Abstract. The article describes development of foreign investments in the economy of Sankt-Petersburg and Leningrad region. Sankt-Petersburg occupies special place among different subjects of Russian Federation. It is an important economic center of the country and takes the second place in population of Russia. The city enjoys important geopolitical situation and developed diversified economy. Thanks to its geographical position at the Baltic Sea near EU and the largest ports of Europe Sankt-Petersburg became the North-West economic gates to Russia. Sankt-Petersburg plays an important role in the nation’s external economic relations and in receiving foreign direct investments. Sankt-Petersburg has the chances to compete with Moscow with the help of additional effect of neighbourhood (especially with Nordic countries) and thanks to its attractiveness for foreign tourists. Sankt-Petersburg attracts approximately 5% of FDI to Russia. The main investors in Sankt-Petersburg are the countries of EU – Cyprus, Sweden, Finland, Germany, Netherlands. Large investors are also Switzerland, British Virgin Islands and South Korea. The main investors in Leningrad region are again the countries of EU – Cyprus, Netherlands and Finland – and Switzerland. The main sectors of investment are manufacturing, transport and finances. The purposes of investment policy of Sankt-Petersburg are the growth of volumes of FDI. Investment ratings of Sankt-Petersburg are rather high. The authorities of Sankt-Petersburg create industrial parks and economic zones with special regime to invite private investments. Among companies with foreign capital most are from Cyprus, Finland, Belarus, Germany and USA. The companies from Nordic countries are among the most active in Sankt-Petersburg and Leningrad region. Foreign direct investments of the Finnish firms are concentrated in this region.