Blackstone Halting Efforts to Find Deals in Russia, FT Says - Bloomberg:
"Blackstone Group LP (BX), the world’s biggest manager of alternative assets, is backing off efforts to find deals in Russia, the Financial Times reported, citing an unidentified person with knowledge of the matter.
The firm isn’t renewing contracts with consultants it employs in the country, according to the newspaper. Tensions between Russia and nations including the U.S. mounted this year, leading to sanctions, as Russian President Vladimir Putin annexed the Crimean peninsula and supported rebels seeking to split eastern Ukraine.
Blackstone Chairman Steve Schwarzman joined the international advisory board of the Kremlin-backed Russian Direct Investment Fund three years ago. The $10 billion fund was created to stimulate investments in privately held businesses and wean the state off its dependence on commodities. Its investment partnerships have helped draw foreign capital into Russia’s economy, according to its website."
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