Introduction

The Russian leading oil, gas, and metal companies already rank among the world's most prominent actors in their respective fields. Although the exports and foreign sales promotion currently remain the most common modes of internationalization of the Russian companies, many of the firms are already engaged in more demanding foreign operational modes. The Russian companies often play different games in different regions. The internationalization of the Russian companies often pursues political ambitions of the Russian Government in Russia's neighboring countries, whereas the expansion towards the Western markets more often embodies economic motives. As an old European Union (EU) member state, Germany's reluctance to host Russian investments is much milder than in the new member countries due to different historical experiences. However, there are some basic difficulties for other Russian companies in acquiring stakes in German or-more generally-in companies in old EU member states.