Russian conflict not affecting bull stance

Military action in Georgia yet to convince fund manager of declining fundamentals in Russia

Military action in Georgia and a falling oil price are yet to convince the industry's many bulls on Russia of declining fundamentals in the region. Most claim the long-term case for the region remains intact, despite a near 30% decline in the RTS index in recent months. Neptune's Rob Burnett, head of European equities, said the Russian economy is still the least exposed to the credit crunch and the consumer continues to boom. "The recent drop in the oil price from $145 to $115 has dented investor confidence and it has been impossible to avoid the effects on the whole of the Russian ma...