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      <abstractText>This chapter examines how the sanctions imposed on Russia after its 2022 invasion of Ukraine have impacted Russian firms, their direct investment abroad, and Hungarian business presence in Russia, and, in particular, how Russian and Hungarian firms have adjusted to this new reality. It highlights the main commonalities, such as the difficulties of access to finance transactions and the interruption of logistics and supply chains, especially in the areas of technology goods. The chapter also looks at the main differences between Russia and Hungary. In Russia, large firms with exposure to the West have been facing major difficulties in their international operations and have focused their efforts on mitigating the effects of sanctions. On the other side, Hungarian firms investing in and/or exporting to Russia typically try to hold their ground in the Russian market. They are attempting to overcome difficulties such as risks of foreign exchange and non-payment, issues with logistics and supply chain disruptions, problems with banking and financial transactions, increased time and costs of international shipping due to altered routing, additional administrative burdens at the border, air travel restrictions, and a constant need for information to adapt to sanctions and countersanctions. It is uncertain whether the generally positive attitude of Hungarian firms towards staying (and even taking advantage of the situation to expand further) will change over time. The challenges may become too great to take on, not only for smaller, resource-poor, and less-experienced firms, but also for stronger enterprises.</abstractText>
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&lt;div class=&quot;funder&quot;&gt; (132442) Támogató: NKFIH   &lt;/div&gt;
&lt;div class=&quot;lastModified&quot;&gt;Utolsó módosítás: 2025.02.25. 23:51 Ladányi Gusztáv (MTMT API user, admin)
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	&lt;pre class=&quot;comment&quot; style=&quot;margin-top: 0; margin-bottom: 0;&quot;&gt;&lt;u&gt;Megjegyzés&lt;/u&gt;: Open access&lt;/pre&gt;
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	&lt;pre class=&quot;comment&quot; style=&quot;margin-top: 0; margin-bottom: 0;&quot;&gt;&lt;u&gt;Megjegyzés&lt;/u&gt;: Megjegyzés-27616207&lt;/pre&gt;
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projects, in which the ultimate owner is different from the 
immediate investor. Reasons for the existence of this type of 
investment projects can be mostly corporate strategies and tax 
considerations. The development impact of indirect FDI is not 
necessarily negative; however it varies by the key types of 
indirect FDI (delegation of power to regional headquarters, 
nearshoring, concealed investment, and round tripping). It also 
depends on how the project money is transhipped: through an 
affiliate abroad, or through a special purpose entity. 
Government polices may influence largely the extent and 
development impact of indirect FDI, especially through tax 
policies. The phenomenon deserves more attention in the future, 
as currently indirect FDI is an under-researched topic.</abstractText>
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      <title>Modelling Russian outward FDI</title>
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      <abstractText>Among emerging economies, the Russian Federation is the second 
largest outward investor, surpassed only by Hong Kong (China) 
but ahead of Brazil, China and India. This article analyses the 
main patterns of Russian outward foreign direct investment 
(OFDI), including its dynamics and geographical destinations. It 
also highlights the changing strategies of outward investing 
Russian firms: in the early 1990s, they were mostly privately-
owned transnational corporations (TNCs), seeking ‘safety nests’ 
abroad to protect themselves from domestic uncertainty; these 
days, state-owned or -influenced TNCs dominate Russian capital 
exports, motivated by a desire to control the value chain of 
their products. There are, however, characteristics common to 
both periods, such as the predominance of natural resource-based 
firms among the largest Russian TNCs. Using those 
characteristics as a basis, the paper attempts to model formally 
Russian outward FDI. It tests the extent to which the mainstream 
theory (ownership and locational advantages) is applicable to 
the Russian context, as well as the role played by specific 
factors such as state ownership. Home-country factors seem to 
play a particularly important role in shaping Russian outward 
FDI. As for the motivations of FDI, in the CIS and developing 
countries, Russian TNCs seem to aim at controlling upstream 
natural resources, while in high-income countries they aim at 
controlling downstream markets.</abstractText>
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							&lt;span class=&quot;author-name&quot; &gt;Astrit Sulstarova
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&lt;div class=&quot;title&quot;&gt;&lt;a href=&quot;/gui2/?mode=browse&amp;params=publication;2182113&quot; target=&quot;_blank&quot;&gt;Modelling Russian outward FDI&lt;/a&gt;&lt;/div&gt;    &lt;div&gt;		&lt;span class=&quot;journal-title&quot;&gt;JOURNAL OF INTERNATIONAL MANAGEMENT&lt;/span&gt;

