Michael Konstantinov, head of global emerging markets at Allianz Global Investors, looks at the changes set to improve the investment environment.
The Russian equity market has fared relatively well amid the volatility of 2012, supported by an upward move in the oil price since its lows in June. The oil price has risen in line with greater risk appetite among investors, leading to earnings upgrades for corporates. While the Russian economy remains a proxy for the oil price, it is slowly branching away and offering more diversification for investors. The political instability since the elections this year is waning, with the government eager to offer further economic reforms to help the economy grow. This is contributing to an im...
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