New Silk Road Finance Awards 2017 CEE: Best BRI project/initiative
Silk Road Fund 10% purchase of stake in Sibur (Russia)
When president Vladimir Putin launched Russia’s ‘pivot to the east’ after the Ukraine crisis in 2014, it was met with scepticism by many in the west.
Initially, events seemed to bear out this gloomy prognosis. The predicted rush of Russian issuers to Asian capital markets failed to materialize, while foreign direct investment from the region also disappointed.
The announcement of the Belt and Road Initiative, however, brought a new dimension to China’s relationship with its northern neighbour. Russian’ support for the project provided a framework for several investments in the country by Chinese state-backed entities, most notably the Silk Road Fund (SRF).