LAST MONTH INVESTORS put aside fears that the Kremlin was on the verge of renationalizing Russia Inc and drove the RTS (Russian Trading System) index to a new high of 700. However, talk of bubbles, first heard in October, has reappeared.
Investors have been jittery over the past six months, in particular as a result of Mikhail Khodorkovsky being thrown in jail. The worries have been fed by president Vladimir Putin’s landslide election victory, which has given him almost total control of the Russian state.
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