More than 70 percent of free floating Russian shares are controlled by foreign investors, says a report by Sberbank CIB.

      The figures reflect Russians’ doubts and concerns over the stock market, especially after the 2008 financial meltdown.

      Foreign players with the biggest investments in Russia include Norwegian Government Pension Fund (more than $5 billion), Vanguard Emerging Markets Stock Index Fund ($4.7 billion), and Oppenheimer Funds, with just under $3 billion.

      According to analysts, the national stock market is underdeveloped and there are high risks of a sudden capital flight that could precipitate a crash.

      Sberbank CIB is an investment division of Sberbank, Russia’s largest lender. On January 23, 2012, Sberbank and Troika Dialog announced the closure of the deal for Sberbank’s acquisition of 100 percent of Troika Dialog’s equity capital. As a result of the subsequent integration, the Corporate & Investment Business was created, which has been operating under the Sberbank CIB brand since October 8, 2012. Sberbank CIB provides services for over 3,000 companies, including the corporate sector, financial institutions and state agencies. The volume of the loan portfolio for largest clients is 20.5 percent of the corporate loan market in Russia.