Technological development and alignment with national economic goals are priorities for Moscow, Denis Manturov has said

Russia is open to foreign investment but it should be "smart" and focused on developing new technological capabilities, First Deputy Prime Minister Denis Manturov has said.

Speaking at the St. Petersburg International Economic Forum (SPIEF 2025) on Wednesday, Manturov said that most foreign companies that stayed in Russia despite Western sanctions are acting "correctly." He said those companies are investing in scientific and technical development and operating in ways that have helped them retain their positions in the Russian market.

According to the deputy prime minister, however, future foreign investment must follow clear business principles and should go beyond simply expanding production capacity.

Manturov reiterated that Russia is not rejecting foreign investment, but highlighted the country's ability to continue operating under sanctions and finding domestic solutions to complex economic issues.

He also said that Russia should be selective about its investment partners and focus on cooperation that strengthens its technological base.

"In the future, we must establish clear principles for doing business with foreign investors. We're not turning them away, but investment must be smart - not just about building capacity, but about developing new technological competencies where additional growth is needed," he noted.

His remarks come as Russia is drafting legislation that would regulate the right of foreign companies to reclaim assets sold during their exit from the country after the escalation of the Ukraine conflict in 2022.

The law would allow the Russian authorities or current owners to reject asset buybacks under certain conditions. Grounds for doing so would include the repurchase price being below market value, or if more than two years have elapsed since the original deal, during which time the Russian owner fulfilled its obligations to employees and creditors.

Following the exodus of foreign firms, the Russian market has largely adapted by promoting domestic and Chinese brands, thus making re-entry more challenging for Western companies. In sectors such as the automotive and fashion industries, local alternatives have filled the void left by departing Western firms.

(RT.com)