The top of the league table, as well as overall activity, is dominated by domestic activity, refl ecting the current low appetite of foreign investors in relation to acquiring Russian assets. The large share of oil and gas and metals and mining deals among the high-value transactions mirrors the industrial landscape of Russia. The signifi cant outbound investment in social media and e-commerce businesses was primarily driven by one player, which we do not believe is indicative of a future trend in the Russian communications and media sector more broadly.