Mergers and acquisitions in Russia and other former Soviet republics surged to record highs last year, highlighting the region's continuing economic recovery, according to a report from Ernst & Young.

Russia's M&A activity soared 41 per cent to $71bn (€53bn, £36bn), making it by far the biggest M&A market in the Commonwealth of Independent States. Metals and mining led activity for the first time in value terms, overtaking oil and gas. Other active sectors included financial services, media and retail.