![\"アングル：西側企業のロシア市場復帰進まず 厳しい障壁と高まるリスク\"\/](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/04\/GLCYIDSMOBK6JKS2U2IUF6KA7U.jpg\")
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[\u30e2\u30b9\u30af\u30ef \uff11\uff17\u65e5 \u30ed\u30a4\u30bf\u30fc] – \u30c8\u30e9\u30f3\u30d7\u6c0f\u304c\uff11\u6708\u306b\u7c73\u5927\u7d71\u9818\u306b\u8fd4\u308a\u54b2\u304d\u3001\u30a6\u30af\u30e9\u30a4\u30ca\u6226\u4e89\u306e\u65e9\u671f\u7d42\u7d50\u3092\u7d04\u675f\u3059\u308b\u3068\u3001\u897f\u5074\u4f01\u696d\u304c\u5927\u6319\u3057\u3066\u30ed\u30b7\u30a2\u5e02\u5834\u306b\u623b\u3063\u3066\u304f\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u306e\u71b1\u6c17\u304c\u76db\u308a\u4e0a\u304c\u3063\u305f\u3002\u3057\u304b\u3057\u305d\u308c\u304b\u3089\uff13\u30ab\u6708\u304c\u305f\u3061\u3001\u4eca\u3067\u306f\u53b3\u3057\u3044\u73fe\u5b9f\u304c\u76ee\u306e\u5f53\u305f\u308a\u306b\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n
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\u30de\u30af\u30c9\u30ca\u30eb\u30c9(MCD.N), opens new tab\u3001\u30d8\u30f3\u30b1\u30eb(HNKG.DE), opens new tab\u3001\u73fe\u4ee3\u81ea\u52d5\u8eca(005380.KS), opens new tab\u306a\u3069\u306f\u30ed\u30b7\u30a2\u5e02\u5834\u304b\u3089\u64a4\u9000\u3059\u308b\u969b\u306b\u4e8b\u696d\u3092\u8cb7\u3044\u623b\u305b\u308b\u5951\u7d04\u3092\u7d50\u3093\u3060\u3002\u3057\u304b\u3057\u30ed\u30b7\u30a2\u653f\u5e9c\u306f\u6226\u7565\u7684\u306a\u30bb\u30af\u30bf\u30fc\u3092\u7ba1\u7406\u3057\u3001\u56fd\u5185\u306e\u751f\u7523\u3084\u4e8b\u696d\u6d3b\u52d5\u3092\u63a8\u3057\u9032\u3081\u3088\u3046\u3068\u3057\u3066\u304a\u308a\u3001\u5e02\u5834\u5fa9\u5e30\u306f\u5bb9\u6613\u3067\u306f\u306a\u3044\u3002<\/p>\n
\u30ed\u30b7\u30a2\u8ca1\u52d9\u7701\u306e\u30a2\u30ec\u30af\u30bb\u30a4\u30fb\u30e4\u30b3\u30d6\u30ec\u30d5\u91d1\u878d\u653f\u7b56\u5c40\u9577\u306f\uff14\u6708\u4e0a\u65ec\u306b\u30e2\u30b9\u30af\u30ef\u3067\u958b\u304b\u308c\u305f\u91d1\u878d\u30d5\u30a9\u30fc\u30e9\u30e0\u306e\u508d\u3089\u3001\u300c\u30ed\u30b7\u30a2\u5f53\u5c40\u306f\u5916\u56fd\u4f01\u696d\u304c\u30ed\u30b7\u30a2\u4f01\u696d\u3068\u7de0\u7d50\u3057\u305f\u30aa\u30d7\u30b7\u30e7\u30f3\u5951\u7d04\u3092\u7121\u52b9\u306b\u3059\u308b\u3053\u3068\u306f\u306a\u3044\u304c\u3001\u5951\u7d04\u306e\u5c65\u884c\u306b\u306f\u8ffd\u52a0\u306e\u8981\u4ef6\u3092\u8ab2\u3059\u3060\u308d\u3046\u300d\u3068\u8ff0\u3079\u305f\u3002<\/p>\n
\uff26\uff34\uff2c\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u30ba\u306e\u5f01\u8b77\u58eb\u3001\u30a8\u30ab\u30c6\u30ea\u30fc\u30ca\u30fb\u30c9\u30ed\u30ba\u30c9\u30ef\u6c0f\u306f\u3001\u4e8b\u696d\u8cb7\u3044\u623b\u3057\u5951\u7d04\u3092\u4e00\u65b9\u7684\u306b\u7834\u68c4\u3059\u308c\u3070\u8a34\u8a1f\u304c\u76f8\u6b21\u3050\u3060\u308d\u3046\u3068\u8ff0\u3079\u3001\u30ed\u30b7\u30a2\u304c\u8ca1\u653f\u8cc7\u91d1\u3092\u5897\u3084\u3059\u305f\u3081\u306e\u300c\u53c2\u5165\u6599\u300d\u3092\u5c0e\u5165\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u306e\u898b\u65b9\u3092\u793a\u3057\u305f\u3002<\/p>\n
