Analysis of 497 international M&A and joint venture (JV) deals completed by Russian MNEs in 1997- first semester of 2009 shows that, as far as the host country is concerned, geographical closeness to Russia, being an ex USSR republic or a tax haven have positive effect on the country’s probability to attract an M&A or JV deal by a Russian MNE. On the other hand, a similar level of the economic development of a host country with Russia does not have a significant influence on the foreign market selection decisions by Russian MNEs. The patterns of significance among the explanatory variables vary for Russian MNEs operating in the natural resources industries. Our research can be further extended by including other equity deals (greenfield investments) by Russian MNEs and by comparative studies of location selection decisions by MNEs from other emerging markets.