| It is not normally a very sensible policy to invest in countries that have incurred international sanctions in response to their unacceptable behaviour, but Russia could be an exception. The partial recovery in the oil price has allowed its economy to return to growth, yet it remains the cheapest major market and is trading on a PE ratio of 5.8 times forward projected earnings with an attractive prospective yield of 5.9%.
Russia has lagged behind almost all the world's major equity markets over the last five years and it now offers an intriguing value opportunity for adventurous investors. Inflation has fallen, the currency has stabilised and the World Bank expects the economy to grow by 1.8% in both 2018 and 2019. | 
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