A man walks past a billboard outside the dealerships of Opel and Chevrolet in Stavropol, southern Russia, April 23, 2015. REUTERS/Eduard Korniyenko
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Western companies are sticking with Russia, waiting for an economic rebound that they expect will once again bring rich rewards although some have cut operations to weather the slump.Russia is expecting a steep recession this year, caused by low international oil prices and Western sanctions over the Ukraine conflict even though international tensions have eased.Typical sales of global manufacturers are expected to grow 6-8 percent in ruble terms this year despite the downturn and sales rates of 12-18 percent seen just two years ago are still fresh in executives' minds.The immediate prospects for Western companies in Russia are dim.Russian companies have also cut spending.The company says it has no plans to curtail investments in Russia.Nestle's sales in the Russia-Eurasia region rose 13 percent last year in local currency terms to 86.4 billion rubles ($1.67 billion).
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