Russian stocks had outperformed nearly all others this year through the end of May. Since then, however, the Russian market has plunged 21%, placing it firmly in bear market territory. It would be easy to blame the decline on recent economic data, which has been almost uniformly terrible. May's gross domestic product, for instance, dropped 11% year over year, the worst decline since 1998, and industrial production plummeted 17.7%.
展开▼
