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. Last Updated: 07/27/2016

St. Pete Safer Than Moscow, Study Says

While Moscow is the country's most attractive investment destination, St. Petersburg is the least risky, according to an annual study of potential and risk by Expert magazine published Monday. Moscow is still a "moderately risky" place to put your money, the study said.

Moscow was the 11th least risky region for investors, the study found. St. Petersburg was named the second most attractive investment destination.

Not surprisingly, the war-ravaged region of Chechnya was the riskiest region, but gained two places for its potential, climbing to 78th place.

Khanty-Mansiisk, the region that produces half the country's oil and pays one-quarter of its taxes, took fourth in terms of potential, but dropped 18 places to 31st place in terms of risk.

"One of the biggest reasons for the changes in position is that a large portion of the regions have already realized the potential that came with the reconstruction, or the cleansing process, that followed the crisis of 1998," the study said.