Source Pravda.Ru

International investors give up Russia for Asia

International investors have shifted their interests in favor of Asia, which now seems more attractive than Russia, due to current political risks, analysts told RBC. The Russian market is still influenced by a negative news background. First of all, it includes a recent say by Russian Defense Minister Sergey Ivanov calling on a greater state control over the oil industry and bringing accusations against oil companies for making too small investments and accumulating resources. Secondly, The State Duma's Budget Committee on an initiative of Vice Prime Minister of Russia Alexey Kudrin actually eliminated three of Russia's domestic offshore zones that were used by oil companies to optimize taxation. According to analysts, "the YUKOS case" is the basis of "an attack against oil manufacturers" with oil money being redistributed from the oil sector to the government.

In the long-term perspective, Lenenergo's shares will be attractive following the company's merger with a number of extremely attractive energy grids, such as Korelenergo (the company is popular for its low energy prices).

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