Failure Of Schlumberger-EDC Deal Will Not Affect Foreign Investment -Russia Antitrust Body

US Schlumberger's failure to buy shares in Russian Eurasia Drilling Company (EDC) over anti-Russian sanctions will not be a negative signal for other foreign investment, Deputy Head of the Russian Federal Antimonopoly Service (FAS) Andrey Tsyganov told Sputnik in an interview

MOSCOW (UrduPoint News / Sputnik - 19th February, 2019) US Schlumberger's failure to buy shares in Russian Eurasia Drilling Company (EDC) over anti-Russian sanctions will not be a negative signal for other foreign investment, Deputy Head of the Russian Federal Antimonopoly Service (FAS) Andrey Tsyganov told Sputnik in an interview.

In early February, Schlumberger revoked its bid for purchase of EDC stock after it did not get approval from Russia's regulatory bodies. According to FAS head Igor Artemiev, the antitrust service and the company "had come to a conclusion that it was not the proper time" for the deal.

"I am by no means in favor of a specific transaction being perceived by foreign investors as a general negative signal of enormous deterioration of the investment climate, political regime or higher risks of doing business.

As a rule, foreign investors are reasonable people who understand the situation much better than politicians," the official said.

"Now, [Schlumberger] representatives have explained that the decision to withdraw the bid was been caused by expired mandate to complete this transaction. Perhaps the interest in the deal will revive again once political conditions in the world are more favorable, as no one says that sanctions are forever. Russia has not banned this deal," Tsyganov added.