Russia's RTS Index has dropped over 20% from its post-Sanctions 1.0 highs in June, officially entering a bear market. The Ruble continues to slide, breaking above 39.50 against the USD - record weakness. Whether it is US/EU sanctions "costs" and/or merely EM risk-off hot money outflows is unclear, but what is clear is that Russian stocks are extremely cheap...
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Chart: Bloomberg
