British investments in Russia reached US$40 billion by the end of 2010.

Britain is one of the largest foreign direct investors in Russian economy. British investments in Russia reached US$40 billion by the end of 2010.


Cameron hopes to seal new deals worth $340 million, which would create 500 new jobs in Britain.
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Thaw-provoking: British PM on one-day Moscow visit

British Prime Minister David Cameron is in Moscow for talks aimed at rebuilding strained relations between the UK and Russia. The one-day visit, first since 2005, is expected to focus on trade links between the two countries.
Cameron is accompanied by two dozen British businessmen, including oil giant BP's chief executive Bob Dudley and Royal Dutch Shell CEO Peter Voser. The two sides are seeking to revive worsened relations.

Welcoming Cameron in the Kremlin, Medvedev expressed his hope that the British PM’s visit will be productive and will touch upon the issues of bilateral and international co-operation.

In addition to talks with President Dmitry Medvedev, the British PM is to meet his Russian counterpart Vladimir Putin. No British minister or diplomat has spoken with Putin directly in the four years.

The British PM apparently views his visit to Moscow as a major opportunity to thaw frozen ties with Russia.

Ties between Russia and UK have been strained in recent years over a number of issues, notably the poisoning death of a former Russian security agent in London.

That case was followed by a diplomatic row and expulsions. There has also been reluctance by the British authorities over the past couple of years to extradite several Russian citizens to face charges in Russian courts.

Moscow from its side has also refused to satisfy a long-standing request from the UK to extradite Andrey Lugovoy, suspected of involvement in the death a former KGB officer. Lugovoy has always denied involvement.

Regardless, extradition of citizens to other countries is prohibited by the Russian constitution.

Cameron started his business visit to the capital with a speech at Moscow State University. Speaking before students and professors, the British PM stated that the UK fully supports Russia’s accession bid to the World Trade Organization. Cameron believes it will promote business development between the two countries.

According to Russian presidential aide Sergey Prikhodko, Dmitry Medvedev, and David Cameron will also discuss the situation around Syria, Iran's nuclear program, preparations for the G20 summit, the relations between Russia and NATO, Russia and the EU, the issues of global financial crisis.

According to a Kremlin source "special attention" will be paid to the Libya and Syria crises. Britain and Russia have different view on the goings on in those turbulent countries. Britain was one of the first countries to try to secure the UN resolution to go in Libya and also to apply force against the Gaddafi regime. Moscow has also refused to support UN sanctions against Syria.

Despite deep differences, both sides have common ground on which they can begin to rebuild.

Both countries understand their responsibility as major economies in global financial crisis.

"Russia is an important partner for the UK, although our differences in recent years are well known. We face many similar challenges and both the president [Dmitry Medvedev] and I believe that we can make more progress by working together on matters of real importance for the prosperity and security of people in both countries," Cameron said, as quoted by Itar-Tass news agency.

Britain is one of the largest foreign direct investors in Russian economy. British investments in Russia reached US$40 billion by the end of 2010.

Cameron hopes to seal new deals worth $340 million, which would create 500 new jobs in Britain.

Co-operation in the technology sector is also on the agenda of the bilateral talks. Britain contributes to Russia’s Skolkovo project, and Russia, to Britain’s East London Technology Park.

Sport is also an issue in which both countries have shared interests.

Russia and Britain both are to host upcoming Olympic Games – the summer games in London 2012 and the next winter games in Russia’s Sochi 2014. Both sides believe that they can learn from each other.

Cameron's visit to Russia is the first by a British prime minister since Tony Blair visited St. Petersburg for a G8 summit in July 2006. Since becoming prime minister in May 2010, Cameron has met four times with Medvedev, who invited him for this week’s visit.