Source AP ©

Foreign companies invest billions dollars in Russia

A study released on Monday showed that Russia had become a powerhouse of overseas investment.

The study, by the Skolkovo Moscow School of Management and New York's Columbia University, found that the top 25 Russian companies in terms of foreign assets have a total of US$59 billion in foreign assets.

That makes Russia the third-largest direct foreign investor in emerging markets and "reveals a dramatic transnationalization of Russian firms," the study said.

Over the past two years, the top 25 Russian companies' aggregate foreign assets more than doubled, growing at a faster rate than the world's 25 leading multinational companies, according to the study.

More than half the foreign assets owned by the top Russian multinational companies are owned by natural resources industries such as oil, gas and metals, the study showed. Only 8 percent belonged to manufacturing companies, a reflection of how Russia's natural resources industries have soared while the manufacturing sector remains underdeveloped.

"Russian companies started to establish foreign affiliates much later than their competitors. However, the top multinationals are quickly expanding their role - with all the accompanying risks, opportunities and new requirements both for their business and economic policy," Skolkovo research director Valery Sorkin said in a statement.

The Basmanny Court of Moscow arrested Michael Calvey, the founder of Baring Vostok investment fund, on allegations of embezzling 2.5 billion rubles from Vostochny Bank. Calvey will be held in custody until April 13

Putin informed about arrest of US investor Michael Calvey
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