Russia Stays Among Top 10 Most Popular Investment Destinations In Europe In 2018 - Rating

Mohammad Ali (@ChaudhryMAli88) Published June 06, 2019 | 11:40 AM

MOSCOW (UrduPoint News / Sputnik - 06th June, 2019) Russia remained one of the 10 most popular destinations for foreign investment in Europe in 2018 despite tense relations with Western countries and numerous sanctions on Moscow, according to a rating prepared by Ernst & Young consultancy.

The rating, published by the consultancy this week, showed that Russia was the ninth most attractive investment destination among other European countries, despite the fact that the number of foreign investment projects slightly decreased year-on-year from the country's record-high 238 to 211.

The United Kingdom, which is still struggling to complete its withdrawal from the European Union, keeping businesses and investors in limbo, nonetheless preserved its leading position in the rating with 1,054 foreign investment projects in 2018. Although, the country did lose over 150 projects compared to 2017.

France slightly improved its standing in the rating, going up one spot and driving Germany out of the second place with 1,027 foreign investment projects.

Germany, in turn, fell to the third spot, being one of the biggest losers among the top 10 countries alongside the United Kingdom and losing 151 investment projects in 2018 compared to the previous year.

Moscow's relations with the West significantly deteriorated in 2014 in the wake of Crimea's reunification with Russia, which Western countries slammed as annexation, and the conflict in the east of Ukraine. The relations deteriorated even further in 2018 because of the so-called Skripal case, and allegations about Russia's meddling in foreign elections and cyberattacks.

Russia in turn, has denied the claims and maintains that the allegations regarding the Skripals' poisoning, the meddling and hacking has never been substantiated. Moscow also insists that Crimean residents voluntarily chose to reunite with Russia in a referendum, which was legitimate, and that Russia has no involvement in the conflict in Ukraine's Donbas.