Russia: Economic growth 'difficult' with sanctions in place - Alexei Kudrin

Russia can't overcome its economic difficulties by establishing "normal" investment conditions, former Russian Finance Minister Alexei Kudrin said in St. Petersburg, Thursday. Speaking on the side-lines of the 19th St. Petersburg International Economic Forum (SPIEF 2015), Kudrin added that relying on its own domestic market would only work out in a normal investment environment. He also noted that foreign investments in the Russian economy amount only "15 to 20 percent", however he warned that even Russian investors will act with precaution considering the current "sanctions climate". The 19th St. Petersburg International Economic Forum is currently underway and runs until June 20. Despite sanctions, more than 7,000 guests and 1,000 international companies including the heads of BP, Royal Dutch Shell and Total are present.