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Russia’s failure to meet international commitments poses risk to business — ex-minister

June 18, 2015, 19:38 UTC+3 ST. PETERSBURG

Fulfillment of international courts' rulings and solution of any business disputes are stipulated in any business contract with western investors

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Former Finance Minister Alexey Kudrin

Former Finance Minister Alexey Kudrin

© Sergey Savostyanov/TASS

ST. PETERSBURG, June 18. /TASS/. Russia’s failure to fulfil its commitments assumed under international treaties will immediately create additional risks for domestic business, former Finance Minister Alexey Kudrin said on Thursday.

"If Russia demonstrates today non-fulfillment of certain commitments assumed under international treaties, in which Russia participates in compliance with the earlier adopted conventions, this will certainly create additional risks for all the businessmen in the country," Kudrin said in an interview with TASS news agency at the St. Petersburg International Economic Forum.

This will not necessarily entail seizure of Russian companies’ foreign assets but this will surely lead to "a review of the terms of contracts [concluded by western and Russian businessmen] while western companies will have to consider a larger risk in cooperation with Russia and some will drop it [cooperation]," Kudrin said.

"Fulfillment of international courts' rulings and solution of any business disputes are stipulated in any business contract with a western investor," the ex-finance minister said.

"Normally, the jurisdiction is selected that everyone trusts," he said.

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