Buffett: Buying in Western Europe, eyeing Russia

Warren Buffett Berkshire Hathaway
Adam Jeffery | CNBC

The Oracle of Omaha is at it again.

Warren Buffett, Berkshire Hathaway's chief executive, said Wednesday his company will be buying a small business in Western Europe. "I'd love to buy big ones," he said. "I'd love to buy big ones."

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Buffett did not disclose the type of business Berkshire Hathaway is buying nor its exact location. He also added that while his company will be setting up shop in Western Europe in the near future, he is still monitoring the situation in Russia.

Standard & Poor's downgraded the country's credit rating to below investment grade on Jan. 28. Buffett also said the fall in oil's price has affected Russia dramatically. "[Russian President Vladimir Putin] has got lot tougher economic problems than he had a couple of years ago," he said.

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WTI and Brent both fell on Wednesday by 8.2 percent and 5.7 percent, respectively, after a four-day rally. Oil prices have been falling to multiyear lows since last October, crippling Russia's main source of economic growth.

Buffett also said on Fox Business that he is not looking for investment bargains in Russia. "We do some business in Russia," he said.