Poland frustrates Russian investments
canada goose clearance sale WARSAW (Reuters) Poland is conducting an unspoken policy of blocking investments from historical adversary Russia, a stance that could cheap canada goose uk be costly for Warsaw, which needs to find new sources of capital to replace the weakened euro zone.
In the past six months, attempts by investors to acquire stakes in two high profile Polish companies have been torpedoed, according to people with knowledge of the discussions, in large part because the bidders were Russian.
Suspicion of Russian intentions in Warsaw is entrenched: For centuries Poles feared Russians as invaders canada goose clearance and oppressive rulers. Since the end of the Cold War, that has been replaced by Polish fear of Russia economic dominance.
canada goose store What is new is that Poland economy is slowing after decades of robust growth and can no longer rely on investor interest from its struggling trading partner, the euro zone.
With this in mind, some have questioned whether Poland can afford to reject Canada Goose sale any foreign capital, even from Canada Goose Online Russia.
Canada Goose online economy needs capital for us to develop. Why would it matter if it is Russian, or Chinese for that matter? said Miroslaw Gronicki, a former finance minister in a government led by a leftist alliance that is now in opposition.
canada goose deals A policy buy canada goose jacket cheap of opposing Russian investments in certain sectors could have implications for Russia biggest lender, the state controlled Sberbank, which has declared an interest doudoune canada goose in entering the Polish market.
Reuters Canada Goose Outlet has uncovered previously unreported details of how Russian bids were rebuffed for Polimex, one of the country three biggest construction firms, and a second firm, canada goose coats on sale Poland largest chemical group Tarnow.
buy canada goose jacket In both buy canada goose jacket cases neither the target firm nor the government ever said publicly they wanted to keep out Russian investors. The Polish government says the nationality of an investor is not a consideration. It is also common for countries to consider strategic issues when canadian goose jacket it comes to canada goose factory sale outside investors.
canadian goose jacket But the actions taken in these cases suggest the intention was to keep assets out Canada Goose Coats https://www.goosefrshop.com On Sale of Russian hands, a stance insiders say is canada goose uk black friday part of the unwritten code of doing business in Poland.
the case of Russia it canada goose uk shop is very difficult to separate business from politics, said Igor Chalupec, the former head of Poland biggest refiner PKN Orlen who himself clashed canada goose clearance sale with the Kremlin when he bought assets in Russia backyard.
we add the emotional burden resulting from the difficult history of Polish Russian relations, you get an explosive mixture, in which even the simplest of things takes on the size of a national issue, he said.
He said the government of Prime Minister Donald Tusk, when it took office five years cheap Canada Goose ago, was in favor of canada goose store having normal business relations with Russia, but that has uk canada goose not worked out.
Canada Goose Jackets fact is that there has been a sobering in Poland approach towards Russia, said Chalupec.
RUSSIANS? NO THANKS Events surrounding Polimex show canada goose uk outlet this phenomenon in action. The firm found itself short of cash earlier this year. Under pressure from banks, it announced a share issue and invited interest from investors.
canada goose coats Among those expressing an interest was Russian builder VIS Canada Goose Parka Construction. Media reports said it was seeking to become the biggest shareholder.
canada goose black friday sale During this period, analysts asked a senior Polimex executive what the chances were of the investor being a Russian firm, according to two people who heard the conversation.
The executive answer was that this was unlikely because the state would not allow it, given that Polimex canada goose black friday sale is carrying out contracts in the power sector viewed as strategic by the government, said the two sources.
Canada Goose Outlet A few weeks after the canada goose coats Russian interest emerged, the Industrial Development Agency (ARP), a state owned entity which restructures ailing companies, announced it would become the largest investor in Polimex, with a 33 percent stake.
canada goose Polimex Chief Executive Robert Oppenheim told a shareholders meeting canada goose the talks with VIS were non binding and Canada Goose online the Russian firm did not make an offer. VIS did not respond to questions sent by e mail.
A spokeswoman for the Treasury Ministry, which oversees ARP, said the agency took the stake in Polimex on commercial terms and that the move was in line with the agency strategy.
Canada Goose sale The arrangement would stable operations of the company, and thanks to this Canada Goose Jackets involvement it will be possible to carry out projects in the energy sector, said the spokeswoman.
canada goose clearance The treatment of Russian investors fits uneasily with Poland reputation as a liberal, open economy.
canada goose coats on sale Of 1,621 major foreign companies active in Poland, listed by the Polish foreign investment agency, five come from Russia, compared with 389 from Poland other major neighbor, Germany.
Canada Goose Parka Russia total investment in Poland amounted to $63 million in 2011, compared with around 1.5 billion euros ($1.96 billion) from German firms.
Tomasz Aziewicz, deputy head of the parliamentary Treasury committee and a member of the prime minister party said some Russian investments were different.
the case of Russian capital, where the ties between business and politics are often obvious, you have to be really careful, especially in strategic sectors.
must meet certain requirements in order to be accepted, Aziewicz told Reuters.
buy canada goose jacket cheap NO CHEMISTRY Yet when it comes to dealing uk canada goose outlet with specific transactions involving Russian capital, Poland is not always transparent.