Investment in Russia More Affordable With Ruble Devaluation - NGO

Also the lack of communication between the European Union and Russia on political level is partially compensated by the dialogue between Moscow and European business, Frank Schauff stressed.

ST. PETERSBURG (Sputnik), Alexander Mosesov — The devaluation of Russian national currency improved premises for investment in the country, CEO of the Association of European Businesses in Russia told Sputnik Thursday.

"If companies calculate in euros, it [ruble devaluation] is certainly an improvement,” Frank Schauff said.

He added that ruble’s devaluation makes potential investments in Russia more profitable.

The Russian currency lost almost half its value compared to mid-year in December 2014, falling to 67.8 rubles against the dollar amid a decrease in global oil prices and Western economic sanctions against Moscow over the situation in Ukraine.

However, this year the currency managed to strengthen its position and climb to about 53.9 rubles to the dollar, according to the rate set by the Russian Central Bank for Thursday. 

Relations between Moscow and the European Union hit rock bottom after the bloc started accusing Russia of fueling the Ukrainian conflict in 2014.

"We have a continuing good communication with the Russian authorities. I assume that it is partially substituting the lacking communication between the Russian authorities and the EU commission,” Frank Schauff said on the sidelines of the St. Petersburg International Economic Forum.  

The Western sanctions targeted Russia’s banking, energy and defense sectors, as well as certain individuals.

Moscow has repeatedly denied the Western allegations, stressing that the restrictive measures are counterproductive and potentially more damaging for the European economies than for Russia.