Russian Companies Invest Record Amount Abroad

Russian companies including OAO GMK Norilsk Nickel and Evraz Group SA bought a record $47.8 billion of foreign assets last year, Vedomosti reported, citing preliminary central bank data.

That's more than double the total for 2006 and exceeds the $47.1 billion foreign companies invested directly in Russia last year, the Moscow-based newspaper said.

Acquisitions abroad by Russian companies last year included Norilsk's $6.4 billion takeover of Canada's LionOre Mining International Ltd. and Evraz's $2.3 billion purchase of Oregon Steel Mills Inc., Vedomosti said.