Russia’s RTS index staged a modest recovery this week, rising by nearly 17pc to 972 points on 25 March. But it remains far lower than for most of the past three years, amid a global economic crisis caused by the coronavirus pandemic. The pandemic and the derailed Opec+ deal — resulting in the most severe oil price collapse in two decades — have delivered a double blow to the Russian economy, Bank Uralsib says. The bank expects a deterioration in Russia’s econom- ic outlook, with growth falling to around zero, infation rising to above 4pc this autumn, from 2.3pc in February, and a federal budget defcit of 1.3pc of GDP.
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