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Statement by Rostec - Russian State Technology Corporation

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SOURCE Rostec Corporation

MOSCOW, April 29, 2014 /PRNewswire/ --

The new sanctions imposed on a number of Russian companies and individuals are a regrettable move since such decisions impede fruitful cooperation between the two countries' industrial corporations aimed at developing joint projects of strategic global importance.

For over a decade Sergey Chemezov and international corporations have been building business connections whose strength and durability are measured not only in the properties of the innovative materials and alloys, but also by the strength of cooperation between generations of Russian, US and European manufacturers and entrepreneurs. The stability of these connections is first and foremost defined by contractual obligations, which Rostec as a responsible organization unquestionably fulfills and shall do so in the future. As for any sanctions and cooperation bans, they contradict the logic of sustainable development of the global economy and destructively affect technology chains in the world's leading industrial companies. The State Corporation remains open to Russian and foreign investors and partners.

Imposing targeted sanctions on Sergey Chemezov will not affect Rostec's activities.

The restrictions introduced will not prevent him from performing his duties as Rostec CEO, nor will they affect the operations of the companies in which Sergey Chemezov is a member of the Board of Directors.

Note to Editor 

Rostec, a Russian technological corporation, was created in 2007 to render assistance to industries in the development, production and export of high-technology military and civil-purpose products and services. It comprises 663 enterprises grouped into eight holding companies in the defence industrial complex and five holding companies in the civil industry sector. Rostec subsidiaries are located in 60 regions of the Russian Federation and export their products to more than 70 countries worldwide.

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