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Sanctions leave 99% of Russian innovative projects unaffected — deputy PM

October 15, 2014, 20:23 UTC+3 MOSCOW
Russia's Deputy Prime Minister Arkady Dvorkovich says risks of innovation projects are related mostly with the specifics of that investment sphere, not with sanctions
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Deputy Prime Minister Arkady Dvorkovich at the Open Innovations forum

Deputy Prime Minister Arkady Dvorkovich at the Open Innovations forum

© Vladimir Smirnov /TASS

MOSCOW, October 15. /TASS/. The EU and US sanctions taken against Russian companies and individuals over the Ukrainian crisis have left 99% of Russia’s innovative projects totally unaffected, Deputy Prime Minister Arkady Dvorkovich said at the Open Innovations forum on Wednesday.

“I have noticed no global influence of tensions in contracts with western and eastern partners determined to implement hundreds of projects at Skolkovo. True, there may be some minor issues, in the first place, those related to original plans for financing.”

He explained that sanctions have stripped some companies of the right to finance certain research.

“But this situation has left 99% of the projects intact. Joint work with partners is proceeding,” he promised. The basic risks of innovation projects are related mostly with the specifics of that investment sphere, and not with sanctions.”

Dvorkovich described the active participation of our greatest partner - the People’s Republic of China - as “the forum’s greatest sensation.”

Among the basic industries crucial to the development of innovations Dvorkovich mentioned the energy sector, medicine, biotechnologies, farming and transport.

“It is these industries where investments in innovative activity will be the greatest over several years,” Dvorkovich said, adding that he was referring to government investments, too.

He believes that the state, by investing in such branches of the economy, is identifying priorities and giving signals to private businesses.

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