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The Central Bank for Foreign Investments in Podgorica announced that Russian citizens are the largest foreign investors in Montenegro for the period of January-May this year. Analysts say Russian investments and capital have been a longstanding phenomenon in Montenegro, which continues today. This confirms that despite the strained diplomatic relations between Montenegro and Russia due to the conflict in Ukraine and the imposition of sanctions against Russia, Russian citizens still heavily invest in Montenegro.
The Central Bank for Foreign Investments in Montenegro revealed that Russian citizens are the largest foreign investors in the country for the January-May period this year.
Recent data from this institution shows that during this period, they have invested nearly 53 million euros, mainly for the purchase of real estate, about 30 million euros.
According to analysts, 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 in large numbers to Montenegro and bring their capital to invest there, VOA reports.
Russian investments and capital, according to analysts, have been a longstanding phenomenon in Montenegro, which continues in various forms today.
Analyst Nail Draga stated that this phenomenon in Montenegro started as early as 2008 and continues to this day.
"The transfer of money from Russia to Montenegro is not an unknown phenomenon because a large amount of money was transferred between 2008 and 2010, and this phenomenon continues today, but in a modified form. Politically, it is not surprising since pro-Serbian and pro-Russian parties are almost established in Montenegro, which have a specific mission to benefit from the current situation," said Mr. Draga.
Meanwhile, analyst Bekim Çoba stated that the influence of the Russian economy in Montenegro was significant both before and after independence.
"The influence of the Russian economy, both before and after independence, has had a significant impact. We remember that the owner of the largest enterprise in Montenegro, 'Kombinati i Aluminit,' was Oleg Deripaska, one of the closest collaborators of Russian President Vladimir Putin. At that time, there was Russia's tendency to have a greater influence in the Balkans, especially in Montenegro," said Mr. Çoba.
"Perhaps what distinguishes the current time from the past is that recent investments come from individuals rather than large Russian companies, who see Montenegro as a place to buy real estate, register it, and use Montenegro as a place for relaxation and shelter when they leave Russia," said Mr. Çoba.
Nail Draga, an analyst and expert in political issues, hopes that the new Montenegrin government will take the necessary steps to prevent this phenomenon.
"We are waiting for the formation of the new government, and perhaps they will take decisive steps to regulate these transfers and uncover the origin of these financial resources, which have recently become synonymous with Russian investments in Montenegro," said Mr. Draga.
Montenegro had historical and close ties with Russia and Serbia until it joined NATO in 2017.
Podgorica accused Russian agents and Serbian ultranationalists of a failed coup attempt a year earlier. Moscow dismissed such claims as absurd.