Prime Minister Mikhail Mishustin said on Monday that Russia would create a simplified procedure for citizens and companies from "friendly" countries to invest there.

Mishustin said entities from a list of 25 countries would be allowed to open bank accounts in Russia and make deposits via a simplified procedure.

"Creating more convenient conditions for foreign enterprises and entrepreneurs is an important part of the government’s systemic efforts to achieve financial sovereignty as part of the implementation of the national goals set by our president," Mishustin said in a statement.

It said the procedure would apply to 25 "friendly" countries including China, India, Brazil, Saudi Arabia, Turkey, Kazakhstan and Belarus.

Moscow defines "unfriendly" countries as those that have joined a barrage of Western-led economic sanctions in response to Russia's war in Ukraine.

(Reporting by Felix Light; Editing by Kevin Liffey)