Minister: Russia welcomes foreign investments in geological exploration

Alexander Kozlov, Minister for Natural Resources and Ecology in Russia, said that the country would be happy to welcome foreign investors who wish to participate in its geological surveys.

After the outbreak of the conflict in Ukraine, in February 2022, Russia experienced a mass exodus. Moscow has tried to strengthen cooperation with nations who did not support the sanctions in relation to the conflict such as energy-consuming China and India.

Kozlov said to reporters at the Eastern Economic Forum, held in Vladivostok (a port located in Russia's far east), that foreign capital will help Russia develop.

He said: "If there's an opportunity to bring in foreign capital, we will encourage it, because they are bringing money into our country and developing it."

Russia has placed restrictions on foreign investors' participation in the minerals sector. It is also cautious about allowing investment from other countries in its massive energy and metal production industries.

The Kremlin's most important source of income has been oil and gas revenue, which accounts for between a third and a half the total federal budget expenditures over the past decade.

According to the Russian subsoil agency Rosnedra in 2023, investments for oil and gas exploration will total 300 billion roubles (3.40 billion dollars), while exploration of solid minerals such as coal, metals and other metals reached 78 billion and surpassed previous year's levels.

(source: Reuters)