Medvedev Adviser Attacks Putin, Defends Investment

yurgens.jpgIgor Yurgens, head of the Insitute of Contemporary Development and former Vice President of Renaissance Capital, has “lashed out” at Prime Minister Vladimir Putin for his public criticism of steel and coal group Mechel, signaling “a divide between the Putin and Medvedev camps”. In an article in today’s FT, Yurgens, an adviser to President Dmitry Medvedev, is quoted in today’s FT as saying,

It is not correct to destroy your own stock market … and wipe off $60bn. It’s just not the right thing.

Yurgens, who has been critical of Putin and Russia’s mode of democracy in the past, is also the author of an interesting article in today’s Moscow Times, which focuses on the EU’s investment relationship with Russia. Whilst foreign investors are continually reminded of the potential risks of investing in Russia, it is rare that we hear the same opinion coming from the other side.

“[…] conditions for Russian investment in the EU are far from perfect. Investors face political discrimination and technical barriers, especially concerning the power industry. Some EU “open” tenders have turned out to be closed to Russian companies. Economic nationalism is growing. Foreign investment is limited in sectors that the EU considers to be strategically and politically important. Russian companies have had to face anti-dumping claims. European branches of Russian banks face over-regulation and expensive certification procedures.”

Read the full article here.