Russian IT firms eyeing Indian joint ventures: Russoft chief

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A number of Russian software companies are scouting for joint ventures in India and other BRICS nations, as a barrage of sanctions by the West following the invasion of Ukraine dampened trade with the US and Europe, the head of an association of over 250 IT firms from Russia said.

Valentin Makarov, the president of St. Petersburg-based Russoft, said a delegation of around five to six companies from Russia had recently participated in the Bengal Global Business Summit (BGBS) in Kolkata and held meetings with several Indian firms.

"We believe the sanctions on Russia pose both challenges and opportunities. The US and western Europe make for more than half of Russia's IT exports, and the restrictions impacted this trade. There is also a lot of focus now on import substitution."

"So, Russian software companies are keen to expand their footprint and forge JVs in the BRICS nations, and India appears to be the best potential partners for Russia to create and achieve technological goals," Makarov told.