This report is the eighth in a series of reports detailing the findings of a long-standing research project dedicated to the monitoring of mutual investments in CIS countries and Georgia. The analysis relies on a database maintained on the basis of diverse data obtained from publicly available sources. The database is generated “from the bottom up”, i.e., its creators rely on corporate statements and other primary information. As a result, the project makes it possible to take into consideration such factors as investments made through offshore structures and other “trans-shipping destinations”, and reinvested foreign profits.