Oct 25 (Interrax) - Political issues hinder improvement in economic relations between Russia and the European Union, Unified Energy Systems of Russia (RTS: EESR) head Anatoly Chubais said in Lisbon on Thursday, as a co-chairman of a roundtable conference of Russian and European Union industrialists.

"Trade between Russia and the EU has approached $300 billion and, taking services into account, has nearly reached $400 billion. Impressive positive trends have been observed in the investment sector: European investment accounts for up to 80% of direct foreign investment in Russia, and it has grown from $5 billion to $70 billion since 2000," Chubais said.

Russia's direct foreign investment in Europe is comparable with this figure. "And this is indicative of a qualitative change in the overall picture - change in the character and essence of economic relations," he said.

"But an analysis from the political point of view shows a totally different picture of Russia-EU relations," Chubais said.

"The main request businessmen had for politicians in Helsinki a year ago was for the earliest possible signing of a new agreement on Russia-EU partnership. A year has passed. What has been done? Nothing," he said.

"In fact, the same could be said about the talks on Russia's admission to the World Trade Organization," Chubais said.

"In addition to this, something that I would call a 21st century protectionism revanche is taking place, involving restrictions for foreign investment and trade barriers," he said.

"Attempts to tie political issues to the development of businesses are hindering economic relations," Chubais said.