In 2015, the FDI inflow to the Central, East and Southeast European (CESEE) countries fell to its lowest level since 2008, while global FDI recovered. The decline was especially severe in the EU Member States of Central and Eastern Europe, as well as in Russia, while expansions were recorded in the Western Balkans and Turkey. New features of FDI have appeared recently in the Central European countries, which are deeply integrated into multinational production networks. FDI inflows fluctuate more wildly than before and have lost their close connection with economic growth or changes in the business environment. Capital relations between subsidiaries and parent companies have become more complex: capital reserves, losses and profits are shifted around within multinational conglomerates in various forms of FDI and income. Round-tripping domestic capital distorts the FDI statistics, of Russia in particular. LINK