Blackstone stops seeking investments in Russia

Blackstone Group LP will stop seeking investments in Russia after the private-equity firm failed to strike a deal in the country in a three-year effort, said a person with knowledge of the plan.

Bloomberg News reports that Blackstone won’t renew contracts with consultants it employs to find transactions in the country, said the person, who asked not to be identified because they aren’t authorized to speak publicly.

The company, which oversees $279 billion in assets including private-equity, real estate and hedge funds, has yet to make a buyout investment in Russia, the person said.

Blackstone CEO Stephen Schwarzman said in April that investors should wait to gauge the results of international sanctions against Russia before making investment decisions. The measures by the U.S. and Europe over President Vladimir Putin’s intervention in Ukraine are slowing the economy, which will remain flat or contract for the next two-to-three years, former Finance Minister Alexei Kudrin said last week.

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Blackstone Said to Halt Russia Deals After 3-Year Effort

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