Olga Zinovieva, Interros’ First Deputy CEO, presented at the Russian Economic Situation: Expectations, Forecasts, and Prospects conference organized by the Franco-Russian Chamber of Commerce and Industry (CCIFR) in Moscow.

Conference participants discussed whether one should expect a pick up in Russian economic activity that would increase long-term returns on investment, inflation, ruble exchange and interest rates, and effective investment strategies for 2016 against the backdrop of sanctions and geopolitical tensions.

Emmanuel Quidet, the Chamber’s President, emphasized that Interros and Vladimir Potanin have made a significant contribution to the development of Franco-Russian relations.

During the discussion on the current conditions in the Russian economy, Olga Zinovieva said: «We take notice that government and Bank of Russia officials have recently been less upbeat about the state of the Russian economy and its growth prospects. Before, everyone expected a fall and then a pick up starting in 2016; today, official GDP forecasts for 2016 to 2017 are all within the margin of error. Crisis and transitions often provide an impetus to reform. Nonetheless, we are not seeing any serious reform efforts, and the business climate hasn’t changed. This does not help to spur entrepreneurship or attract the investment that the Russian economy so badly needs. »

Alexey Vedev, Deputy Minister of Economic Development and Vasily Pozdishev, Deputy Governor of the Bank of Russia also spoke at the conference. According to Mr. Vedev, his Ministry can increase the investment forecast for 2016 which currently stands to decline by 1,6% under the baseline scenario.