Investing domestically is safer due to foreign sanctions, the Russian president says
Western countries are no longer safe for Russian businesses, President Vladimir Putin warned on Tuesday as he called on the nation’s entrepreneurs to invest at home.
Speaking at the plenary session of the Eastern Economic Forum in Vladivostok, Putin suggested domestic large-scale infrastructure projects and urban tourism development as promising areas of investment.
“I have already addressed our entrepreneurs, many of whom have faced certain pressure from certain partners. And I would like to repeat once again today: it is more reliable and better, of course, to invest capital in Russia,” the president said.
Putin noted that numerous Russian businesses have had foreign assets frozen due to Ukraine-related sanctions, and advised entrepreneurs “not to fall into the same trap” by investing in Western companies.
“The seizure of legally earned money… – the funds that belong to our companies, our entrepreneurs – this simply crosses all boundaries. The people who are doing it don’t realize the negative consequences,” the Russian leader added.
Following the start of Moscow’s military operation in Ukraine, the US, EU, and other Western countries blocked billions’ worth of assets belonging to Russian companies, individuals, and the Russian central bank. Moscow has repeatedly branded the asset freezes illegal, and has warned of retaliatory measures.