OREANDA-NEWS Russian companies from the IT sector have changed their minds about developing foreign activities due to increased costs because of sanctions, Vedomosti writes with reference to market participants.

According to representatives of the MyOffice company, the company refused to expand into the markets of African countries, because the sanctions imposed on Russia have made logistics and organizational processes much more complicated. In addition, the region has a lack of data centers, and some countries have joined the restrictions imposed on Russia.

It is also noted that there is an uncertainty due to pressure of the sanctions. Moreover, it is extremely difficult to find investors which would help enter foreign markets.

Among other obstacles, representatives of the IT industry name the instability of the ruble exchange rate, which affects pricing severely when concluding foreign contracts. At the same time, the opportunity to work with foreign clients, even from countries in Europe and the United States, remains, entrepreneurs say. If somebody wants to do this, they will often have to provide documents confirming that the company and its beneficiaries are not on the sanctions lists.