Russia to reward long-term investors

Russia is showing signs of greater economic development and should reward long-term investors, according to investment firm Renaissance Capital. Stephen Jennings, president and chief executive officer of the group, which was set up in 1995, believes economic growth in the country is being driven by re-investment in the economy. He said capital flight out of Russia has fallen from around $2bn a month two years ago to around $500m a month at present. Russia's foreign debt as a percentage of GDP has also fallen in recent years, he added, to around 40% from 80%, while the economy is seeing ...