\u30ed\u30b7\u30a2\u306e\u5916\u8cc7\u7cfb\u4f01\u696d\u95a2\u4fc2\u8005\uff14\u4eba\u306b\u3088\u308b\u3068\u3001\u5e7e\u3064\u304b\u306e\u4f01\u696d\u306f\u6c34\u9762\u4e0b\u3067\u554f\u3044\u5408\u308f\u305b\u3092\u884c\u3063\u3066\u3044\u308b\u304c\u3001\u897f\u5074\u8af8\u56fd\u306b\u3088\u308b\u5e83\u7bc4\u306a\u5bfe\u30ed\u30b7\u30a2\u5236\u88c1\u304c\u7d9a\u304f\u9650\u308a\u3001\u672c\u683c\u7684\u306a\u5fa9\u5e30\u8a08\u753b\u306f\u3042\u308a\u3048\u306a\u3044\u3068\u3044\u3046\u3002<\/p>\n
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\u30ed\u30b7\u30a2\u5e02\u5834\u3092\u6271\u3046\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30a8\u30af\u30a4\u30c6\u30a3\uff08\uff30\uff25\uff09\u95a2\u4fc2\u8005\u306f\u300c\u4f01\u696d\u9593\u3067\u306e\u8a71\u3057\u5408\u3044\u306f\u78ba\u304b\u306b\u3042\u308b\u304c\u3001\u6761\u4ef6\u6982\u8981\u66f8\uff08\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\uff09\u3059\u3089\u5b58\u5728\u305b\u305a\u3001\u307e\u3057\u3066\u3084\u5951\u7d04\u306b\u306f\u81f3\u3063\u3066\u3044\u306a\u3044\u300d\u3068\u8ff0\u3079\u3001\uff12\uff10\uff12\uff12\u5e74\u306b\u64a4\u9000\u3057\u305f\u4f01\u696d\u304c\u3059\u3050\u306b\u623b\u3063\u3066\u304f\u308b\u3053\u3068\u306f\u306a\u3044\u3068\u4ed8\u3051\u52a0\u3048\u305f\u3002<\/p>\n
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\uff1c\u4fa1\u683c\u7af6\u4e89\uff1e<\/p>\n
\u30d5\u30e9\u30f3\u30b9\u306e\u81ea\u52d5\u8eca\u5927\u624b\u30eb\u30ce\u30fc(RENA.PA), opens new tab\u306f\uff12\uff10\uff12\uff12\u5e74\u306b\u30ed\u30b7\u30a2\u306e\u81ea\u52d5\u8eca\u6700\u5927\u624b\u30a2\u30d5\u30c8\u30ef\u30ba\u306e\u904e\u534a\u6570\u682a\u5f0f\u3092\u308f\u305a\u304b\uff11\u30eb\u30fc\u30d6\u30eb\u3067\u58f2\u5374\u3057\u3001\u30ed\u30b7\u30a2\u5e02\u5834\u304b\u3089\u64a4\u9000\u3057\u305f\u3002\u3057\u304b\u3057\u30a2\u30d5\u30c8\u30ef\u30ba\u306f\u30eb\u30ce\u30fc\u304c\u30a2\u30d5\u30c8\u30ef\u30ba\u682a\u3092\u8cb7\u3044\u623b\u3059\u306b\u306f\u64a4\u9000\u4ee5\u6765\u306e\u6295\u8cc7\u5206\u3092\u88dc\u586b\u3059\u308b\u305f\u3081\u306b\u5c11\u306a\u304f\u3068\u3082\uff11\uff11\uff12\uff15\u5104\u30eb\u30fc\u30d6\u30eb\uff08\uff11\uff13\u5104\uff17\uff10\uff10\uff10\u4e07\u30c9\u30eb\uff09\u306e\u652f\u6255\u3044\u304c\u5fc5\u8981\u3060\u3068\u4e3b\u5f35\u3057\u3066\u3044\u308b\u3002\u30eb\u30ce\u30fc\u306f\u76ee\u5148\u3001\u5fa9\u5e30\u306e\u8a08\u753b\u306f\u306a\u3044\u3068\u3057\u3066\u3044\u308b\u3002\u307e\u305f\u4eee\u306b\u5fa9\u5e30\u3057\u305f\u3068\u3057\u3066\u3082\u81a8\u5927\u306a\u30b3\u30b9\u30c8\u306f\u554f\u984c\u306e\u4e00\u3064\u306b\u904e\u304e\u306a\u3044\u3002<\/p>\n
