This is the Indonesian project sector vulnerable to losing Russian investment.

Russia has faced numerous economic sanctions following its invasion of Ukraine since late February 2022.

According to data from the Atlantic Council, an international affairs think tank, as of Monday, March 7, approximately 61% of Russia's central bank foreign exchange reserves held within the jurisdictions of the United States, the European Union, and the United Kingdom have been frozen.

The Atlantic Council estimates that currently only about 17% of Russia's foreign exchange reserves are accessible, held in China.

This data is one indicator of the severe economic turmoil Russia is experiencing due to the war and global sanctions.

It is possible that this will also signal a decline, or even complete cessation, of Russian investment in Indonesia in the near future.

Russian Investment Projects Primarily in the Tertiary Sector

Based on trends from 2011-2021, Russian investment in Indonesia has predominantly flowed into tertiary sector projects, as shown in the graph.

This tertiary sector includes:

* Construction
* Trade and repair
* Hotels and restaurants
* Transportation, warehousing, and telecommunications
* Housing, industrial estates, and offices
* Other services

According to data from the Indonesian Investment Coordinating Board (BKPM), these sectors have received the most Russian investment over the past decade, reaching a peak of 201 projects in 2021.

Russia has only a small number of investment projects in Indonesia's secondary sector, which includes food processing, paper and printing, chemicals and pharmaceuticals, rubber and plastics, basic metal industries, non-machinery metal goods, and other industries.

The BKPM notes that over the past ten years, Russian investment in the secondary sector only began in 2014, averaging less than 10 projects per year.

Russian investment projects in the primary sector are significantly lower, almost negligible.

From 2011-2021, only two primary sector projects received Russian investment: one in 2018 and another in 2019. The primary sector includes food crops, plantations, livestock, and mining.

(Also read: Despite being considered a "friend," Russian investment in Indonesia is relatively low)