Russia welcomes foreign investment in geological exploration, minister says
MOSCOW, Sept 4 (Reuters) -Russia would welcome foreign investors to take part in geological surveys of its natural resources, Minister of Natural Resources and Ecology Alexander Kozlov said on Wednesday.
Russia saw an exodus of foreign companies following the start of the conflict in Ukraine in February 2022. Moscow has sought to bolster cooperation with nations that did not support sanctions over the conflict, such as energy consumers China and India.
Kozlov told reporters on the sidelines of the Eastern Economic Forum in the far eastern port of Vladivostok that foreign capital would help towards Russia's development.
"If there is an opportunity to attract foreign capital, then of course this will be encouraged, because this is money for our country, they are developing it," he said.
Russia is cautious about allowing foreign investment in its vast energy and metal production sectors, and has put in place restrictions on the participation of overseas investors in its minerals sector.
Oil and gas revenues have been the most important single source of cash for the Kremlin, accounting for around a third to a half of total federal budget proceedings for the last decade.
According to Russian subsoil agency Rosnedra, investments into oil and gas exploration in 2023 totalled 300 billion roubles ($3.40 billion), while investments into exploration for solid minerals, such as coal and metals, reached 78 billion roubles, and exceeded previous year's level.
($1 = 88.2455 roubles)
Reporting by Vladimir Soldatkin and Olesya Astakhova; editing by Miral Fahmy
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