Investors waiting for lifting of sanctions in Crimea

Foreign investors will not be able to start working on the peninsula until sanctions against Crimea are removed.

31 May 2016 15:19

Western investors are waiting for lifting of sanctions to begin work in Crimea, Vedomosti reports.

So, the Managing Director of the British company Intourist Thomas Cook Chavdar Stoyanov expressed interest in investment in Crimea, but he will be able to do this only after the lifting of sanctions imposed by the European Union.

“Everyone is waiting for the political situation to change, to start investing (in Crimea - Ed.),” said Stoyanov.

Just a reminder: Due to the EU imposed sanctions in December 2014, foreign companies cannot invest in real estate in Crimea and provide financial services to the Crimean enterprises.

“The Crimea is associated with nature, clean sea and food. But the hotels ... Since a few of them meet the European standards, they cannot be compared with hotels in Italy, Turkey and other countries,” The Managing Director of Intourist Thomas Cook says.

It was reported earlier that the European Parliament will lift sanctions imposed on Russia for the occupation of Crimea, only after returning the peninsula to Ukraine.

At the German-Russian Forum in Potsdam (Germany), the Foreign Minister Frank-Walter Steinmeier confirmed that Germany excludes the possibility of recognizing the legality of Crimea’s accession to Russia.

Thus, only the Ukrainian Crimea will be attractive to foreign investors.

Photo: Internet