\u81ea\u52d5\u8eca\u5e02\u5834\u95a2\u4fc2\u8005\uff14\u4eba\u304c\u660e\u3089\u304b\u306b\u3057\u305f\u3068\u3053\u308d\u3067\u306f\u3001\u540c\u696d\u754c\u306f\u4e2d\u56fd\u4f01\u696d\u306e\u30b7\u30a7\u30a2\u304c\uff15\uff10\uff05\u5f37\u3068\u3001\uff12\uff10\uff12\uff12\u5e74\u4ee5\u524d\u306e\uff11\uff10\uff05\u5f31\u304b\u3089\u5927\u5e45\u306b\u4e0a\u6607\u3057\u3001\u897f\u5074\u4f01\u696d\u304c\u5165\u308a\u8fbc\u3080\u4f59\u5730\u306f\u307b\u3068\u3093\u3069\u6b8b\u3055\u308c\u3066\u3044\u306a\u3044\u3002\u897f\u5074\u81ea\u52d5\u8eca\u5927\u624b\u306f\u73fe\u5730\u751f\u7523\u3084\u653f\u5e9c\u88dc\u52a9\u304c\u306a\u3051\u308c\u3070\u4fa1\u683c\u7af6\u4e89\u3067\u592a\u5200\u6253\u3061\u3067\u304d\u306a\u3044\u3068\u3044\u3046\u3002<\/p>\n
\u3042\u308b\u81ea\u52d5\u8eca\u696d\u754c\u95a2\u4fc2\u8005\u306f\u3001\u897f\u5074\u81ea\u52d5\u8eca\u30e1\u30fc\u30ab\u30fc\u306f\u6975\u3081\u3066\u60b2\u89b3\u7684\u3067\u3001\u66f8\u985e\u624b\u7d9a\u304d\u3060\u3051\u3067\u3082\uff12\uff10\uff12\uff17\u5e74\u4ee5\u524d\u306b\u30ed\u30b7\u30a2\u5e02\u5834\u306b\u5fa9\u5e30\u3059\u308b\u306e\u306f\u56f0\u96e3\u3068\u306e\u8a8d\u8b58\u3092\u793a\u3057\u305f\u3002<\/p>\n
\uff1c\u98a8\u8a55\u30ea\u30b9\u30af\uff1e<\/p>\n
\u9ad8\u7d1a\u54c1\u5c0f\u58f2\u308a\u95a2\u4fc2\u8005\uff14\u4eba\u306e\u8a71\u3067\u306f\u3001\u8457\u540d\u306a\u30d6\u30e9\u30f3\u30c9\u306b\u3068\u3063\u3066\u30d7\u30fc\u30c1\u30f3\u653f\u6a29\u4e0b\u306e\u30ed\u30b7\u30a2\u3067\u306e\u4e8b\u696d\u518d\u958b\u306b\u306f\u98a8\u8a55\u30ea\u30b9\u30af\u3082\u4f34\u3046\u3002<\/p>\n
\u81ea\u52d5\u8eca\u696d\u754c\u3068\u7570\u306a\u308a\u30ed\u30b7\u30a2\u3067\u306f\u56fd\u5185\u3067\u9ad8\u7d1a\u30d6\u30e9\u30f3\u30c9\u304c\u80b2\u3063\u3066\u3044\u306a\u3044\u3002\u30e2\u30b9\u30af\u30ef\u4e2d\u5fc3\u90e8\u3067\u9ad8\u984d\u306a\u8cc3\u6599\u3092\u8ca0\u62c5\u3067\u304d\u308b\u5730\u5143\u4f01\u696d\u306f\u307b\u3068\u3093\u3069\u306a\u304f\u3001\u591a\u304f\u306e\u5e97\u8217\u304c\u7a7a\u304d\u72b6\u614b\u306b\u306a\u3063\u3066\u3044\u308b\u3068\u3001\u904e\u53bb\u306b\u6b27\u5dde\u306e\u9ad8\u7d1a\u30d6\u30e9\u30f3\u30c9\u5927\u624b\uff2c\uff36\uff2d\uff28(LVMH.PA), opens new tab\u3068\u95a2\u308f\u3063\u305f\uff13\u4eba\u306f\u8ff0\u3079\u305f\u3002<\/p>\n
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![](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/04\/https:\/\/s3.amazonaws.com\/arc-authors\/reuters\/7cfcbbeb-8cf4-4441-9f6d-5f486cd2dfcb.png\"\/)
<\/p>\n
Chief companies correspondent for Russia, Alexander covers Russia\u2019s economy, markets and the country’s financial, retail and technology sectors, with a particular focus on the Western corporate exodus from Russia and the domestic players eyeing opportunities as the dust settles. Before joining Reuters, Alexander worked on Sky Sports News’ coverage of the 2016 Olympics in Brazil and the 2018 World Cup in Russia.<\/p>\n","protected":false},"excerpt":{"rendered":"
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