Abstract: The subject of the research is the sources of investment and the factors driving the growth of foreign direct investment (FDI) in Russia amidst the structural restructuring of the economy, the reduction of external capital, and changes in investment channels. The aim of the work is to identify the limitations of FDI inflows and to determine measures for their selective attraction for technological modernization and economic security. The methodology includes systemic, comparative, and institutional analysis, as well as statistical generalization of data on investments in fixed capital and gross savings. It is shown that the reduction of foreign participation signifies not only a quantitative contraction of capital but also a qualitative restructuring of the investment model. The novelty of the research lies in justifying the controlled admission of FDI, where priority is given to projects with technology transfer, localization, workforce training, and a stable legal regime. Systemic and comparative analysis, an institutional approach, synthesis of scientific literature, and statistical analysis of Rosstat data were employed. The quantitative part relies on indicators of investments in fixed capital by ownership forms and the dynamics of gross savings. In the discussion on FDI, two positions are highlighted. The first prioritizes internal accumulations and the risks of dependence on external capital. The second emphasizes that for modernization, not only the amount of investments but also the institutional environment, which reduces transaction costs and ensures contract stability, is crucial. In this study, FDI is viewed not as a substitute for national investments but as a source of qualitative effects that domestic capital reproduces more slowly. The scientific novelty of the research conducted lies in the transition from assessing FDI as an external financial flow to evaluating FDI as a tool for technological and institutional modernization. A selective model is proposed, in which not any investments are prioritized, but projects with measurable non-financial effects: localization, technology transfer, the creation of skilled jobs, and the integration of Russian suppliers into value chains.

Keywords: investment, foreign direct investment, fixed capital investment, macroeconomic stability, state guarantees, institutional environment, technology transfer, investment policy, import substitution, economic security