U.S. private equity group Blackstone Group LP is “giving up on Russia”, highlighting how even well-connected Western investors are turning away from the country, the Financial Times reported.
Blackstone has chosen not to renew the contracts of the consultants it hires in Russia, bringing an end to the buyout group’s attempts to break into the country, FT said, citing a person familiar with the matter.
U.S. and European sanctions against state-backed Russian companies to punish Moscow for its intervention in Ukraine, have led to a freeze in Western investments there.
Blackstone’s decision was also prompted by the fact that it had not found suitable investment opportunities in the past three years, the newspaper said.
Blackstone was not immediately available for comment outside regular U.S. business hours.
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