Evaluation Methods of Russian Direct Investments Abroad

Alexey V. Kuznetsov ()

Economics of Contemporary Russia, 2019, issue 4

Abstract: The article aims to explain methods of obtaining adequate statistical information on Russian FDI. Main features of different sources of Russian FDI statistics are shown. The importance of additional accurate calculations of FDI data for both qualitative and quantitative studies of Russian FDI is stressed. Evaluation methods for Russian outward FDI stocks and their geographical structure are introduced. Special attention is paid to financial reports of Russian multinational enterprises (MNEs) and their foreign assets statistics. Methodology for ranking of top non-financial MNEs is explained. “Migrant†TNCs as a special type of Russian investors has been identified. A list of 16 largest Russian non-financial MNEs (excluding “migrant†companies) is presented. At the end of 2017 it was headed by LUKOIL, Gazprom and Rosneft (they are also among the 100 largest non-financial MNEs of developing and post-socialist countries, although the latter is not reflected in the relevant UNCTAD reports). In addition, the leading Russian MNEs include steel, non-ferrous metal and transport companies, as well as diversified conglomerates (delimitation of their borders is still the subject of scientific discussions). Five Russian transnational banks with the maximum capital of foreign subsidiaries are also named in the article. It is shown that the 20 leading Russian non-financial and banking investors account for only 27% of Russian FDI stock. Even taking into account the second tier MNEs, the contribution of FDI to the company's subsidiaries is less than 50% – the rest FDI stock is accounted for investments in foreign real estate and various financial manipulations of Russians.

Date: 2019
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