Outward foreign direct investments are becoming a key lever in the global political and economic affirmation of many emerging economies. The Russian Federation is an interesting example of this phenomenon. Its global expansion is characterized by two aspects. First, the main players in foreign expansion are a few companies operating in the primary sector. Second, each single initiative involves huge financial resources. The paper proposes an analysis of the main features of the international investment activity of the Russian Federation, at the global, European and Italian level. The main trends in investments and players are analysed, as well as the strategic motivations behind the initiatives. The paper closes with examination of the critical aspects and perspectives involved in the Russian internationalization process.