Russia's investor pitch just can't escape politics these days.
At a forum in New York hosted by Moscow Exchange on Monday, the questions returned again and again to sanctions and their impact on Russian markets.
The Finance Ministry, the Central Bank and a handful of energy and tech companies were represented, most downplaying the fallout from sanctions.
"Portfolio investors differentiate between the headlines, what takes place and it's our job to update them. I think we're on the same page," said Vladimir Kolychev, Deputy Finance Minister of Russia in an interview with Real Money. "With regards to direct investors, those who have already established businesses in Russia, they are happy with their returns."
Still, Kolychev acknowledged it's difficult to get new investors in this "headline environment."
Since coming to power in 2000, Vladimir Putin's regime has tackled many conflicts and rode out many crises. It's clear that his government is planning to outlive the latest round of sanctions as well.
"Show me any (Russia) investor who is complaining about conditions, the same happens in the U.S.," Russia's deputy finance minister said at a panel on Russian economy. "There is more instability coming from Washington than Kremlin."
Russia's Central Bank also signaled preparedness to tackle more sanctions.
"We don't know the future, but we have a toolkit," said Sergey Shvetsov, first deputy governor at Central Bank of Russia.
The central banker declined to disclose the toolkit, but the said the regulator is prepared to tap reserves if necessary.
The U.S.-Russian Business Council echoed the sentiment.
"You got a very stable environment (in Russia), it' about external threats of sanctions and geopolitical environment," says Daniel Russell, president and CEO of Russian Business Council.
For Russell and many Russia watchers and investors, the main issue is the uncertainty of the future of sanctions, the outcome of November elections and the implications for specific sectors and individuals that remain murky.
"Russian state banks are included in a couple of pieces of legislature," he says, noting the legislative vehicles are unclear.
Still, Moscow is budgeting for gradual currency inflation and some headwinds ahead.
The Russian Finance Ministry said it expects the exchange rate of the Russian currency to be 66.4 rubles per dollar in 2021-2025, rising up to 73.9 rubles per dollar in 2031-2035, according to a budget published on Saturday.
Foreign direct investment has more than halved since December last year.
One big factor that has allowed Russia to brush off sanctions so far was the price of oil, of course, which is expected to decline in the next few years.
Instead, those who venture into the Russian markets tune out sanctions as noise and focus on the opportunities in the financial, energy and tech sector, dividend plays or take a strategic natural gas position.
The bottom line is that the Russian government knows that the sanctions are mired in political infighting and can go only so far without punishing America's European allies or disrupting global markets.
So what keeps the Finance Ministry up at night, outside of sanctions?
The focus is domestic: mapping out and financing some of the ambitious infrastructure projects the Russian government has announced recently that would require 8 trillion rubles, the help of the private sector and would make Russia one of the biggest global economies by 2024.
"Designing the government program in the right way so they yield the most in the next six years, it's mostly internal," Kolychev told Real Money. "It's always about the efficiency of these programs, we need not to rush to spend money."