A diversified payment rights securitisation for ZAO Raiffeisenbank reopened this important source of funding in Russia for the first time since the financial crisis, but joint lead manager WestLB will not be around to manage follow-up deals.

Citi’s debt capital markets team switched nimbly between reopening Russian markets when risk appetite was high and placing Gulf state sukuk when investors searched for safety.

Closer economic integration of countries in the Commonwealth of Independent States has been discussed for many years without practical progress. The launch of a Single Economic Space between Russia, Kazakhstan and Belarus may be about to change that.

The Russian government is pushing hard for more financing to find its way to the small and medium-sized enterprise sector, but opaque accounts and a shortage of management skills are deterring banks and private equity funds alike.

The largest state-owned banks still dominate the top of Russia’s banking system, but high returns, specialisation and consolidation in the private sector are creating signs of change.

Russia's regional banks are often closer to their customers than the Moscow-based giants, but they can be hampered by a lack of both capital and transparency. While a new development fund is intended to change that, some critics argue that new capital adequacy requirements threaten their very existence.

Russian central bank governor Sergei Ignatiev's decision not to intervene when the country's currency came under pressure earlier this year has been welcomed by economists as a sign that the country's commitment to a more open economy is genuine. The governor explains to The Banker that such a policy is part of his long-term plan for the country.