Exxon Mobil Corp and Rosneft on Monday announced a deal to extract oil and gas from the Russian Arctic, marking a significant milestone in Russia's patchy history with foreign corporate investors.
Below are some key events in foreign direct investment into Russia since 1990:
McDonald's Corp opened its first restaurant in the former Soviet Union in January of 1990. The Golden Arches were a major symbol of Western enterprise in Moscow's Pushkin Square. The company now has more than 250 restaurants in Russia.
Anglo-Dutch consumer goods giant Unilever has been in Russia since 1992. It has invested about $1 billion (613 million pound) in its Russian business and employs more than 6,500 people. It bought Russian ice cream maker Inmarko in 2008, followed quickly by top Russian ketchup maker Baltimor in 2009.
In 2003, BP Plc bought a 50 percent stake in a new Russian oil company, TNK, for about $6 billion. At the time, the company said it had completed the biggest foreign direct investment ever in post-Communist Russia, heralding a new era for Western investment in Russia.
In 2009, Swedish furniture retailer IKEA threatened to halt further expansion into Russia, citing pervasive corruption and red tape. The following year, the company sacked two executives for turning a blind eye to bribery by a subcontractor in Russia. Later that year, IKEA committed to building a new store in a shopping centre outside Moscow.
In 2011, PepsiCo Inc bought 66 percent of Russian juice and dairy company Wimm-Bill-Dann for $3.8 billion and is in the process of buying the remaining stake it does not own.
Nokia Siemens Networks, Intel, Microsoft Corp, Ericsson and Alstom are among the companies that have pledged their support for the Kremlin's flagship technology hub, Skolkovo. The project aims to help Russian companies develop innovative products. The hub is attractive to foreign companies seeking to cement their positions in Russia's fast-growing economy.
Last year, Chevron Corp signed a $1 billion deal to join Rosneft in a $32 billion Black Sea oil exploration project, but the American supermajor has since pulled out. France's TOTAL SA has offered to replace Chevron as a partner in that project.
Wal-Mart Stores Inc said in 2010 that it would close its Moscow office due to a lack of acquisition opportunities, abandoning its long-running quest to enter the Russian market.