Despite being the world’s largest energy producer, foreign companies seem to have taken a cautious approach towards Russia. The oil-driven economy announced that its Foreign Direct Investment plummeted a record 45% to US$6.1B for the first half of 2009 (when compared to the same period last year).
This adds to the already gloomy economic reports released by Russia recently. Not too long ago, it was reported that the Russian economy shrank by a record 10.9% in the second quarter, as oil prices nose-dived since last year.
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