Sanctions? Russia attracts $21 BILLION in foreign investments

21 Feb, 2020 14:52

Foreign investors poured billions of dollars into the Russian economy last year, according to research from global accounting firm KPMG. Investors appreciated the country’s economic stability, it said.

Russia has managed to adapt to Western sanctions (introduced six years ago) and their consequences, KPMG analysts said as cited by business news outlet RBC.

The research showed that the largest increase in investments came from the Asia-Pacific region, with companies and funds pumping in $8.2 billion compared with $2.4 billion in 2018. US investors have also been very active, investing $3.4 billion last year against $200 million in 2018. European investors reduced their Russia holdings from $5.9 billion to $2.6 billion.

Also on rt.com Russia needs more investment to outpace global economic growth – Putin

READ MORE: Russia’s Novatek hits major milestones in Arctic LNG plans

The research showed that the energy sector has been the main driver of the Russian M&A (mergers and acquisitions) market. In particular, Russian gas producer Novatek’s liquefied natural gas (LNG) projects, which are some of the most competitive in the world, saw an investment boom last year. Novatek continued to sell stakes in its Arctic LNG 2 project, inking agreements with two Chinese companies, France’s Total, and Japan’s Mitsui.

For more stories on economy & finance visit RT's business section