Strategy Note /
Global

Russia and its security buffer

  • In Russia's security buffer, Belarus, Georgia, Armenia, Kazakhstan and Tajikistan have become more aligned recently

  • Ukraine's the missing piece but hot conflict in west Ukraine is too costly, limiting any notion of 'Russian resurgence'

  • De-escalation is the rational option and that should help Russian equities, which are cheap at 5.5x PE and 9.7% DY

Russia and its security buffer
Hasnain Malik
Hasnain Malik

Strategy & Head of Equity Research

Tellimer Research
10 January 2022
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