Overseas investment by Russian companies fell to $56 billion last year, a 40 percent decline from 2013, even as China led a wider boom in foreign direct investment from emerging economies, according to a report by the United Nations Conference on Trade and Development (UNCTAD) released Monday.
The figure means that Russia last year was the world's sixth-largest foreign direct investor, equal with France, according to UNCTAD. In 2013, Russia placed fourth, with its companies investing $95 billion overseas.
The weaker investment came as Western sanctions over Ukraine and sharp falls in the price of oil slowed Russian economic growth to 0.6 percent in 2014.
While Russia slipped down the rankings, foreign direct investment from China and Hong Kong boomed to $266 billion last year, an increase of 38 percent from the $193 billion recorded by UNCTAD in 2013.
Total foreign investment by companies in emerging economies rose by 30 percent to almost half a trillion dollars last year, making up 36 percent of global foreign direct investment, the report said. The bulk of this, $440 billion, came from developing Asia, UNCTAD said.
The United States remained the largest source of overseas investment last year, with its companies investing $337 billion, according to UNCTAD.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.