2 April 2015
Moscow: 04:06
London: 01:06

Consular Section:  
+44(0) 203 668 7474   
info@rusemb.org.uk  

 

RUSSO-BRITISH ECONOMIC RELATIONS

Economic co-operation continues to be one of the priority areas of the Russia-UK relations. The UK remains one of Russia’s leading foreign trade and investment partners. However due to the geopolitical reasons and also because of the fall of the commodity prices the bilateral trade turnover slowed down in 2014 by 21% in comparison with that in 2013 and totaled $19.3 bln. By the end of 2013 Britain was fifth in accumulated foreign investments in Russia, totaling $28 bln. Today hundreds of British companies continue to successfully operate in the Russian market. Russian business presence in the UK is also significant. Among the most attractive areas of investment co-operation are the financial sector, energy, retail trade, mechanical engineering, metallurgy, mineral resources industry, transport, communications, pharmaceuticals, real estate. Bilateral dialogue between regions is also becoming more active and increasingly involves Russian as well as British regions.

The London Stock Exchange remains the leading international platform for our companies working with investors in the global capital markets with more than 50 Russian and Russian-focused companies traded in London. Among them Sberbank, Gazprom, Lukoil, Rosneft, Norilsk  Nickel, VTB, X5 Retail Group, SISTEMA, MegaFon and others.

The UK business helps Moscow to achieve its ambitions to become an international financial centre. The latest meeting of the Joint Liaison Group took place in July 2014 at the International Investment Bank in Moscow with the participation of over 40 financial and related industry professionals from both Russia and the UK.

Russian and British businesses have good understanding of each other and thus will continue to develop mutually beneficial ties despite any political difficulties.

Russia-UK trade and economic cooperation: politicians and business leaders speak up

Trevor Barton (Executive Director, Russo-British Chamber of Commerce)

“The UK and Russia are “a good match” in all sorts of ways – e.g. Russia has natural resources, space, a skilled work force, etc., while the UK exports high-quality manufactured goods, has a highly sophisticated financial services industry, technological expertise in niche areas, etc. .. For many British exporters not affected by sanctions, the fundamentals of the Russian market have not gone away – size, accessibility, a respect for high-quality UK goods and services, massive projects on the horizon like transport infrastructure development and the 2018 World Cup..”

 

Alexander Yakovenko (Russian Ambassador to the UK)

“..if you take the position of the business circles, you would find that all of them are interested in developing economic relations; they are interested in contracts with Russia. And they are basically sitting and waiting there for better times. And they are keeping all the channels open. And if you take big energy companies, they are working as they were before. And I would like to say this is the right way of proceeding. But of course economic relations are suffering from politics.”

 

Bob Dudley (CEO, BP plc)

"We have a long-term strategy in Russia, and it has always been so. This year marks 25 years of our work in Russia. .. Our investments have been successful, although we sometimes faced difficulties, but overall it was good for us".

"Our strategy is exactly the same as it was. And we want to do more than just be passive shareholders. So far it’s better to speak carefully, but we can consider additional investments. There may be new opportunities".