Bloomberg blogger Bershidsky speculates that Russian economy may have turned the corner

Bloomberg blogger Leonid Bershidsky last week suggested that, with the Central Bank of Russia’s (CBR)  currency reserves on the increase for the first time since last July, Russia’s economy may be past the worst of the effects of the panic caused by last year’s oil price slump. The founding editor of Forbes Russia – who quit Russia last year, disillusioned – also speculates that Russia’s improving indicators may lead Western governments to conclude that economic sanctions are having no discernible effect and that President Vladimir Putin’s regime and the country it runs are not on the verge of  imminent collapse. In his blog, Bershidsky also argues that, thanks partly  to the CBR’s decision to raise interest rates to 17 % (they currently stand at 14%, Russia has  re-emerged as an attractive if risky carry trade destination.