The Baltic Region

2015 Issue №2(24)

Back to the list Download the article

On Russian/Nordic Investment Competition in the Baltic States



The researchers often overlook the relationships between Russian and Nordic investment capital; and even less attention is paid to studying the competition between the two. Yet this subject can be of particular relevance to the areas that are geographically, historically and culturally close to both Russia and the Nordic countries. Thus, the aim of this article is to understand how the competition between Russian and Nordic capital investment is played out in the Baltic States. The study discusses the principles of Russian and Nordic investment in the Baltic, and suggests ways to regulate these relations. To this end, we compare the investment conditions created in the Baltic States for both Russian and Nordic investors. The analysis shows that most of the Baltic market is controlled by the Nordic capital, which blocks the arrival of Russian investment to the Baltic States. With a nod to a number of previous studies, the authors of this article suggest some adjustments to the theory of foreign direct investment. The study will be also of practical interest to those Russian investors who are seeking entry points to the Baltic markets.


1. Kuznetsov, А. V. 2007, Internacionalizacija rossijskoj jekonomiki [The internationalization of the Russian economy], Moscow, p. 284.
2. Olenchenko, V. A. 2013, Mnozhestvennost' obrazov korporativnoj otvetstvennosti [The multiplicity of images of corporate responsibility], Zeszyty Naukove, no. 1(39), p. 221.
3. Electricity prices components for domestic consumers, Eurostat, available at: (accessed 08.02.2015).
4. Instituta finansovogo rynka Litvy [Lithuanian Institute of Financial Market], available at: http://www. lfmi. lt/lt/80-testas. html (accessed 08.02.2015).
5. „Swedbank“ prisijungė prie finansų rinkos vystymo veiklos, 2015, Diena, available at: (accessed 08.02.2015)
6. Swedbank, available at: html (accessed 05.03.2015).
7. Nordea, available at: overview/History/51412.html (accessed 04.03.2015).
8. SMP Bank, available at: http://smpbank. bank. ru/ (accessed 03.03.2015).
9. Volkov, A. M. 2014, Transformacija shvedskoj modeli [Transforming the Swedish model], Mezhdunarodnaja jekonomika [International Economics], no. 7, p. 39—48.
10. Kulik, S. 2013, Rossija v Baltijskom labirinte [Russia in the Baltic maze], Moscow, p. 215.
11. OP-Pohjola Group, available at: (accessed 02.03.2015).
12. Russian Foreign Ministry, available at: DCB004C2386 (accessed 21.01.2015).
13. Olenchenko, V. A. 2012, Strany Baltii: osobennosti sovremennogo jetapa razvitija. God planety [The Baltic countries: features of the present stage of development. Year of the Planet], Moscow, p. 480.
14. Sledovateli prishli v Oriflame po "staromu delu" [Investigators came to Oriflame by "old case"], 2014, the RBC, available at: (accessed 02.02.2015).
15. Posol Shvecii: RF sozdajutsja prepjatstvija dlja raboty shvedskih kompanij [Swedish Ambassador: Russian obstructed for Swedish companies], 2015, Agentstvo jekonomicheskoj informacii PRAJM [Business News Agency PRIME], available at: (accessed 07.03.2015).