Germany, France, Italy become biggest foreign investors in Moscow's economy

Germany, France and Italy were the biggest foreign investors in the economy of Russia’s capital last year, head of the Moscow department of foreign economic and international relations Sergei Cheremin said Wednesday, adding that the total amount of direct accumulated foreign investments in the city’s economy topped around $280 bln.

According to Cheremin, economic sanctions imposed by certain countries against Russia have had no effect on Moscow’s economy. There was a slight decline at the end of 2014, while later the situation normalized, he said.

"We evidence no outflow of foreign companies and foreign investments from the capital. Their amount continued growth, and by the end of 2017, the amount of direct accumulated foreign investments in the city’s economy totaled around $280 bln. The leading countries in terms of investments are those that imposed economic sanctions - Germany ($8.8 bln), France ($4.6 bln) and Italy ($3.6 bln)," Cheremin said.

Among top ten countries in terms of investments in Moscow’s economy are also Austria ($3.5 bln), the United States ($1.5 bln), Japan ($1.4 bln), Britain ($1.2 bln), Sweden ($1.1 bln), Kazakhstan ($1.1 bln), and China ($0.9 bln)