Following your advice earlier in the year, I now hold a more diversified S&S ISA portfolio. However, is it time to consider Russian funds and a cheaper supermarket?

The following is not personal investment advice, but some of the points could be applied to OPs question on Russia.

I work for a company (economics bureau) that advices multinational companies on difficult markets. The way these companies invest/apply lessons of market is different but the lessons can be applied to PF.

You're right about Russia. It's a shit-show right now short term. Inflation is high (could be double digits soon) - the central bank is making unpredictable and sharp moves overnight (interest rate spikes) to defend the currency. Oil price falls are creating havoc in government finances and its raw ability to spend.

Putin has made it clear that he will not back down from his foreign policy stance. This doesn't mean Russia can't find a compromise solution with Ukraine, but it could take a long time. Therefore, sanctions relief is unlikely in the short/medium term.

On the economy, Putin has said that the Russian people need to get used to living in this 'new normal' environment for some time. As in, oil prices will rise again long term- but until that happens, there won't be a huge stimulus or any action to address concerns for business or the general population. However - any actions will be limited to damage control. Mostly in the state owned sector.

The general consensus is that is nothing going on right now to encourage a return of investment. Large structural inefficiencies in the economy means stagnation is very likely for many years to come.

One of the big fears is that government could nationalise industries - but that fear has never really gone anywhere since the 90's.

Making money is not really going to happen for a lot of companies. Margins are razor thin and suppliers/distributors in county are struggling. Consumers have less buying power and government does too. Additionally, b2b is struggling as companies hold off on investment.

TL;DR: Russia is unpredictable and is currently in a perfect storm of economic uncertainty with several facets. The political system is stable but the government will not do much to address the problem.

Real TL;DR: Expect long term economic stagnation.

P.s I've purposely left off our actual investment advice as PF decisions are very personal by nature and will take into account your risk tolerance etc.

/r/UKPersonalFinance Thread