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Western companies are losing Russian market, energy minister notes

January 24, 22:00 UTC+3 DAVOS

New investors from other regions have arrived instead of those barred from participation in Russian projects, the minister explains

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DAVOS, January 24. /TASS/. Sanctions introduced by Western nations against Russia led to a change in investors that came from other regions. Many Western companies lost the Russian energy market because of that, Energy Minister Alexander Novak said on Wednesday at the World Economic Forum in Davos.

"There is simply a change in investors. New investors from other regions arrived instead of investors barred from participation in Russian projects. Those who stopped participating [in Russian projects -TASS] are merely losing markets," Novak said.

Introduction of sanctions speeded up development of domestic tight oil production technologies, the minister added.

The 48th World Economic Forum is held in Switzerland’s Davos from January 23 to 26, with the fourth industrial revolution being its key topic.

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