Hammer and Fickle

As the Kremlin wields a Soviet-style judicial hammer to bring Russia‘s oligarchs into line, fund managers wait for capricious investors to see if fighting corruption is healthy for business

The Yukos scandal, which has involved the arrest of Mikhail Khodorkovsky, Russia‘s richest man, the suspension of 44% of shares in the company and the resignation of Alexander Voloshin as head of the presidential administration, has rocked financial players in the old superpower.

However, as investors ask whether Russia has really modernised, whether they as investors are safe and whether Vladimir Putin‘s government is looking to renationalise, European hedge fund managers regard occurrences