In 1998, a swing in commodity prices had Russia’s economy reeling. Exacerbated by the ongoing global recession, the value of the country’s energy and metals exports slumped as Asian growth slowed. Ten years on, and with another global recession on the horizon, Russia’s markets are in rude health.

Demand for Russian resources in emerging markets worldwide makes the country’s commodity story an obvious one. As well as supplying more than a quarter of western Europe’s natural gas, Russia’s reserves of industrial metals and potash, a fertiliser, means that it is safely riding the global commodity price boom. These days, however, the Russia story is not simply a commodities one, according to Ghadir Abu Leil-Cooper, manager of Baring Asset Management’s Russia Fund.