International research

On Wednesday 2 August, Donald Trump signed into law new sanctions against Russia.

We continue to consider Russia equities to be one of the best value stories in the world with the highest dividend yield among global equity markets.


OPEC members and independent oil exporting countries have extended their output cut agreement by nine months to the end of March 2018.

In the coming months, many Russian companies are expected to pay generous dividends to their shareholders, providing them with relatively high single and even double-digit dividend yields for 2016.
At the meeting in Vienna on 30 November OPEC members agreed to cut oil supply by 1.2 million barrels per day


The food import ban of 2014-2017 may have a role to play in the ongoing remarkable transformation of Russia’s agricultural sector. Two major segments of agriculture have already developed from poorly coordinated and underfinanced subsistence markets into modern, high tech, fully vertically integrated and internationally competitive industries.


The Russian government has set a mandatory dividend payout level for state-owned enterprises (SOEs) at a minimum of 50% of RAS/IFRS net income. This has been a long-awaited event, which is expected to provide a boost to MSCI Russia dividend yield and assist the government in its challenging task of covering the federal budget deficit.

Agreement was not reached at the meeting in Doha on 17 April as Saudi Arabia refused to sign up to the oil production freeze deal without Iran. However, there are fundamental reasons for the oil market to balance in 2016 without any output freeze.