Russian businessmen are considering investing in new marina construction in Cyprus, Israel and other European Mediterranean countries, according to Vitaly Mutko, Russia’s Minister of Sport and Tourism.

Investment in new marina construction and related infrastructure in Crimea and Sochi has declined on account of economic stagnation in Russia and a lack of state guarantees. Instead, investors are turning to Europe where the majority of Russian yachts are registered.

Cypriot President Nicos Anastasiades says the Cyprus government is holding talks with Russian investors for the implementation of some yacht-related projects that also involve marinas.

According to Anastasiades, the number of Russian tourists visiting Cyprus has grown significantly this year following trade sanctions with Egypt and Turkey. Many Russians are arriving on the island with their own yachts.

Anastasiades said that the Cyprian government might start issuing licenses to foreign investors for the building of new yachting infrastructure by the end of the current year. The volume of investment could reach US$250m.

In addition to Cyprus, Russians are also expressing an interest in Israel – particularly the Eilat resort, which is located on the Red Sea – as well as Croatia.

The names of investors have not been disclosed, but sources close to the Russian Ministry of Sport suggest they include several well-known Russian businessman involved in the building of yachting infrastructure in Russia such as Oleg Deripaska (the Russian billionaire behind the building of a new marina in Sochi), business magnate Alisher Usmanov and others.