Russia-2022: Macro Stability to Be Prioritized

... would have posted strong gains if it were not for the escalation in geopolitical risks associated with Russia’s stand-off with Ukraine. This sharp increase in geopolitical uncertainty erased a significant part of the earlier gains posted in Russia’s stock ... ... in the tax regime. Nevertheless, there may be important drivers for Russia’s markets in the coming year, with the overall macroeconomic backdrop expected to demonstrate decent growth and inflation declining starting from the second quarter. On the ...