$50 million won't get you far in Russia

MOSCOW (Reuters) - Fifty million dollars isn't enough to get you a start in business in Russia these days, says Vladimir Yevtushenkov, the majority owner of Sistema (SSAq.L: Quote, Profile, Research, Stock Buzz), the country's largest services company.

Asked at the Reuters Russia Investment Summit where he might invest $50 million of his own cash today, Yevtushenkov said: "If we are talking about up to $50 million, it's better to spend it on yourself. A hundred million is too little."

Yevtushenkov, 58, has built a business empire spanning telecoms, retail, real estate and healthcare. He was last estimated to be worth $9.1 billion by U.S. Forbes magazine, making him Russia's 11th richest man.

Business in Russia is getting so capital intensive that serious investments now run into the billions, said Yevtushenkov, whose son Felix runs Sistema's real estate arm Sistema-Hals.

"If you say 'ah', and put your finger into the mouth of some animal you have to be sure you can pull it out again," he said.

"And if you get somewhere with $50 million and then you need to invest $500 million and you don't have it, then you should spend that $50 million on yourself."

Better to spread your risks, advised Yevtushenkov.

"If you want to be a portfolio investor then take your $50 million, divide it into half millions and invest it everywhere like in the casino -- on red or on black. You win some, you lose some."