Western investment growing in Russia despite sanctions

The appetite of Western majors for Russian assets is perking up again, despite rules that still aim to stop them investing

DEAL-MAKING involving Russia's oil and gas companies is starting to froth in the wake of President Vladimir Putin's annual St Petersburg investment forum - something like a Russian Davos-on-Neva - and hopes that sanctions may soon be relaxed. The world's oil industry is alive to the opportunity. Senior executives, including ExxonMobil chief executive Rex Tillerson and Shell boss Ben van Beurden, descended on the annual international economic forum in mid-June. Even their turning up was a mood indicator. Tillerson was back at the three-day event after a two-year hiatus. Senior executives from BP, Total, Eni and Schlumberger also made the trip. The 75% rise in Brent oil prices since January ha