Tax discounts and opportunities to boost exports have reportedly been behind the move to open new branches © Getty Images/da-kuk

Russian businesses have opened nearly 12,000 branches in Serbia, the United Arab Emirates, Armenia, and Kyrgyzstan since 2022, the news outlet Izvestia reported on Monday, citing industry data.

Serbia topped the list with 9,000 new openings, which included online shops, kindergartens, manufacturing facilities, real estate companies, and co-working spaces, as well as legal and business consulting firms, a survey by consultancy Finion showed.

Read more: azerbaycan24.com

Photo: azerbaycan24.com