Vladimir Putin’s warning that Renault must provide further financing for Avtovaz, the Russian carmaker, or see its 25 per cent stake diluted will send Siberian shivers down investors’ spines. These may prove unwarranted. Arguably, Avtovaz’s Russian state owners have in effect funded an $800m capital increase, so minority investor Renault should also contribute.

Investors will worry, however, that this could become another example of Moscow renegotiating a deal with a foreign investor under duress, as happened with Royal Dutch Shell.