The Valerian Days
Journal: Oxford University Press eBooks
Year: 2025

Abstract Russia began to recover quickly from the 1998 default. The resources supercycle drove strong demand for Russia’s natural abundance; rising prices for oil and gas created phenomenal wealth in Russia. Western investors overlooked many of the red flags in Russian companies, and foreign direct investment in Russia surged. Moscow became a global magnet for investment—so much so, that flights and hotels became difficult to book. Foreign brands, including luxury, high-fashion designers, moved