The focus of this thesis is the updating of Russia's legal system to attract the international investment market by tracking the influence of formal laws and state institutions which adopt, administer and enforce laws on investment decisions. In Chapter 1, theoretical aspects of the efficiency of a country's legal system are discussed; current problems of the legal environment for foreign direct investment in Russia are analysed in Chapter 2; Chapter 3 is a case study of multinational corporations' experiences in Russia's oil and gas sector and in its Primorsky Region. The research's general conclusion is that while the Russian Federation has developed a substantial and comprehensive body of new formal laws within a short period of time, it lacks efficient mechanisms for their administration and enforcement. The thesis provides practical, legal information for multinational corporations interested in investing in Russia as well as for Russian lawmakers in providing a more attractive business environment for both foreign and domestic investors.
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