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	pp 131-142
			
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      <label>Kalotay Kálmán. The European Flying Geese: New FDI patterns for the old continent?. (2004) RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE 0275-5319 1878-3384 18 1 27-49</label><template>&lt;div class=&quot;JournalArticle Publication short-list&quot;&gt; &lt;div class=&quot;authors&quot;&gt; &lt;span class=&quot;author-name&quot; mtid=&quot;10004609&quot;&gt; &lt;a href=&quot;/gui2/?type=authors&amp;mode=browse&amp;sel=10004609&quot; target=&quot;_blank&quot;&gt;Kalotay, Kálmán&lt;/a&gt; &lt;/span&gt; &lt;span class=&quot;author-type&quot;&gt; &lt;/span&gt; &lt;/div &gt;&lt;div class=&quot;title&quot;&gt;&lt;a href=&quot;/gui2/?mode=browse&amp;params=publication;2182098&quot; mtid=&quot;2182098&quot; target=&quot;_blank&quot;&gt;The European Flying Geese&lt;span class=&quot;subTitle&quot;&gt;: New FDI patterns for the old continent?&lt;/span&gt;&lt;/a&gt;&lt;/div&gt; &lt;div class=&quot;pub-info&quot;&gt; &lt;span class=&quot;journal-title&quot;&gt;RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE&lt;/span&gt; &lt;span class=&quot;journal-volume&quot;&gt;18&lt;/span&gt; : &lt;span class=&quot;journal-issue&quot;&gt;1&lt;/span&gt; &lt;span class=&quot;page&quot;&gt; pp. 27-49. , 23 p. &lt;/span&gt; &lt;span class=&quot;year&quot;&gt;(2004)&lt;/span&gt; &lt;/div&gt; &lt;div class=&quot;pub-end&quot;&gt;&lt;div class=&quot;identifier-list&quot;&gt; &lt;span class=&quot;identifiers&quot;&gt; &lt;span class=&quot;id identifier oa_PAY&quot; title=&quot; Fizetős &quot;&gt; &lt;a style=&quot;color:black&quot; title=&quot;10.1016/j.ribaf.2004.02.006&quot; target=&quot;_blank&quot; href=&quot;https://doi.org/10.1016/j.ribaf.2004.02.006&quot;&gt; DOI &lt;/a&gt; &lt;/span&gt; &lt;span class=&quot;id identifier oa_PAY&quot; title=&quot; Fizetős &quot;&gt; &lt;a style=&quot;color:black&quot; title=&quot;S0275531904000066&quot; target=&quot;_blank&quot; href=&quot;http://www.sciencedirect.com/science/article/pii/S0275531904000066&quot;&gt; ScienceDirect &lt;/a&gt; &lt;/span&gt; &lt;span class=&quot;id identifier oa_none&quot; title=&quot;none&quot;&gt; &lt;a style=&quot;color:black&quot; title=&quot;3442901474&quot; target=&quot;_blank&quot; href=&quot;http://www.scopus.com/record/display.url?origin=inward&amp;eid=2-s2.0-3442901474&quot;&gt; Scopus &lt;/a&gt; &lt;/span&gt; &lt;span class=&quot;id identifier oa_GREEN&quot; title=&quot; Green &quot;&gt; &lt;a style=&quot;color:black&quot; title=&quot;http://www1.uni-hamburg.de/Kapitalmaerkte/download/FerencikovaI.pdf&quot; target=&quot;_blank&quot; href=&quot;http://www1.uni-hamburg.de/Kapitalmaerkte/download/FerencikovaI.pdf&quot;&gt; Teljes dokumentum &lt;/a&gt; &lt;/span&gt; &lt;/span&gt; &lt;/div&gt; &lt;div class=&quot;short-pub-prop-list&quot;&gt; &lt;span class=&quot;short-pub-mtid&quot;&gt; Közlemény:2182098 &lt;/span&gt; &lt;span class=&quot;status-holder&quot;&gt;&lt;span class=&quot;status-data status-APPROVED&quot;&gt; Nyilvános &lt;/span&gt;&lt;/span&gt; &lt;span class=&quot;pub-core&quot;&gt;Forrás &lt;/span&gt; &lt;span class=&quot;pub-type&quot;&gt;Folyóiratcikk (Szakcikk ) &lt;/span&gt; &lt;!-- &amp;&amp; !record.category.scientific --&gt; &lt;span class=&quot;pub-category&quot;&gt;Tudományos&lt;/span&gt; &lt;div class=&quot;publication-citation&quot; style=&quot;margin-left: 0.5cm;&quot;&gt; &lt;span title=&quot;Nyilvános idézőközlemények összesen, említések nélkül&quot; class=&quot;citingPub-count&quot;&gt;Nyilvános idéző összesen: 112&lt;/span&gt; | Független: 112 | Függő: 0 | Nem jelölt: 0 | WoS jelölt: 7 | Scopus jelölt:&amp;nbsp;7 | WoS/Scopus jelölt:&amp;nbsp;11 | DOI jelölt:&amp;nbsp;38 &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;</template><template2>&lt;div class=&quot;JournalArticle Publication long-list&quot;&gt;
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																				   href=&quot;/gui2/?type=authors&amp;mode=browse&amp;sel=10004609&quot; target=&quot;_blank&quot;&gt;Kalotay Kálmán
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            &lt;span class=&quot;authorAux-mtmt&quot;&gt; Világgazdaságtan&lt;/span&gt;)
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&lt;div class=&quot;title&quot;&gt;&lt;a href=&quot;/gui2/?mode=browse&amp;params=publication;2182098&quot; target=&quot;_blank&quot;&gt;The European Flying Geese : New FDI patterns for the old continent?.&lt;/a&gt;&lt;/div&gt;    &lt;div&gt;		&lt;span class=&quot;journal-title&quot;&gt;RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE&lt;/span&gt;

