U.S. sanctions haven't scared off international businesses from investing in the Russian Federation, the head of Russia's investment fund said at the St. Petersburg International Economic Forum on Wednesday.
"Existing restrictions don't preclude from co-investing with us, from meeting with us," Kirill Dmitriev, the chief executive of the Russian Direct Investment Fund (RDIF) told CNBC's Geoff Cutmore, describing a raft of new investment deals signed at this year's forum, which brings together thousands of guests and aims to promote business opportunities in Russia.
Dmitriev cited 12 new deals announced at the event, including six with France.
Asked if he was worried about potential expansion of U.S. Treasury sanctions onto the RDIF, Dmitriev didn't appear nervous.
"As a sovereign wealth fund, sanctioning us strongly would create a precedent for other sovereign wealth funds to really pull their money out of the U.S. economy," he said. "We believe that, frankly, sanctions are just a ridiculous thing to begin with, and business is against sanctions. But regardless of that we'll continue to work with top investors all over the world."
RDIF is the $10 billion sovereign wealth fund created by the Kremlin to co-invest in the Russian economy alongside other countries. Dmitriev was made chief of the fund in 2011 to improve foreign investment flows and investor confidence in the country, particularly among Westerners.