Today, top Russian transnational corporations (TNC) hardly use foreign expansion for modernization of domestic economy. They do not tend to actively promote research and advances development (R-D) in world centers, nor do they transfer advance technologies from overseas subsidiaries to Russian enterprises. General diversification of the domestic business leaves much to be desired. It is stated that innovative activity of most of the Russian TNC' is rather low. However, the article adduces examples of secondtier corporations operating in various sectors which stake on modernization of national production. It is emphasized that the academic community should be engaged with view to contribute to improvement of the state policy on encouragement and regulation of Russian export capital.