Page 77 - Russia OUTLOOK 2023

• FDI

Sanctioning countries accounted for over 70% of Russia’s inward FDI
stock ($520bn) as of the end of 2021.

Countries typically serving as FDI intermediaries (e.g. Bahamas and Bermuda)
accounted for 17% of Russian inward FDI. A large part of FDI from these
intermediary countries is actually just Russian capital that is roundtripping
through these countries for various reasons.

The share of non-sanctioning countries was only 4% in Russia’s FDI stock or
$60bn as of end-2021. Among non-sanctioning countries, the largest investors
have been China and members of the Commonwealth of Independent States
(CIS). Turkey and certain Middle Eastern countries also account for a
substantial share of FDI from non-sanctioning countries

77 Russia OUTLOOK 2022 www.intellinews.com