Foreign direct investment (FDI) is traditionally considered to be the main source of transferring technologies. However, not all foreign investment into Russia can equally contribute to the country’s economy modernization. The article shows the role that different kinds of FDI into production play in Russian economy’s transformation. The article covers investment of leading European multinationals. It also examines the interregional opposition of European FDI’s influence on economic modernization. It is underlined that government’s and local business’s efforts are necessary to put Russian economy on innovation-driven path of development especially if it concerns economic modernization of regions of the Russian Federation.