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Russian Direct Investment Fund Not Affected by US, EU Sanctions

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The Russian Direct Investment Fund, a sovereign wealth fund, said Thursday its investment activity will not be affected by recent sectoral sanctions imposed on Russia by the United States and the European Union as the entity does not directly attract equity or debt financing.

MOSCOW, July 31 (RIA Novosti) - The Russian Direct Investment Fund, a sovereign wealth fund, said Thursday its investment activity will not be affected by recent sectoral sanctions imposed on Russia by the United States and the European Union as the entity does not directly attract equity or debt financing.

"RDIF does not directly attract equity or debt financing but instead invests only its own funds together with co-investors. We have never attracted such direct financing and are not planning to do it in the future. Accordingly the sanctions do not affect RDIF investment activity in any way," the Fund said in a statement.

"Pursuant to RDIF constitutional documents the Fund is not allowed to acquire control in any company and therefore there is no impact on our portfolio companies as well," the statement said.

The United States imposed new economic sanctions against Russia on July 29, prohibiting new contracts on exporting the equipment and technologies used for oil development on the shelf, including in the Arctic.

The European Union has also restricted the exports of equipment and technologies linked to deep water and Arctic oil exploration and production.

The Russian Foreign ministry said Wednesday that the economies of Russia and the European Union are “communicating vases” and the switch to the “third wave” started by Brussels is to affect the economic situation in the EU not less than in Russia.

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