Monovski: Russian infrastructure at risk from falling price of oil

Plamen Monovski, Renaissance Asset Management's chief investment officer, has warned Russian infrastructure stocks are at risk if the oil price declines.

The ex-BlackRock manager, who runs Renaissance’s Emerging Europe and Russian Infrastructure Equities funds, said a decline in the price of crude could see the government pull back from plans to improve the country’s transport systems. The oil price is 50% higher than a year ago, having surged from $80 a barrel to around $120, and the manager said a period of weakness would reduce the will of the authorities to invest. Monovski said: “If the oil price collapses, there will be problems. The Kremlin will still have the means, but probably not the guts, to proceed with the infrastructure ...