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Cabinet permits foreign investors’ entry to Russia amid restrictions

Despite the coronavirus-related restrictions, the Economic Development Ministry reported that foreign investors would be welcome to enter Russia

Economic Development Ministry Mikhail Japaridze/TASS

Economic Development Ministry

© Mikhail Japaridze/TASS

MOSCOW, May 25. /TASS/. Russia’s government has granted permission to foreign investors to enter Russia amid the coronavirus-related restrictions, the Economic Development Ministry said in a statement on Tuesday.

"The Russian government welcomes the initiative of the Economic Development Ministry to allow foreign investors to enter Russia in the period of restrictions related to COVID-19. The ministry will coordinate the formation and submission to supervisory bodies of the lists of foreign investors for entry to Russia," the statement said. The lists will be compiled on the basis of applications by regions interested in attracting foreign investors, the ministry added.

It is suggested that the period of consideration of requests from the moment of application to the Russian constituent entity to being put on the lists should not exceed one month.

The ability of foreign investors to enter Russia is expected to become an important step towards the recovery of business activity, Economic Development Minister Maksim Reshetnikov noted. "We are trying to meet the needs of foreign partners that are interested in cooperating with Russia. The ability of foreign businessmen to enter Russia for discussion of projects in the regions will become an important step towards the recovery and growth of business activity, as well as attraction of foreign investment," he was quoted as saying.

Owners of companies involved in activities on Russian soil, as well as foreign citizens entering the Russian Federation for participating in negotiations or signing agreements and contracts aimed at the launch or implementation of an investment project on Russian territory are considered as investors, the ministry noted.

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