Russia to See Surge of Investments If Sanctions Lifted: VTB Bank Head

MOSCOW, October 12 (RIA Novosti) - Western investors are keen on investing in the Russian economy and, should the sanctions against Russia be lifted, a surge of foreign investments could be expected, Andrei Kostin, President and Chairman of VTB Bank Management Board, has said.

"I think, should the sanctions be somehow reduced or lifted, a surge of interest to Russia can be expected, as well as a surge of investments," Kostin said in an interview to Russian Channel One.

According to him, western investors maintain a high level of interest to the Russian economy.

"Meetings ... in Moscow and here [in Washington] show that investors, including American ones, are ready to invest," Kostin said.

The United States and the European Union have imposed several rounds of sanctions against Russia over its alleged role in escalating the Ukrainian crisis, an allegation Moscow has repeatedly denied.

Some of the sanctions concern Russia's largest banks, among other companies and institutions, VTB Bank being one of them. The sanctions also target several Russian defense and energy companies, as well as certain individuals.