It is hard to talk up the case for investing in Russia at the moment. Falling oil prices, recent armed conflict between Russia and Georgia and corporate hostilities with the west have sent investors running for cover and the stock market falling to a two-year low.

Net outflows over the past 10 weeks have topped $900m (£509m, €639m), according to EPFR, a Boston-based group that tracks global fund flows. “In a very short time Russia has gone from being the darling of emerging market investors to their scourge,” says Brad Durham, EPFR managing director.