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Russians transfer money to Montenegro, declared biggest foreign investors in 2023

2023-08-13 18:09:53Kosova&Bota SHKRUAR NGA REDAKSIA VOX
Russians transfer money to Montenegro, declared biggest foreign investors in
Montenegro

According to the Central Bank for Foreign Investments in Montenegro, Russian citizens are the largest foreign investors in Montenegro for the period January-May of this year.

The latest data of this institution show that during this period they have invested about 53 million euros, mostly for the purchase of real estate, about 30 million euros.

According to the economic affairs experts this "confirms that despite the damaged diplomatic relations between Montenegro and Russia, due to the Ukrainian crisis and the imposition of sanctions against Russia, Russian citizens still come largely to Montenegro and bring their capital to invest there."

"Montenegro issued 21.5 thousand work permits for foreigners for the period January to June this year, of which 7,412 or 34.3 percent of the total number refer to Russian citizens," the report said.

The second investors, according to the Central Bank of Montenegro, are citizens and companies from Serbia that have invested 48m euros.

Only in fifth place, by the amount of foreign investment, is a member state of the European Union, namely Germany with 28.3 million euros, the Central Bank analysis says.

However, according to her, "foreign investments for these five months amounted to 361 million euros, while in the same period last year there were 428 million euros. That's about 16 percent."

The reduction of investments, according to the report, "also affected the termination of the economic citizenship program at the end of last year, through which foreigners could gain the right to Montenegrin citizenship with certain investments, including the purchase of real estate"

Montenegro has had historic ties with Russia and Serbia until it joined NATO in 2017.

Podgorica accused Russian agents and Serbian ultranationalists after an unsuccessful coup attempt a year ago. Moscow dismissed such claims as absurd.

After launching Russian aggression in Ukraine last year, Montenegro has joined EU sanctions against Russia. The Kremlin in return placed Montenegro on the list of unfriendly states. /VOA


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