Eurasian Economic Union Foreign Direct Investment Rises to $27.2 Billion in 2025
Foreign direct investment into the Eurasian Economic Union surged to $27.2 billion in 2025, rebounding sharply from $4.5 billion in 2024, according to a report published by UN Trade and Development. Despite the headline growth, the capital flows remained heavily concentrated, with approximately 93% of the total directed into the Russian Federation.
The union-wide rebound mirrors broader global patterns where higher overall investment values coincided with a lower volume of new initiatives. Announced investments in greenfield projects rose 12% to $25.9 billion in 2025, even as the total number of announced projects dropped from 122 to 80. Worldwide, foreign direct investment increased 6% in 2025, while new project announcements fell 10% and international project finance deals declined 11%.
Uneven Capital Distribution Across Member States
While the Russian Federation absorbed the vast majority of incoming capital, the value of its new project announcements fell 83% to $250 million. UN Trade and Development noted that the rise in overall inflows to Russia likely reflected reinvested earnings, corporate restructuring, and financial movements rather than newly launched operations.
Kazakhstan presented a contrasting picture, recording negative net foreign direct investment inflows of $860 million alongside leadership in new-project announcements. Negative net flows can stem from capital repayments or divestments occurring simultaneously with fresh project activity. Kazakhstan accounted for roughly $24 billion of announced greenfield investments, with China emerging as the largest source country at $16 billion.
Project Finance Deals Recover Partially in Five Member States
Project finance across the five member states—Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, and the Russian Federation—recovered only partially. The region recorded 11 project finance deals totaling $8.6 billion in 2025, an 81% increase from prior lows but still far below the $63.7 billion recorded in 2021.
Metals drove a significant share of sectoral activity, attracting approximately $12.5 billion in 2025 compared to $2.3 billion in 2024. Manufacturing output across the trade bloc rose 35.6% between 2016 and 2023, according to Eurasian Economic Commission data cited in the report. Deliveries under industrial cooperation among member states also more than doubled, climbing from $13.7 billion in 2016 to $31.1 billion in 2023.
Investment Policies Diverge as Old Treaties Drive Arbitration Cases
National investment policies diverged sharply across the bloc between 2016 and 2025. Belarus and the Russian Federation adopted measures that were 63% restrictive, whereas Armenia, Kazakhstan, and Kyrgyzstan implemented policies that were 69% favorable. Kazakhstan attempted to streamline procedures through digital platforms and a one-stop shop for investors. The region operates under 242 active investment agreements, with pre-2010 treaties making up 79% of the network. Data shows that approximately 97% of investor-state arbitration cases against member states relied on older treaties, showing that legal modernization is necessary alongside new trade agreements.
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