• Foreword

  Page 3

• Table of Contents

  Page 5

• List of Abbreviations

  Page 7

• Executive Summary

  Page 9

• + Chapter 1. Recent Trends in International Investment

  Page 13

  • + 1. Developments in Russia’s international investment in 2006-2007

    Page 14

    • Figure 1.1. Russia’s inward and outward foreign direct investment 2000-2007

      Page 15

    • Table 1.1. Russia’s international investment flows, 2005-2007

      Page 15

    • Figure 1.2. Russia’s FDI inflows: Sectoral structure, 2007

      Page 16

    • Table 1.2. Russia’s foreign direct investment: Geographical structure, 2007

      Page 17

  • + 2. Russia’s foreign direct investment flows in international comparison

    Page 17

    • Table 1.3. FDI indicators for BRIC, 2006

      Page 18

  • + 3. Russia’s potential to attract foreign investment

    Page 18

    • Box 1.1. New sources of public financing for investment in infrastructure

      Page 20

  • Notes

    Page 21

• + Chapter 2. Russia’s Strategic Sectors and Corporations

  Page 23

  • 1. Law on strategic sectors

    Page 24

  • + 2. Strategic corporations

    Page 28

    • Table 2.1. Strategic corporations

      Page 30

  • 3. Summing up

    Page 36

  • Notes

    Page 37

• + Chapter 3. Russia’s Policy Framework for Energy Investment

  Page 39

  • Box 3.1. The Policy Framework for Investment and its application to Russia’s energy investment policy

    Page 41

  • + 1. Investment policy

    Page 41

    • 1.1. Specific sub-sectoral issues

      Page 48

  • 2. Investment promotion and facilitation

    Page 52

  • 3. Trade policy

    Page 54

  • + 4. Competition policy

    Page 56

    • 4.1. Specific sub-sectoral issues

      Page 57

  • + 5. Tax policy

    Page 60

    • Table 3.1. Crude oil and gas taxation in Russia

      Page 61

  • + 6. Other policy areas relevant for Russia’s energy investment policy

    Page 63

    • 6.1. Corporate governance

      Page 63

    • 6.2. Infrastructure development

      Page 64

    • 6.3. Public governance

      Page 65

  • 7. Summing up

    Page 66

  • Notes

    Page 67

• + Chapter 4. Responsible Business Conduct in Russia

  Page 71

  • + 1. Russia’s starting point in adoption of responsible business conduct practices

    Page 72

    • Figure 4.1. Companies with public corporate responsibility reporting

      Page 73

    • Figure 4.2. Published codes of business ethics

      Page 74

    • Figure 4.3. Ethics management systems

      Page 74

    • Table 4.1. Companies with environmental policies and environment management system in large emerging markets

      Page 75

  • + 2. Recent progress

    Page 75

    • Figure 4.4. Corporate Governance Reporting by BRIC (April 2007)

      Page 76

    • Figure 4.5. Environmental Reporting by BRIC (April 2007)

      Page 76

  • Notes

    Page 78

• + Annex A. Overview of Recent Business Surveys

  Page 79

  • Table A.1. BRICs ranking in selected international comparisons of business environment

    Page 81

  • Table A.2. Summary of recent studies and surveys on business environment and their main findings on Russia

    Page 82

  • Notes

    Page 87

In 2007, Russia’s international investment flows reached record highs, making Russia one of the world’s largest recipients and sources of FDI. Russia's potential for attracting even more international investment can be improved by strengthening beneficial competition and offering additional opportunities for investment. Disseminating international standard business practices among Russian firms can also boost the country's creditworthiness and reliability as inward and outward investors. Based on the OECD's Policy Framework for Investment, the overview of Russia's energy investment policy identifies different policies critical for coping with the country's huge energy investment needs and sector-specific challenges.