Maksut Shadaev, head of Russia’s Ministry of Digital Development, Communications and Mass Media said on Tuesday, that it has cost foreign information technology (IT) companies roughly $10 billion to exit the Russian market following Western sanctions imposed over Russia’s military action in Ukraine.

The minister noted that all of these companies, some quite prominent, like Microsoft and IBM, decided to leave entirely on their own, knowing how much it would cost their companies and their shareholders.

Speaking at a parliamentary meeting, he added, “According to our estimates, the losses of international IT-companies that stopped their activities in the country in 2022 amounted to 650-700 billion rubles ($9.4-$10.2 billion).”

Shadaev went on to say that Russia was open to work with any countries which wished to cooperate despite the sanctions. He said that despite the exodus of Western companies, Russian projects in the IT sector continue to remain competitive.

Shadaev said, “We are now seeing a great demand for joint projects in Russian technology in Latin American countries, the Middle East, and Asia.” He emphasized that Russia was not being left behind in the IT sector, and was actively seeking partnerships for cooperation throughout the world.

Russia has seen an enormous exodus of international companies pull out of its economy following the invasion of Ukraine in February, due to sanctions imposed on the nation  by the Western powers. American, European and Japanese automakers, energy majors, retailers, restaurant and hotel chains, clothing brands and many others have all been forced to abandon business interests in the nation, often at sizable losses.