Kremlin Targets Web Shoppers in Shift From Oil: Russia Overnight
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The Kremlin’s venture capital firm is investing $1 billion in everything from online shopping avatars to breast cancer screening tools as the world’s largest energy exporter tries to diversify its economy.
“Everyone understands that dependence on oil and gas is a road to nowhere,” Axel Tillmann, chief executive officer of RVC-USA, the Boston-based arm of the state-backed Russian Venture Co., said on Nov. 30 at Bloomberg’s headquarters in New York. “What is lacking is the application of technology and we are here to help Russian startup companies enter the U.S. market, attract U.S. venture capital and make it work.”