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4.3.2 Corporate profits dynamics
The congress of the Russian Union of Industrialists and Entrepreneurs (RSPP), which is usually of little interest to people outside of big business, opened on March 15 and is attracting much more attention than usual.
On the eve of the congress, a dozen and a half entrepreneurs announced their resignation from the board of the union, explaining that they had moved away from business due to sanctions. Leaving the governing bodies of the RSPP may be one of the steps necessary to try to challenge the sanctions, especially since this year’s congress may announce a “voluntary contribution” to the budget of 250–300 billion rubles, which is toxic to business.
The main news on the eve of the RSPP congress was the message from RBC that more than 15 businessmen at the event would be expelled from the organisation's board. In total, it includes about 150 people. Among those excluded are both those involved in the sanctions lists - for example, the co-owner of Lukoil Vagit Alekperov (under EU sanctions, but not the United States) and the head of Sibur Dmitry Konov (disputing EU sanctions in court), as well as businessmen who have not yet been hit under sanctions, for example, Alekperov's partner Leonid Fedun and the owner of Crocus Group Araz Agalarov. A person involved in all Western sanctions lists without exception, Alisher Usmanov, wrote a statement about his resignation from the board of the RSPP back in January.
76 RUSSIA Country Report Russia April 2023 www.intellinews.com