Changes in Russian Investments Abroad Since the Start of the Full Scale War in Ukraine
By Sergei Gladkov
This study analyses the transformation of Russia’s outward foreign direct investment (FDI) since 2022 under conditions of sanctions-induced isolation, currency restrictions, and shifts in the global financial architecture. Drawing on data from UNCTAD, the OECD, and the Bank of Russia, it examines the dynamics, geography, and structure of Russian investments abroad, the adaptation mechanisms employed in the new environment, and the challenges of statistical accounting of Russia’s outward FDI. Particular attention is paid to monetary and tax regulatory measures affecting cross-border capital flows. The analysis highlights a sharp decline in outward FDI volumes, the termination of investment in unfriendly jurisdictions, and a reorientation towards the Global South and CIS markets. The report argues that Russia’s outward FDI is gradually shifting from a tool of global expansion to a mechanism of adaptation to external shocks and risk management amid growing geoeconomic fragmentation.
Download the Policy Briefing: BSR Policy Briefing 7_2025 (pdf) (1.9 MB)