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	pp 27-49
			
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	&lt;span class=&quot;language&quot; xmlns=&quot;http://www.w3.org/1999/html&quot;&gt;Nyelv:
			Angol
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									ScienceDirect
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	&lt;OnlyViewableByAuthor&gt;&lt;div class=&quot;ratings&quot;&gt;
			&lt;div class=&quot;journal-subject&quot;&gt;Gazdaságtudományi Doktori Minősítő Bizottság IXGJO GMB [1901-]&amp;nbsp;&amp;nbsp;&amp;nbsp;B nemzetközi&lt;/div&gt;
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		| Független: 112
		| Függő: 0
		| Nem jelölt: 0
		| WoS jelölt: 7 
		|  Scopus jelölt:&amp;nbsp;7 
		|  WoS/Scopus jelölt:&amp;nbsp;11 
		|  DOI jelölt:&amp;nbsp;38 
		
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    &lt;div class=&quot;mtid&quot;&gt;&lt;span class=&quot;long-pub-mtid&quot;&gt;Közlemény: 2182098&lt;/span&gt;
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	&lt;span class=&quot;oldId&quot;&gt;Régi azonosító: 2182098&lt;/span&gt; | 
	
Forrás	
	
	
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			( Szakcikk
			
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&lt;div class=&quot;lastModified&quot;&gt;Utolsó módosítás: 2015.02.14. 19:52 Kalotay Kálmán (Világgazdaságtan)
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