Foreign investors, including U.S. companies, are nervous over the arrest by U.S. investor Michael Calvey by the Kremlin.

On Tuesday, Russia downplayed the risks of a possible boycott by U.S. companies of the Kremlin’s International Economic Forum over the arrest of prominent U.S. investor Michael Calvey, saying such boycotts has had little impact in the past.

In February 2019, Calvey’s detention on grounds of embezzlement, a charge that he has vehemently denied, has rattled foreign investors in Russia. Many foreign investors are worried about the decline in the business climate which in turn has stoked talks of a possible U.S. boycott of the annual economic forum later this year in June, which incidentally is attended by President Vladimir Putin.

When queried on the possible boycott, Kremlin spokesman Dmitry Peskov stated, Russia remains committed to attracting foreign investment and U.S. firms have shown interest in attending. The participation level for the event is expected to be normal.

He went on to add, since it is not always possible for CEOs to attend, they are likely to be replaced by heads of other companies who could.

“It’s a question of supply and demand,” said Peskov.

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