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HomenewsRussia to ease investment for ‘friendly’ countries

Russia to ease investment for ‘friendly’ countries

Russia will an eased investment process for citizens and companies from “friendly” countries, as it seeks to establish an anti-Western coalition and shore up its sanctions-hit economy.

Russian Prime Minister Mikhail Mishustin announced on Monday that investment processes will be simplified for investors from 25 countries considered allies by Moscow.

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In the wake of its invasion of Ukraine in February 2022, and subsequent efforts by Western states to isolate it and trim its economic power to wage war, Russia has been seeking to strengthen ties around the globe.

The “friendly” countries whose citizens and companies will be able to open Russian bank accounts and make deposits through a simplified process include China, India, Brazil, Saudi Arabia, Turkey, Kazakhstan and Belarus.

“Creating more convenient conditions for foreign enterprises and entrepreneurs is an important part of the government’s systemic efforts to achieve financial sovereignty as part of the implementation of the national goals set by our president,” Mishustin said in a statement.

‘Unfriendly’

According to Moscow, “unfriendly” nations are those that have joined a slew of Western-led economic sanctions in response to its war in Ukraine. Russia has likened the sanctions to “a declaration of war”.

On Monday, Russian Defence Minister Sergei Shoigu singled out one of the primary instigators of the sanctions, the United States, at a defence conference in Beijing, accusing it of disrupting global security and harming Russia’s interests.

“To maintain its geopolitical and strategic dominance, the United States is deliberately undermining the basis of international security and strategic stability,” Shoigu said.

Shoigu also pointed the finger at the US’s Western and Asia Pacific allies, without naming them.

“Western countries aim to escalate the conflict with Russia and increase the risk of major country confrontation … This will lead to serious consequences,” he added.

US-Russia relations have deteriorated since Moscow launched an all-out invasion of Ukraine, resulting in a bloody 20-month war.

The US has supplied some $75bn in humanitarian, financial and military aid to Ukraine as it fends off Russian forces. A group of Western nations and blocs, including the US, the European Union, and the United Kingdom have imposed far-reaching sanctions on Moscow.

Source: Al Jazeera and news agencies

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