EU Sanctions Open Door to Russian Market for Asia, BRICS

© Sputnik / Igor Samoilov / Go to the mediabankRuble and euro banknotes of different denominations in a jar.
Ruble and euro banknotes of different denominations in a jar. - Sputnik International
President of the Russian Investment Agency Yury Spiridonov stated that such countries, as South Korea, Singapore, Brazil or India, expressed an interest in investing in Russia.

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MOSCOW (Sputnik), Anna Liatsou —Asian countries and BRICS member states are trying to enter the Russian market against a background of the European Union’s anti-Russia sanctions, President of the Russian Investment Agency Yury Spiridonov said in an interview with Sputnik.

“We could state that other countries, such as South Korea, Singapore, Brazil or India, have continuous interest in investing in Russia,” he said.

Spiridonov noted that several Asian foundations have already addressed the Agency with offers, "stating appetite, for example, to acquire existing hotel businesses or business offices” Spiridonov commented.

According to him, the Chinese government has already “approved a policy of investing in Russia”.

Spiridonov underlined that there is also intense investment attraction work in Cyprus, Qatar, Bahrain and the United Arab Emirates, where the Russian Investment Agency holds bilateral dialogues, participates in investment forums and plans to open representation offices.

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“UAE has offered us an assistance to open an office there, they are ready to provide us with a free place for a start. We’ve received the same offer from Singapore,” he said.

At the same time, Spiridonov remarked that European investors leave Russian market “reluctantly”, as they “understand that Nature abhors a vacuum” and “there will be investors from other countries”.

“I wouldn’t say that the Europeans are rapidly leaving the Russian market. At first we were expecting that the EU anti-Russia sanctions would lead to quick sales, for example, of hotel businesses. But it did not actually happen,” he said.

In his opinion, Europeans are trying to use different ways to keep their place on the Russian market. "They understand that if they leave their place will be quickly taken and it will be difficult to return for them". He explained that “in Singapore there are several representation offices through which English, US and Canada companies work with Russia”.

Relations between Moscow and Brussels deteriorated after Crimea's reunification with Russia in March 2014. The European Union, the United States and Canada imposed several rounds of anti-Russia economic sanctions, accusing the country of fueling the armed conflict in Ukraine. Russia rejected the accusations and responded with counter-sanctions.

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