 Paradise lost: Russian multinationals under deglobalization, 2014–2021Ilya Matveev and Anna Mishura Post-Communist Economies, 2025, vol. 37, issue 6, 590-614 Abstract: While globalised capitalism has enabled emerging market multinational enterprises (MNEs) to pursue ambitious internationalisation strategies, current deglobalization trends are calling these strategies into question. In this article, we examine how Russian MNEs have adapted their internationalisation efforts to the new climate of geopolitical conflict. Geopolitical factors have acted as a ceiling, forcing Russian MNEs to ‘bounce down’ and refocus on their home base. However, by examining the cases of Lukoil, Russia’s second largest oil company, and Rusal, the monopoly producer of aluminium, we show that these companies managed to transform, rather than simply scale down, their internationalisation efforts. The changes involved a geographic reconfiguration of foreign ties and, in the case of Lukoil, a pattern of cooperation with Western oil majors in non-Western countries. In addition, both Lukoil and Rusal engaged in domestic lobbying to fill the institutional gaps that had driven them to internationalise in the first place. Date: 2025 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:taf:pocoec:v:37:y:2025:i:6:p:590-614 Ordering information: This journal article can be ordered from DOI: 10.1080/14631377.2025.2496848 Access Statistics for this article Post-Communist Economies is currently edited by Roger Clarke More articles in Post-Communist Economies from Taylor & Francis Journals |
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