Moscow, 20 October: Russian Prime Minister Vladimir Putin has assured Shell chief executive Jeroen van der Veer that investment in the Russian oil and gas industry carries no risks.

"These concerns can be lifted," Putin said, commenting on the Shell CEO's view that Russia had to guarantee good payback terms when foreign companies developed Russian deposits.

"In Jackpot, you can win or lose, and more often than not you lose. But if we draw up a system in which we can fully repay the spending on exploration and not refuse to reimburse you for developing these deposits, then there will be no losses, and there'll be an opportunity to win big," Putin said, commenting on the Shell CEO's remarks.

"We intend to continue to improve regulatory standards in the sphere of natural resources," the prime minister said.

For his part, Russian First Deputy Prime Minister Igor Shuvalov explained the gist of the discussion between Putin and Van der Veer: "Jackpot carries high investment risks. Our head of government stressed that investment carries no risks."