(MENAFN) Russian energy sector returns have risen by about 22 percent in a year time, with no other country closing in on such profits in the same sector, CNBC reported.
The Canadian energy sector witnessed smallish increase in its returns, when compared with Russia, marking only 1.8 percent this year. MSCI USA Index, on the other hand, is up by a mere 0.7 percent.
Analysts ascribe Russia's energy success to its dropping market before the oil crisis began. Russia managed to keep good scores in its energy sector despite geopolitical problems and currency issues.
"The market fell when the oil environment was good. So when everyone downgraded their oil price assumptions, these companies were already cheap," an oil and gas analyst with Merrill Lynch Russia said in a statement.
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