Quarterly reports

Demystifying Russia

Often we face investors’ preconceptions that Russian equities cannot grow unless oil prices rise, that Russia is unpopular with international investors, that sanctions have a material negative effect on Russia, etc. We think that these beliefs limit the ability of investors to benefit from exposure to Russian equities. In our view, such preconceptions paint a simplistic picture that does not stand up to scrutiny. We would argue that the real picture is far more diverse and sophisticated.
The Russian government has an ambitious plan to reduce the country’s budget deficit from 3.7% of GDP in 2016 to around 0.9% in 2019.
-The Central Bank of Russia: driving down inflation      
- The oil market: China focus
- The Russian economy: a mild spring
- Inflation: the outlook improves
- The Russian banking sector: the helping hand of the CBR
- The Russian economy in winter: warming up 
- Inflation: back in the single digit territory 
- Oil price: to rise or not to rise
- Inflation: down two percent in annual terms 
- Russian economy: stronger supply, weaker demand 
- Successful transformation of state-owned enterprises: the case of the Russian Post 
- Protecting Russia from oil price swings: the tale of the flexible ruble
- The Russian retailers: adjusting to their consumers’ new money-saving habits
- Inflation is taking its time
- Russian economy: contraction rates froze in summer
- The Russian banks: looked after by the Central Bank of Russia but not out of the woods yet
- Driving force behind Russian eurobonds rally
- Pension savings: back on track
- Russian economy: lack of blossom in spring
- Inflation in a downhill ride