Russia: special focus

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The battle between the west and Russia over Ukraine is intensifying amid a full-on financial war. Below is Euromoney's recent coverage of macroeconomic, FX, fixed income and equity market trends in the oil-producing economy.

Bric: special focus 

Emerging markets: special focus 

Russia-Ukraine conflict: special focus

Emerging Europe: Western banks return to Russian IPOs
January 2017
International investors regain appetite for Russian stocks; Sovcomflot privatization on the table again.

Emerging Europe – Russia: Unsecured, untied and not a bond in sight
January 2017

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International banks recently put up an unsecured loan for a Russian borrower with a parent on the US sanctions list. Has the loan market for unsanctioned investment-grade Russian borrowers just got broader, deeper and potentially cheaper?

Russia investment banking: VTB Capital faces down the doubters
November 2016
Russia’s leading investment bank has seen its fortunes fluctuate over the past two years. Alexei Yakovitsky, VTB Capital’s chief executive, talks to Euromoney about Brexit, Africa and state ownership and explains why sanctions have proved more of a blessing than a curse.

Russia: Teplukhin reunites Troika team for new boutique
October 2016
Matrix Capital to offer fund management, advisory; 'perfect fit’ for global banks in era of Russia pullback.

Russia: Is Alrosa a diamond deal or fake sparkler?
August 2016
US investors shun Russian privatization; global banks not required, say locals.

Central Bank of Russia rate cuts neutral for rouble
June 14, 2016

rouble standing up-R-600
The rouble has enjoyed a strong start to the year, shrugging off underlying weakness in the Russian economy, leading the CBR to hike rates by 50 basis points on Friday.

VTB and Russian Post go large on retail
March 2016
Timing is right for Post Bank launch, says chairman. Branch network 'will be bigger than Sberbank’s’.

CEE Fighting Dogs-160x186
Scrapping over the scraps – a dog-eat-dog world in CEE IB
January 2016
Investment-banking volumes in emerging Europe have fallen to their lowest levels for more than a decade. Some international banks are withdrawing capacity, while there is little sign of a pick up in the capital markets. So why are some of the universal banks still making positive noises?

Russia banking: VTB bucks the trend
January 2016
VTB Capital cemented its position as Moscow’s leading investment bank last year. With cross-border deals for Chinese and Indian clients it is becoming more than just the adviser of choice for Russian corporates. But will the firm’s ambitions get the better of it?

Russia payments bid unlikely to be swift
December 2015
While irked by western dominance of Swift and determined to assert its monetary independence, the prospect of Russia going it alone on payments and messaging remains remote.

Global buyers snap up Russian corporate debt
November 2015
Russia is a safe haven, say bankers; local liquidity holding back supply.

Emerging Europe: Tinkoff defies Russian consumer squeeze
October 2015
Bad debts spark second wave of sector losses; CEO says low-cost, credit card model key to success.

Steely Nabiullina fights Russia’s fires
October 2015
Elvira Nabiullina, Euromoney’s central bank governor of the year, is staunchly sticking to her controversial crisis-fighting plan as Russia reels from its biggest financial crisis since 1998. As sanctions and falling commodity prices threaten Putin’s oil-financed state patronage, the central bank – the last bastion of economic orthodoxy – is battling to craft a new growth model. Can Nabiullina turn crisis into opportunity?

Nabiullina rages against the banking machine
October 2015
In 2013, Russia’s central bank became a mega-regulator, overseeing a slew of credit institutions, from banks, insurance agencies, investment vehicles, micro-finance houses to pawnshops. That makes Elvira Nabiullina the most powerful central banker in modern Russian history.

Central Bank Governor of the Year 2015: Nabiullina displays crisis-fighting skills
September 2015
Central Bank of Russia governor Elvira Nabiullina is using orthodox but painful policy measures to combat the oil- and sanctions-driven storm that is ravaging the economy.

Nabiullina named Euromoney Central Bank Governor of the Year 2015
September 2015
Elvira Nabiullina, governor of the Central Bank of Russia, has been named Euromoney’s Central Bank Governor of the Year for 2015.

Igor Kim: Russia's great consolidator
September 2015

A prolific bank buyer but notoriously publicity-shy, Igor Kim is little known outside his native Russia. In his first major interview with the international media, he talks about expanding into Europe, surviving a spell on Canada’s sanctions list and why global banking models are doomed to failure.

Russia: Moscow IPOs come under fire
August 2015
More secondary listings likely; consumer, tech, export stocks in focus.

IPOs: We need to talk about Russia
August 2015
Two successful IPOs should have been good news for the country’s markets – if anyone had bothered to tell the world more about them.

