The Russian bear is back. If we take the traditional definition of a “bear market” as a fall of 20 per cent, then its benchmark RTS stock index has suffered a bear market in the past month.

Let us put this into context. The RTS staged its decline after gaining 144 per cent in four months, after a previous fall of 80.3 per cent. It is still up 81.1 per cent from its trough in January.