According to the EEC data, in 2025, the flow of investments into Russia showed a positive result again after three years. In 2025, the net inflow of foreign direct investment into Russia amounted to $11.1 billion.
According to the EEC data, in 2025, the flow of investments into Russia showed a positive result again after three years. In 2025, the net inflow of foreign direct investment into Russia amounted to $11.1 billion.
In 2024, this indicator was negative, reaching minus $9.35 billion. Thus, over one year, the investment balance improved by almost $20.5 billion. This information was published in the EEC statistical bulletin on direct investments in the Eurasian Economic Union.
It is important to note that the net flow reflects the difference between incoming and returned direct investments during the year, not the total value of new projects. A positive figure indicates that the volume of investment obligations in Russia exceeded the amount of their return or reduction.
The EEC calculations are based on the methodology of the International Monetary Fund. The main part of the annual result was formed by funds participating in company capital—this amounted to $7.5 billion. Additionally, the net inflow through debt instruments reached $3.7 billion, whereas in 2024, the figure for debt instruments was negative at $14.2 billion.
The positive investment result was mainly achieved in the first half of the year. In the first quarter, the net flow was $5.5 billion, and in the second quarter, it was $10.8 billion. However, in the third and fourth quarters, the return of funds dominated, leading to negative figures: minus $1.1 billion and minus $4 billion, respectively.
The investment dynamics in other EOI countries also varied. In Armenia, the net flow increased from $110.7 million to $708 million. In Kyrgyzstan, the indicator rose from $255.3 million to $335.4 million. Belarus maintained a positive result of $1.6 billion, while the net inflow in Kazakhstan amounted to minus $916.4 million.
The total net worth of the National Investment Fund increased by 8.5% in one month, reaching the mark of $2.63 billion, which was due to the revaluation process.
As of June 30, the fund's net worth amounted to 31.67 trillion sums or the equivalent of $2.63 billion. This figure is an 8.5% increase from the previous level on May 31. The total value of shares in 13 companies in the UzNIF portfolio was estimated at $2.66 billion.
NAV (Net Asset Value) represents the fund's net worth after deducting all its liabilities from the total asset value. An increase in NAV does not mean that more new funds have entered the fund or that stocks have risen by exactly 8.5%. According to UzNIF data, the main reason for the increase was the revaluation of companies that are either not listed on the stock exchange or have low liquidity. Furthermore, forecasts regarding their future activities and financial results were updated.
The most significant positive contribution came from companies such as 'Uzbekistan National Electric Networks' (by 5.2%), 'Uzbektelecom' (by 4.5%), 'Heat Power Plants' (by 3.5%), 'UzSanoatConstructionBank' (by 1.2%), and 'Regional Electric Networks' (by 1%). It should be noted that the growth in the value of 'Uzbektelecom' was related to improved profitability and revenue indicators. Energy enterprises benefited positively from the implementation of a new tariff model and updated financial forecasts.
The UzNIF portfolio includes stakes in thirteen major Uzbek companies. The five largest assets account for 71.59% of the fund's NAV. For reference, UzNIF manages stakes ranging from 25% to 40% in large state corporations. The fund is overseen by the trustee Franklin Templeton. The fund's shares are traded in Tashkent, and its GDRs (Global Depositary Receipts) are listed on the London Stock Exchange.
