This is extraordinarily risky.

What happened today is that it is a level playing field, international investors are treated equally to Russian investors, they do not need to hide behind the local structure.

The only reason you'd want to own it is if you believe in Santa Claus.

This is something that investors have been waiting for for nearly a decade. It's the end of an era.

Why sully the country's reputation when they've gone down this path only to back off at the end?

If there was a time to do a deal it was a year ago.

There is no more wiggle room.