Despite Being Considered "Friends," Russian Investment in Indonesia Remains Relatively Low

The Russian government released a list of "unfriendly countries" on Monday, March 7.

This list includes countries that imposed sanctions on Russia since late February 2022, in response to Russia's invasion of Ukraine.

According to the Russian news agency *TASS*, the countries deemed "unfriendly" by the Russian government are the United States, Canada, the United Kingdom, Ukraine, Montenegro, Switzerland, and European Union member states.

The list also includes Albania, Andorra, Iceland, Liechtenstein, Monaco, Norway, San Marino, North Macedonia, Japan, South Korea, Australia, New Zealand, Singapore, and Taiwan.

Indonesia is not on the list, as President Jokowi has not yet announced any sanctions against Russia.

Relatively Low Russian Investment in Indonesia

Despite being considered a "friendly" country, Russian investment in Indonesia over the past 10 years has been relatively low compared to other developed countries.

According to data from the Indonesian Investment Coordinating Board (BKPM), in 2011, Russian investment in Indonesia was only around US$1.5 million.

In subsequent years, the trend of Russian investment tended to increase, although it fluctuated, as seen in the graph. The largest investment value came in 2021, amounting to US$23.2 million.

This Russian investment value is very low compared to countries such as Singapore, Hong Kong, China, the United States, and Japan, whose investments in Indonesia exceeded US$2 billion in 2021.

This data shows that the largest group of foreign investors in Indonesia actually comes from countries considered "unfriendly" by Russia.

(Also read: [Not China, Singapore is the Largest Investor in Indonesia in 2021](https://databoks.katadata.co.id/datapublish/2022/01/28/bukan-tiongkok-singapura-investor-terbesar-di-indonesia-pada-2021))