The Possibilities of Expanding the Export of Russia’s Tourism Services to the Countries of Greater Eurasia: An Investment Aspect

Abstract

Amid Russia’s persisting confrontation with the countries of the “collective West”, its strategic orientation increasingly shifts toward the East, which determines the imperative to foster closer relations within Greater Eurasia. Moreover, in the modern world, the effectiveness and reliability of international cooperation depend not only on positive economic effects, but also on humanitarian ones. In line with this approach, the paper proposes a strategy to promote economic cooperation in Greater Eurasia, focusing primarily on the sphere of tourism and hospitality. This research investigates ways to increase Russia’s appeal to tourists from Greater Eurasia, with particular attention given to investment in the tourism industry. The analysis targets the inbound tourist flow to Russia and the systemic barriers to its recovery by drawing on economic and statistical methods, including grouping and ranking, combined with a review of open-access academic literature and socio-economic data (primarily from EMISS) for 2019 and 2022–2025. According to official statistics, in January-September 2025, tourist trips to Russia amounted to approximately one-third of the level recorded in the same period of 2019, which points to a significant decline and the need for targeted measures. To reverse this trend, tourism offerings should be tailored to the preferences of visitors from Asian countries. A promising approach involves scaling up private foreign business initiatives through a portfolio of small, regionally anchored projects. In pursuing these efforts, the Russian side must uphold mutually beneficial and balanced interests among all participants and prevent the spread of “grey” business practices, which necessitates meticulous planning and oversight. The findings provide actionable insights for refining Russia’s inbound tourism policy and can serve as a foundation for developing concrete proposals on investment cooperation with Greater Eurasian countries.