Political Risk Takes A Swing At Russian PPPs

We have long-held the view that political risk is the main element that could ultimately curtail growth in Russia's infrastructure sector. Public policy remains opaque, convoluted and subject to frequent change. Political risk levels have been further intensified by the fallout following the Duma elections. It has been this mixture of increased political risk and financial markets turmoil that has prompted the Russian bank VTB to postpone a project bond auction for the Western High Speed Diameter project, the flagship Russian PPP.

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