Summary:

 Russia’s dollar denominated equity indices, up 23%, have been the best performing amongst major
markets since the start of 2015.
 Investors have bought stocks which were either amongst the worst performing last year or are in the
growth category. Mechel (+141% YTD) and Luxoft (+32% YTD) are respective examples.
 The key reasons include the rally in the oil price and the fact that heavy-weapons appear to be
withdrawn by both sides in eastern Ukraine. There are also other factors which have helped allow
optimism to rise, including two significant deals by US companies to acquire Russian businesses.

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