The article discloses the link between Soviet economists’ works and theoretical underpinning of the investment expansion of Soviet transnational corporations in the Third World, especially in Africa. The effect of Marxist and Leninist economic doctrines enriched by Comrade Stalin concerning displacement of Western transnational corporations from the Continent due to collapse of the colonial system.  The conditions for implementation of a series of profitable investment projects by Russian enterprises up to the 1990s were analyzed. The authors estimated Russian foreign direct investments in Africa as insignificant, as well as their industrial concentration that is associated with mining industry and unprofitable metallurgic industries. They reveal special features of the use of offshores by such transnational corporations, and the character of the management statements disclosure, as well as quotations of declared projects the data of which contrasts the data of African contractors and is not registered by statistics. The article proves need for attracting African capital to projects that are joint with Russian transnational corporations and diversifying such business to the African agriculture, manufacture and innovative services for the local market like transnational corporations of developed countries do.