We mentioned the bull case on Russia last week: It’s got tons of oil, with none (or, very little) of the political risk facing other major oil power.
The latest to go bull on Russia is Credit Suisse (via PragCap):
Key cyclical drivers for Russia remain supportive: Oil prices and international interest rates. We believe Russia is one of the economies that benefits most from the high crude oil price and this is likely to support near-term outperformance of this market.
BUY Russia via the RTS Index in USD for one full position in our Research Weekly portfolio. Stop loss: –5.0%
Remember, Russia is the #1 oil producer in the world.
Of course, there is some political risk. In a recent presentation on MENA’s 1989 moment, Nomura’s Alistair Newton touched in some issues in Russia’s neighbours: