go over to of what i'm here over at the unicredit securities i have is the process of diversification away from oil and gas and is that on track because we've been the i've lived in russia for twelve years and i've heard about it for twelve years is it being meaningfully done. well if you know if you if you look at the structure of russian economy i guess it was mentioned before that. for example things like services and financial services are contributing more than one half of. me is actually a diversified economy it's not that easily double oil dominated russia is a major oil exporter about it's not necessarily the oil doesn't have a lot of it well of course is important but. but i would really see it as a function of the fact that we have too much oil on the ground and actually i would really want to comment on that issue i really don't think that the high oil prices or oil resources is a curse russia can reform if well prices is high or low or out of course it's maybe less likely to reform but it can definitely have a possibility of that is not zero so it's not impossible so it's

ok vladimir over at unicredit securities that i to go back to you so is the dutch disease a myth when it comes to russia or just as russia have its own russia disease. well yes and i guess russia does have problems with. russian tradeable goods sectors do have problems well prices do rise and the ruble appreciates of course there we see substantial problems in a key benefactor of producers they do have losses and there is a huge n.p.a. import competition can potentially increase and if this situation prevails but at the other hand i would say that the russian market as a whole is not as developed then is not really it is really big enough to sustain the last big you know substantial big domestic industries actually so for example if you are talking about countries which usually are talked about that you talk about there is this for example at norway australia or something like that then. the cooperation of russia is actually the bigger the population of those countries combined so it's potentially it's much bigger market which can accommodate. most of the best most of foreign players

an independent fund manager lattimer also cos he is head of strategic planning and development at unicredit securities and lie to me or to commute off he is chief economist at the critter financial corp ok eric i'm going to go to you first you're very well known fund manager here you've been here actually longer than i have and you write this letter weekly right off its monthly no truth and beauty and russian finance which is not only very smart it's very funny so my first question goes to you how do you correlate high oil prices and investment in russia do we correlate well or not well i mean there is a persistent myth that the russian economy and market is only about oil and i've since quit a quick argument with it i mean since oil is a one way bet and it's in the medium term i don't really think it matters very much the point is that what really is been slowing the investment into russia has been a combination of extremely negative coverage in the western press and the russians own god given talent for screwing up their public relations the russians can make themselves look bad giving ou

there is a chance things will get better in the coming days that's according to senegal sidorov from unicredit securities these situations where virtually all the mortgages through with news leader intervals leave them only get worse is that just we're seeing degree of correction you know oil and other what it used to russia that it was you know that most of my personal fundamental use that sycamore you do this is a dollar still going to be going to be is nothing near nothing treats will believe it of the year is super cycle is still there so it's not unusual to see it at the time so for a correction though which you know if you're bullish doesn't reach you're going over to digital. and that's on the business for this hour we'll have more for you in just on her nose time see that. we'll. bring you the latest in science and technology from around the world. we've got a few jerks covered.