Banking: Playing the long game in Russia
July 2015
Banks are prepared to sit through a couple of lean years in emerging Europe’s largest market, given that it will bounce back eventually. They might not want to get too optimistic though.

Country Awards for Excellence 2015: Central & Eastern Europe and Baltics
July 2015
The impact of international sanctions, economic slowdown and a plunging rouble was felt throughout the Russian banking sector last year.

Emerging Europe: CIS counts the cost of Russia
May 2015
The rouble’s crash sent currencies tumbling across the Caucasus and Central Asia. Banks look relatively well placed to withstand an inevitable downturn. But with protracted stagnation looming, is it time for policymakers to build bridges further afield?

Raiffeisen: Sevelda's struggle
May 2015
In Russia, Raiffeisen is set to close operations in six far eastern regions and 15 smaller cities across the country, as well as pull back from the auto loan market. Sevelda says the bank will also take steps to improve the quality of its loan portfolio in Russia.

Euromoney Country Risk Survey Q1 2015: Russia crisis, China fragility and EMs’ capital-flow shock
April 2015
Russia’s mounting problems caused by the sanctions and low oil prices undermining the rouble extended its trend decline into Q1 2015.

Emerging Europe: Belarus embarks on a charm offensive
March 2015
Belarus’s leaders are promising a dramatic package of reforms that could overhaul the country’s sclerotic command economy and reduce its dependence on Russia. The only trouble is, no one believes them. Mixed messages to the bond markets haven’t helped.

Russia: Buyers shun deeply discounted rouble
February 2015
Russia has been caught in the eye of a perfect storm. Battered by falling oil prices, US and EU sanctions and a dramatic market correction as the rouble was allowed to float, the currency has been in free-fall and liquidity has largely evaporated, with many brokers ceasing rouble trading altogether.

Euromoney Country Risk survey results 2014: Negative oil shock creates new threats
January 2015
Negative oil shock compounds Russia crisis.

Russia risks derailing banks’ regional plans
January 2015
As Europe has stagnated since the financial crisis, Russia proved an invaluable source of returns for a handful of lucky western banking groups. But with Putin on the offensive, the rouble on the slide and recession on the horizon, its days as an engine of regional growth look to be over.

Russia: The mother of all macro risks
January 2015
The growing likelihood of an economic crisis in Russia will have a major impact on global markets in 2015.

2014: a year in data – Russia
January 2015
Rouble brews trouble for Russia

Euromoney’s risk survey pinpoints mispriced oil-exporter credits
December 2014
Russia’s and Venezuela’s plight was predicted by Euromoney’s country risk survey well before the market priced in their deteriorating creditworthiness. Other, similarly ranked oil-producing sovereigns could endure a similar fate.

Moscow Exchange: All revved up with no place to go
December 2014
Moscow’s revamped stock exchange has everything it takes to be a global player, with the exception of supply and demand. Has Russia’s isolation put a dampener on its ambitious domestic capital markets development programme?

Russian bank risks jump as Europe's halves
November 2014
The latest results of a systemic risk index reveal elevated risks in Russia, Portugal and France but a generally marked improvement across the rest of Europe.

Russia’s risk score plummets to its lowest since 1998 default
November 2014
As sanctions and falling oil prices force the rouble’s slide, country risk experts are questioning the ability of privately owned and/or state-backed banks and corporates to obtain credit and repay their debts amid capital flight and an economy in decline.

Russia central bank attempts rouble crisis circuit-breaker
November 2014
Analysts support the Central Bank of Russia’s (CBR) response to the collapse of the rouble – abandoning the dollar band and providing new channels to funnel liquidity to the market – arguing it will shift market expectations and could stabilize the currency in the medium-term. In an interview with Euromoney before the move, a CBR official discusses the opportunities and challenges in the regime shift.

Russia borrowers strike bullish note over sanctions
October 2014
While sanctions are hitting the Russian markets and pushing up interest rates, senior executives at Sberbank and potash producer Uralkali tell Euromoney the country’s banks and corporates are looking internally and to the east for new sources of financing. But with Russia sliding towards recession, liquidity is vanishing.

Abigail with attitude: Blackstone’s disengagement from Russia
October 2014
I was intrigued to see that Blackstone, the leading private equity firm, is disengaging from Russia.

Russia: Banks will shrug off sanctions
October 2014
Sector profitability holding up; central bank adds dollars to liquidity provision.

The real emerging Europe
October 2014
CEE enthusiasts should not despair just yet. A number of the clouds handing over the region might turn out, on closer inspection, to have a silver lining.

Brics bank: requiem for a dream