Fund managers expect Russia’s assets to remain closed to Western investors

Large fund managers expect the bulk of Russia’s assets to remain closed to Western investors, despite a flurry of “exotic” trades betting on a rapprochement between Moscow and Washington.

The diplomatic thaw, ushered in by US President Donald Trump’s perceived openness to Russia’s Vladimir Putin, has prompted bets on Russian-linked financial assets, including the rouble, Kazakhstan’s tenge currency – a rouble proxy – and the bonds of Russian energy companies