Analysis in this chapter revolves around two main questions: (1) Why do Russian multinational enterprises (MNEs) choose acquisitions as an entry mode? and (2) Which competitive advantages do they gain via acquisitions abroad? Both foreign market entry strategies and operation methods of Russian companies are discussed.The chapter begins with a brief overview of relevant literature, followed by an overall picture of foreign acquisitions carried out by Russian firms. Next, selected cases of foreign acquisitions are analysed, aiming at finding out the main motivations and main competitive advantages of the firms involved in those transactions. The subsequent section consists of snapshots of MNEs in Russian oil and gas and metallurgy industries, and in non-resource-based industries. It is followed by a short survey of failures and half-failures in the foreign acquisitions of Russian firms. At the end of the chapter we conclude by discussing how our findings can advance new research on Russian MNEs and predict the future of developing their competitive advantages through mergers and acquisitions (M&A).