International wheat prices have emerged as a significant policy concern in recent years, notably during the Covid-19 pandemic and Russia's war in Ukraine, as Russia has been known for periodically halting its grain exports to impact global prices. Georgia heavily depends on wheat imports from Russia, with over 95% of its wheat historically sourced from there.

This policy brief addresses risks tied to Russian business ownership in Georgia. The concentration of this ownership in critical sectors such as electricity and communications makes Georgia vulnerable to risks of political influence, corruption, economic manipulation, espionage, sabotage, and sanctions evasion. To minimize these risks, it is recommended to establish a Foreign Direct Investment (FDI) screening mechanism for Russia-originating investments, acknowledge the risks in national security documents, and implement a critical infrastructure reform.

On October 3, ISET Policy Institute and Zinc Network organized a public presentation: A Study on Risks Associated with Russian Business Ownership in Georgia. The event was attended by representatives from local and international institutions, civil society organizations, and the broader public.

To identify the specific risks associated with Russian business ownership, this study draws upon a comprehensive literature review and conducted expert interviews. The study places Russia within the context of a global threat actor and examines the exploitation of private business ownership by hostile state actors as a hybrid threat.

On March 29, the ISET Policy Institute hosted a policy presentation on the economic impact of