WASHINGTON (Sputnik) — The Russian economy has come under increased pressure over the past year because of plummeting oil prices and Western economic sanctions. The first restrictions were imposed by Western powers over Crimea's reunification with Russia.
“American firms seeking to invest in the Russian Federation should be aware that the Russian investment climate continues to be marked by high levels of uncertainty, corruption and political risk. [G]ood legal counsel [is] essential for any potential investment.”
Kalugin explained most foreign companies working in Russia want to stay, and some US firms are preparing new projects that will be announced at the St. Petersburg Economic Forum in June 2015.
Moreover, the Russian government has taken steps to improve the country’s investment climate. In May 2015, Russian President Vladimir Putin introduced a new rating for the regional investment environment.
The survey will help Moscow to improve the existing regulatory framework, according to Putin’s economic adviser Andrei Belousov.
The Russian ruble lost almost half of its value against the US dollar compared to the summer by December 2014, but it has since regained some ground.
Earlier on Friday, Russian Finance Minister Anton Siluanov said foreign investors are beginning to return to Russia as they witness the economy’s recovery and stabilization.
