South West | Finance, business

Investors in Crimea to receive “considerable” Russian government support

15 May '14
Investors willing to inject money into the Crimea will receive “considerable support” from the Russian government, Oleg Savelyev, the Russian minister responsible for the region, promised earlier this month.

As Rusbase reported, in addition to Russian and Ukrainian investors, Minister Savelyev hopes investors from China, India, Korea and the entire Southeast Asia will also line up to flock to the region.

“I am particularly hopeful about Singapore, because it faces many of the problems that we have in the Crimea, specifically issues related to water supply and developing limited land,” he said.

The official also stated his conviction that EU investors who had previously showed interest in the region would return once the dust had settled on the region’s controversial amalgamation into the Russian Federation.

The Crimean Peninsula (the Republic of Crimea) and its key naval base of Sevastopol became Russia’s 84th and 85th regions, respectively, after a reported 96.77% of the Crimean population, predominantly Russian-speaking, voted at the March 16 referendum for the region’s secession from Ukraine. The referendum results have not been officially recognized as legitimate by a range of Western countries in spite of the confirmed turnout and “for” vote stats.

The Crimean population made this momentous move towards the restoration of its century-old status of a Russian territory (which it lost in the 1950s when the then Soviet Union leader Nikita Khrushchev transferred the peninsula under Ukrainian jurisdiction—but still within the indivisible USSR) after the pro-European political forces in Ukraine went so far in February 2014 as to put together a coup that ousted the President Viktor Yanukovich administration. The Crimea, which had enjoyed a certain level of autonomy under Ukrainian rule, didn’t recognize the legitimacy of the new government in Kiev.
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Locations: Republic of Crimea

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