Legg Mason: Russia in an "enviable" position despite turmoil

The cost of credit-default swaps - financial instruments designed to protect bondholders from default - has recently spiked, implying greater than 60pc probability of default. Russian assets have not been this under threat since 1998, but Rasulov believes the country is now in a significantly better economic and financial position. "Due to prudent financial management, Russia has accumulated substantial reserves (the third largest in the world) and set aside funds to bridge the budgetary gap during periods of depressed oil prices," he said. "While the Russian currency is likely to dep...