How to Invest in Russia Now: Options for Foreigners

Three questions that pick your route

Before any instrument, three facts about you decide what is legally open. Your citizenship and tax residency, because investors from countries Russia designates as unfriendly operate under a different regime with special account types and government approvals. The sector, because strategic activities require clearance under Law 57-FZ. And the asset class, because a listed security, farmland, an operating company and a project agreement each have a different gatekeeper.

• Citizenship and tax residency - determines which account type and approvals apply.
• Sector - strategic activities need government approval under Law 57-FZ.
• Asset type - a listed security is not the same as farmland or a factory.
• Size and horizon - special regimes carry their own thresholds and long-term obligations.

Route one: public securities through licensed infrastructure

This is the most standardised path. Russia has 106 licensed investment platforms as of May 2026 (Bank of Russia), alongside exchange trading through brokers. The Bank of Russia key rate stood at 14% in September 2026, and that rate shapes the whole yield curve.

Market capitalisation was 19.5% of GDP in August 2026, against a regulator target of 66% by 2030 (Bank of Russia). That gap shows the regulator expects growth, but it also shows the market is still comparatively small and concentrated. Access to an account, and the type of account, is not automatic for every passport - confirm the current rules with the broker and an independent compliance adviser before funding anything.

• Licensed investment platforms: 106 (Bank of Russia, May 2026).
• Key rate: 14% (Bank of Russia, Sep 2026).
• Capitalisation: 19.5% of GDP, target 66% by 2030 (Bank of Russia, Aug 2026).
• Account type depends on residency status; ask before you plan around it.

Route two: direct projects and special regimes

For larger tickets, Russia offers contractual and territorial formats rather than shares. These are not retail products. Each has its own application procedure, a government counterparty and obligations that run for years, so read the exit terms before the entry terms.

• Special investment contracts: 90 signed, over ₽2T of declared investment (Government of Russia, 2025).
• Free Port of Vladivostok: 2,130 projects (KRDV, 2026).
• Arctic Zone: 1,000 residents, ₽1.1T declared (KRDV, Dec 2025).
• Special administrative regions: 674 companies (Ministry of Economic Development, 2025).

Land and real estate: the limits are hard

This is where foreign investors most often assume rights they do not have. Ownership rules are set by asset category and by geography, and they do not bend around a good business case.

• Agricultural land: foreigners cannot own it; lease is possible for up to 49 years.
• Border areas are closed to foreign land ownership, including Sochi, Anapa, Gelendzhik and Novorossiysk.
• Commercial property is a separate category. The Moscow office vacancy rate was 7.6% in Q2 2026 (IBC Real Estate) - a tight market, not an open invitation.

Operating locally: entity, taxes, approvals

If you need to control operations, invoices and staff, you generally need a Russian legal entity or a branch. Corporate profit tax is 25%, with 0-5% under special regimes (Federal Tax Service, 2025). The standard VAT rate has been 22% since 1 January 2026 (Federal Tax Service, 2026).

Approval under Law 57-FZ is a separate process from company registration and applies to strategic sectors. It can take months, and it is not a formality. Rates, thresholds and sector lists change - verify the current position with a Russian tax and legal adviser before modelling anything.

Moving money: settlements and banking reality

The payment infrastructure has shifted. 86% of Russian exports were settled in rubles and friendly-country currencies in 2025 (Bank of Russia). Domestically, 88% of retail payments are cashless (Bank of Russia, 2025).

For a foreign investor the practical question is not whether money can move, but through which bank, in which currency, and with what documentation. Take independent compliance advice in your own jurisdiction as well as in Russia. Informal channels are not a workaround - they are a risk to your entire position.

If you are investing from the Gulf, China, India or the CIS

Investors from friendly jurisdictions now dominate the inflow: 75% of FDI came from friendly countries, against 25% before (UNCTAD via Izvestia, 2025).

Context matters here without being a recommendation: general government debt is 17% of GDP against 124% in the US (IMF WEO, 2025), and real GDP grew 4.1% in 2023 and 4.9% in 2024 (Rosstat).

• UAE and the Gulf: project and property routes are common, but the border-region land restrictions apply to you as well.
• China and India: industrial and logistics projects fit the special regime formats; check whether your activity falls under Law 57-FZ.
• Kazakhstan and other CIS: settlement in national currencies is well established; tax residency usually matters more than the corporate structure.
• Everyone: the compliance file is your first deliverable, not your last.
• This article is general information about how the market is structured. It is not investment advice and not legal advice, and nothing here is a recommendation to buy or sell any asset.

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