21 May 2022
Moscow: 12:36
London: 10:36

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1539 days have passed since the Salisbury incident - no credible information or response from the British authorities                                                                                                                                                                                                                                                                                                                                                     1531 days have passed since the death of Nikolay Glushkov on British soil - no credible information or response from the British authorities

Economic co-operation

Economic co-operation has historically been a priority area of the Russia-UK relationship.

In 2017-2018 Russian and British economic operators managed to significantly overcome issues in bilateral business relations created due to the anti-Russian sanctions introduced by Western states in 2014. And this happened despite the fact that the key official cooperation mechanisms, including the UK-Russia Joint Steering Committee on Trade and Investment and the High-Level Energy Dialogue, remain frozen on London's initiative.

In 2018, the revival of trade and economic ties continued after it had started in 2017. According to the Russian statistics, in 2018 the UK-Russia bilateral trade turnover grew by almost 8% to $13.7 bn. The UK's data are also quite positive: the overall trade volume reached $12.9 bn (growth by about 19%).

The UK is among the top 10 investors in Russia. Its accumulated assets amount to $23.8 bn. The Russian accumulated investments in the UK account for $11 bn.

The financial sector, energy, retail trade, machinery manufacturing, mining industry, transport, communications, pharmaceuticals and real estate are among the most attractive areas of trade and investment cooperation.

The UK's business community shows great interest in continuing normal relations with their Russian partners and is maintaining a constructive approach. About 600 British companies operate successfully on the Russian market.

The Russian business presence in the UK is also significant. The London Stock Exchange is the leading foreign trading platform for Russian companies interested in mobilizing capital on global markets. More than 60 Russian companies are listed on the LSE, including Gazprom, Rosneft, Sberbank, VTB, Lukoil, Norilsk Nickel, EN+, PhosAgro and a number of other Russian industrial and commercial leaders. However, with the campaign against our country unleashed in the UK, Russian firms have signaled losing their confidence in the UK market.

The regular active participation of large British companies (BP, Shell, AstraZeneca, Unilever, BAT and others) in the St. Petersburg International Economic Forum, Eastern Economic Forum and other international events also provides a boost to our bilateral economic relations. A mechanism for a direct dialogue between the UK's business and President Putin has been established. The Russo-British Chamber of Commerce traditionally remains a strong pillar in supporting and developing trade, economic and investment bilateral relations. Through the Joint Liaison Group, our two countries continue their cooperation for creation an international financial centre in Moscow.

Regional economic cooperation is also on the rise. British businesses from England, Scotland, Wales demonstrate their interest in working in a number of Russian regions, including, inter alia, Moscow and Moscow Oblast, Saint Petersburg, Tatarstan, Ulyanovsk Oblast, the Far East.

Thus, despite the current complications in bilateral relations caused by the UK Government's anti-Russian policy, the UK-Russia bilateral economic cooperation continues developing, mostly thanks to maintaining the constructive interaction between Russian and British businesses. The Russian Embassy and the Russian Trade Delegation in London actively provide support to such activities.