With Russian stock markets having stabilized earlier than almost any other markets in the world, Russia now appears to present one of the best investment cases in the world:

• After the tremendous drop in equity markets worldwide due to the 2008-9 liquidity and general economic crisis, the aggregate P/E ratio for Russia has fallen to less than 3, by far the lowest of any major market in the world.
  

• Russia has experienced almost 10 years of political stability and this condition shows little sign of changing in the foreseeable future.
  
  
• Russia's economy has grown for nine consecutive years, grew at over a 6% rate in 2008 and should remain at roughly the same level for 2009. Thereafter, it looks to again grow at a 5-6% pace for the foreseeable future.
  
  
• Russia, as the second largest oil exporter in the world after Saudi Arabia, is the beneficiary of large cash flows. Its foreign trade surplus is currently running at approx. $300 billion per year and its current account balance exceeds $350 billion -- the third largest in the world -- notwithstanding the large amounts of government money recently spent to stem the liquidity crisis.
  
  
• In 2008, Russia became the largest user of consumer goods in Europe.
  
  
• Russia became the second-largest emerging market recipient of foreign direct investment (FDI) in 2008 (after China), exceeding $40 billion.
  
  
• Moody's, Standard and Poor's and Fitch all raised their investment ratings of Russia in 2007 and 2008; these ratings are being lowered slightly in 2009, but in all cases still exceed investment grade.