Answer to sanctions is the improvement of the investment climate. Interview with the President of the American Chamber of Commerce in Russia Alex Rodzyanko

The deterioration of the geopolitical situation around Russia had a negative impact on the economy and the state of the business. President of the American Chamber of Commerce in Russia Alex Rodzyanko tells how the investment climate in Russia changes in this regard and how Russian and American businessmen look for ways to circumvent the sanctions.

- Alexei Olegovich, I would like to know your opinion how the attitude to our country as a player on the world economic scene from America and other countries changed for the time that you work in Russia?

- If it is very short, the attitude changed together with the price of oil. Although, of course, it is an oversimplification. Twenty or more years ago, the price of oil was very low, and it was one of the factors that led to the collapse of the Soviet Union, the end of the communist regime. But this was just one of the factors, not the key, because the country's economy deteriorated for a long time ago. People saw and felt it.

Then 1991 came, I remember very well this time. Then I worked in New York, and just looked at the developing markets, especially those, where there were problems with the foreign debt and restructuring. Russia just fell into this category, as the country had to pay the old Soviet debts, then there was a restructuring, then the secondary restructuring ... I remember very well as that time I met with officials of the World Bank. Their opinion and the opinion of others in Washington was that Russia could fall to strange pieces. What would follow it - it was terrible even to think about it. Therefore, the attitude to Russia was as to a country that needs help in every way to prevent the further degradation to avoid chaos. And it was, as I understand it, almost the only main goal and concern. It was a constructive attitude, they tried to help as best they could. In general, the 1990s passed in this way. A lot was done to establish some basic institutions. In particular, the MICEX is the work of the US Federal Reserve with the Russian side.

Then there was an agreement on nuclear weapons, although it was partly a factor of self-preservation of the West that it was all concentrated in one place and there was no spread in any case. During these years, the oil price was also very low. However, the result of all the work still was the crisis of 1998, when the policy of the International Monetary Fund and the Russian Government actually couldn’t be supported because money just didn’t arrive. This was the first big devaluation, another default, the change of power.