Mixed sentiment over Russian market

Notwithstanding the recent upgrade of Russia to investment grade by Moody's, the fact that both Fitch and Standard & Poor's have maintained their speculative grades highlights the division in international investor sentiment toward Russia. With two crucial elections coming up, the Duma elections this month and the Presidential scheduled for March next year, such mixed sentiment is understandable. In addition, the markets have become unsettled by the ongoing events surrounding the arrest of Mikhail Khodorkovsky and the uncertainty surrounding the proposed Yukos-Sibneft merger. This has contr...