Most foreign direct investment into Russia originates in the European Union: European
investors own between 55 percent and 75 percent of Russian FDI stock. This points to a
Russian dependence on European investment, making the EU paramount for Russian
medium-term growth. Even if we consider ‘phantom’ FDI that transits through Europe, the
EU remains the primary investor in Russia. Most phantom FDI into Russia is believed to
originate from Russia itself and thus is by construction not foreign
