The Trump administration is sending a startling message to corporate America: After three years as an international pariah, Russia could once again be open for business.

President Trump is pressuring Ukraine to accept a deal to end the war. And Marco Rubio, his secretary of state, told a delegation from Moscow in Riyadh last week that the United States and Russia could pursue “potentially historic economic partnerships” and “incredible opportunities,” if Moscow ended its war.

The question, though, is whether American businesses are interested.

And the answer, analysts and investors agreed, is not likely.

“I don’t think America’s big businesses are going to rush back into Russia fast, if at all, and surely not soon,” said Carl Weinberg, chief economist at High Frequency Economics.

The invasion of Ukraine launched by President Vladimir V. Putin of Russia in February 2022 caused a sudden and swift flight of foreign companies as the United States, Europe and other countries imposed punishing sanctions and cut off most trade. Since then, more than 1,000 corporations have left or curtailed operations, according to a database compiled by the Yale School of Management.

The Russia that they left, however, is not the Russia they would be returning to.

The country’s war-driven economy is struggling with 21 percent interest rates, labor shortages and a shrinking number of middle-class consumers.

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