Russia a 'very profitable' bet: Finance minister

Russia's finance minister Anton Siluanov sought to reassure investors that the country is still a safe and "very profitable" bet for firms looking to do business there.

Russia's economy is feeling the pain of sanctions imposed on the country since March, when it annexed the Crimean peninsula from Ukraine. The ruble has fallen 18 percent against the U.S. dollar so far this year and the sanctions have made it hard for Russian firms to access the dollars and euros they need to meet their overseas debt obligations. The deterioration in relations between Russia and the West has led to a surge in capital outflows from Russia.

Read MoreHere's just how badly Russia is bleeding capital

"We are now facing some geopolitical shocks and we see artificial limitations imposed against Russia but we hope that these limitations would soon be lifted and we welcome all the foreign investors to come back to Russia and begin investing again," Siluanov told CNBC in an interview in Washington DC.

Read MoreWhy China-Russia ties are heating up

He tried to calm fears that some Russian companies might start defaulting on their debts if they cannot access Western capital markets. Both the government and the central bank had "a lot" of foreign currency reserves.

Read MorePutin: Russia will remain open economy

"There is no doubt the imposed sanctions affect the capital flows and some of the big Russian companies that have huge investment projects are now experiencing funding problems from the capital markets," he said. "This situation exists. However the government will help them with the foreign exchange liquidity."

Siluanov said he had met with a group of foreign investors in Washington DC. "We just keep telling them that Russia is a good place to invest and they shouldn't be afraid to come to Russia and do business with us."