Canadian investments in Russia in 2014–2023

Abstract

The article examines investment flows between Russia and Canada in 2014–2023. The analysis of the activities of Canadian multinational companies in the Russian Federation under the conditions of the economic war declared by the United States and its allies to Russia is carried out. It is indicated that until 2022, Canadian capital in Russia was concentrated in such industries as mining, vehicle engineering, agriculture and food industry, retail trade and services. It is shown that to date, almost all Canadian TNCs that owned business in Russia have withdrawn from their Russian assets. The exception were two corporations operating in the service sector. It is concluded that the damage caused to the Russian economy by the departure of Canadian investors seems insignificant, since most of their enterprises have passed into new hands and continue to operate. It is estimated that the balance sheet loss on direct investments recognized by TNCs and institutional investors from Canada in connection with the withdrawal from the Russian Federation amounted to about USD 1,3 billion.