Russia is not just about oil, nickel, and Putin. Russia spans 11 time zones, has 35 languages which have official status in some part of the country, and over 185 ethnic groups call Russia home. Similarly, Russian equities are not just limited to oil and gas producers and commodity exporters. Russia has a thriving technology sector, fast growing retailers, and banks that have the advantage of operating in a country with a very low level of household debt. Over time, we expect these other sectors to grow in market capitalisation and in importance to the economy as a whole.
Market Cap of Russian Tech Sector (USD bn)
Data Source: Bloomberg. Note: Combines market cap of Mail.Ru, Yandex, Qiwi, Luxoft, and EPAM
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