ABU DHABI, May 9. /TASS/ The Persian Gulf states in general, and the United Arab Emirates (UAE) in particular, are key investment partners for Russia, Russia's Minister of Economic Development Maxim Reshetnikov told TASS.

"The Persian Gulf countries are among Russia's most important investment partners. For example, we see a record-breaking increase in Russian investments in the UAE economy. In the first three quarters of last year, the UAE received 16 times more Russian capital than in the same period of 2021," he said.

As the minister emphasized, Russia is working to revive investment mechanisms so that the economy can quickly adapt to new circumstances. "In response to the sanctions, we will provide even more active support for entrepreneurial initiatives and anyone determined to complete existing projects, launch new ones, and create jobs. Whether it's a Russian investor or one from a friendly country," he remarked.

According to the minister, the phrase "pivot to the East," which has recently gained traction, is oversimplified and cannot adequately characterize Russia's economic policy. Reshetnikov pointed out, the expansion of trade connections with countries in the Middle East and the Asia-Pacific region became a priority for Russia long before the recent conflict with the West.