In a year in which the overall Russian equity market has been more than ever an undifferentiated and passive high-beta play on the ebb and flow of global risk appetites, the glaring exception has been the market’s aggressive de-rating of Gazprom (underperforming the RTS Index by 57 per cent at yesterday’s close). Given the company’s importance for Russia’s economy and the weighting of the stock in benchmark indices, there can be few more important questions for investors in Russian...
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