Multinationals are reportedly looking to re-access the country's market amid Ukraine ceasefire talks

Foreign firms that exited Russia due to sanctions linked to the Ukraine conflict are now seeking to return, according to President Vladimir Putin's special economic representative, Kirill Dmitriev.

Dmitriev, who is also the CEO of the Russian Direct Investment Fund (RDIF), was responding to Korea Times report on Friday that South Korean companies are looking to resume operations in Russia, given US-led ceasefire talks between Moscow and Kiev.

"Global companies are lining up to return to Russia, signaling renewed confidence and fresh opportunities in one of the world's largest markets," Dmitriev wrote on X on Friday.

More than 1,000 Western firms - from well-known retail firms to car giants - have exited the Russian market in the past three years. But as Ukraine conflict ceasefire talks gain momentum, major South Korean companies are reportedly stepping up feasibility studies on resuming operations in Russia. The push reflects Russia's strategic importance for the country as a market, particularly in light of mounting tariff pressure from the US, the outlet said.

LG Electronics is reportedly among the first, and recently partially resumed operations at its home appliance plant in Moscow, which produced washing machines and refrigerators, the outlet said citing industry sources.

"The move is aimed at preventing deterioration of production facilities that have been idle," an LG official told the Korea Times.

Hyundai Motor Group, which along with Kia held the top two spots among car brands in Russia in 2021, is also closely assessing the prospect of re-entering the Russian market. The group sold its St. Petersburg plant for just 10,000 rubles ($120) with a two-year buyback option 2023. It means the group must make a decision on restarting production at the facility before the end of 2025.

Earlier this week, Italian household equipment manufacturer Ariston announced its return to Russia after exiting the market in 2022.

The development seems to reflect an emerging trend of potential comebacks and buybacks by major foreign brands amid a US pivot on relations with Russia.

Russian Prime Minister Mikhail Mishustin stated on Wednesday that each company's case will be evaluated on an individual basis. Foreign firms that exited Russia "under government pressure" but maintained "jobs, contacts, and technologies," along with a buy-back option, could be permitted to return, he said.

Mishustin added that companies possessing unique expertise would also be welcomed- so long as they adhere to localization and investment conditions.