Foreign trade of Russia under deterioration of economic environment

The article examines the new trends in foreign trade and cross-border investments for the recent 4 years. After two years of significant reduction (due to a number of reasons) in exports and imports of capital, there has been a trend towards increasing investment flows, although not of all types. When analyzing the investment position of the Russian Federation, an effect of a change in the ruble’s exchange rate on the decrease or increase in accumulated foreign liabilities is noted. Attention is drawn to the prevalence of capital exports over its imports with the state, companies and the population participating in this process. Cross-border investments have a multidirectional effect on the Russian economy. In this regard, the controversial effects of both import and export of capital are considered. The author comes to the conclusion that, despite some positive shifts and opening opportunities, it will not be possible to transform considerably the existing model of the country’s participation in the international capital flows in the medium term. The continuing out- flow of capital, in its turn, will reduce opportunities for export diversification. It will also prevent the increase in capital goods imports.