The article deals with the current trends and prospects for investment cooperation of the leading CIS countries with the fast-growing South Asian states. The author analyses geographical distribution and sectoral structure of FDI, identifies the key factors, complicating mutual capital movement. Special attention is paid to opportunities of further investment interaction with the South Asian region in terms of the deterioration of Russia’s relations with the Western countries. The paper is empirically based on Monitoring of direct investments of Belarus, Kazakhstan, Russia and Ukraine, carried out by the Eurasian Development Bank in cooperation with IMEMO RAN.