Sanctions fears derail Russia’s bid to attract 'friendly' investment

Sanctions fears derail Russia’s bid to attract ‘friendly’ investment

Posted by Admin December 27, 2024 Bussiness

Russian dictator Vladimir Putin (Photo: REUTERS/Maksim Shemetov)

Russian Finance Minister Anton Siluanov admitted that so-called “friendly countries” are reluctant to invest in Russian companies, The Moscow Times reported on Dec. 26.

Moscow’s plan to create “depository bridges” that would open the Russian financial market to “friendly investors” while allowing Russians to invest in securities of “friendly” countries is going “awkwardly” and facing “difficulties.”

The ambitious project of a unified BRICS payment system was promoted by Russian dictator Vladimir Putin at the organization’s summit in Kazan in October.

“It is being developed, but very, very, very carefully. Not in the way we would like,” Siluanov complained, adding that investors from friendly countries are wary of participating in the Russian financial market for fear of secondary sanctions.

The G7 and EU countries are exploring ways to increase pressure on banks that help Russia evade Western sanctions, including considering measures against third-country lenders that use a financial messaging system similar to SWIFT.