among the most popular car brands in Russia. But the company sold its plant in St. Petersburg in December 2023 for 10,000 rubles ($120) with an option to buy it back within two years. Accordingly, Hyundai Motor Group must decide whether to return to Russia by the end of 2025.
“No decision has been made yet and the company is closely monitoring the situation,” a company spokesperson told The Korea Times.
At the same time, Hyundai Motor subsidiaries Kia, Hyundai Mobis and Hyundai Steel recently posted vacancies in Russia.
Samsung
Samsung Electronics is probably also considering the advisability of returning to Russia.
The company suspended operations at its Kaluga plant in 2022. About 1 million TVs, monitors, and washing machines were produced there annually. But Samsung remained present in Russia due to “parallel imports” (importing goods into the country without the manufacturer’s permission).
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