The Institute of World Economy and International Relations (IMEMO) of the Russian Academy of Sciences, Moscow, and the Vale Columbia Center on Sustainable International Investment (VCC), a joint center of Columbia Law School and the Earth Institute at Columbia University in New York, are releasing the results of their third survey of Russian multinationals today. The survey, conducted from November 2012 to February 2013, is part of a long-term study of the global expansion of emerging market non-financial multinational enterprises (MNEs). The present report covers the period 2009-2011.

Russia is one of the leading emerging markets in terms of outward foreign direct investments (FDI). Such a position is supported not by several multinational giants but by dozens of Russian MNEs in various industries. Foreign assets of the top 20 Russian non-financial MNEs grew every year covered by this report and reached US$ 111 billion at the end of 2011 (Table 1).

Large Russian exporters usually use FDI in support of their foreign activities. As a result, oil and gas and steel companies with considerable exports are among the leading Russian MNEs. However, representatives of other industries also have significant foreign assets.

Many companies remained “regional” MNEs. As a result, more than 66% of the ranked companies’ foreign assets were in Europe and Central Asia, with 28% in former republics of the Soviet Union (Annex table 2). Due to the popularity of off-shore jurisdictions to Russian MNEs, some Caribbean islands and Cyprus attracted many Russian subsidiaries with low levels of foreign assets. Unfortunately, the majority of companies declined to report the exact numbers of their small subsidiaries.

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