Strategy Note /
GlobalRussia 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
Hasnain Malik
Strategy & Head of Equity Research @ Tellimer Research
10 January 2022
Published byTellimer Research
