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Illustration: David Manion |
Two years after the start of the Russia crisis, western bankers are leaving Moscow in droves. Political risk has also been rising across the rest of the region, taking the shine off equity markets and curbing enthusiasm for investment, while over-liquidity in local banking sectors has all but killed off nascent corporate bond markets.
Volumes in equity and debt capital markets are down to levels not seen since 2003. Even M&A, a regional bright spot, is at post-financial crisis lows.
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