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Business Secretary Vince Cable is visiting Moscow to discuss investment opportunities with Russian Finance Minister Alexey Kudrin.
Mr Cable is accompanied by some 40 business leaders, including those from Barclays, Shell and British Airways.
Economic and business ties between Russia and the UK have grown despite some political issues.
The Russo-British Chamber of Commerce (RBCC) said that the UK was the fourth biggest investor in the Russian economy in the first half of 2010.
"You have to remember that even during the Crimean war [in the 19th century] Russia and Britain continued to trade with each other, although they were at war with each other," says Chris Gilbert, the director of the RBCC.
UK Prime Minister David Cameron, who is due to visit Russia next year, has said that doing business in the Bric countries - Brazil, Russia, India and China - is a priority of British foreign policy.