The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Russia: Making money in Moscow

With developed markets stagnant, emerging nations hold the globe’s growth prospects. But can expansion in investment banking revenue in Russia keep up with Brazil or China?

On a crisp winter’s night, the Kremlin walls and the Moscow river can paint a romantic picture for the visitor. Bankers more accustomed to the balmy climes of the French Riviera, however, might need more persuasion to set up camp here permanently. So, should banks in London or New York bloat teams with overpaid expatriates in Moscow – one of the world’s most expensive cities – in anticipation of an investment banking boom in Russia?

Even now, indeed especially now, the Bric (Brazil, Russia, India, China) nations are a byword for the rosier prospects awaiting capitalism, outside the traditional centres. Yet some would like to take away the ‘r’ from Bric, arguing that Russia is a country more in decline than ascent.

However, if Russia’s institutions continue to crumble, investment banks can still make money in Russia in some business areas, if global demand for its vast natural resources keeps up thanks to growth elsewhere. Also, although Russia has a shrinking population, if more wealth from mineral exports is spent at home, the population will have more money to spend on consumer goods, which brings opportunities in areas such as M&A.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree