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20 Mar, 2018 08:14

Putin's landslide victory to attract additional $30bn to Russian economy

Putin's landslide victory to attract additional $30bn to Russian economy

Vladimir Putin’s re-election as Russian president will ensure the continuation of an economic policy that has seen a major spike in foreign investment, says head of the Russian Direct Investment Fund.

"Since the elections are over, it will allow institutional investors to actively implement projects in Russia in the medium term, which can provide an additional influx of $25-30 billion into the Russian economy," RDIF’s Kirill Dmitriev told reporters.

He said that "the voting results testify to the continuation of the economic policy aimed at realizing the investment potential."

The presidential election in Russia was held on March 18. Putin won by a significant margin with 76.7 percent of the vote – a record level of support for the incumbent.

Recent data shows that, despite the latest accusations against Russia over an ex-spy’s alleged poisoning in the UK, the local equity market has been attracting capital from foreign investors.

Sberbank Investment Research shows that foreign investments totalled $146 million for the week through March 14, which is greater by a third compared to the $112 million invested during the previous week.

A study by a British consulting agency EY (formerly Ernst & Young) showed that in the first half of 2017 the Russian economy attracted $14 billion in direct foreign investment, the highest number ever, Economy Minister Maksim Oreshkin said last October.

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