A woman holds new 200 and 2,000 rouble banknotes in a bank in Moscow, Russia November 21, 2017. REUTERS/Maxim Shemetov
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The measure may create fewer problems for Russia though than were faced by Argentina, given Russia has one of the lowest debt levels in the world and nearly half a trillion U.S. dollars in reserves thanks to huge oil and gas export revenues.In addition, Russia features less in emerging market investors' portfolios than it did even five years ago.As overseas borrowing by the Russian government and companies has shrunk, so has the country's weighting on bond indexes that are used by investors.For instance, Russia comprises just 3.6 percent of JPMorgan's EMBI Global "hard currency" sovereign bond index, compared to 9 percent in 2007 . Russia has a higher 7.6 percent weight in the index for emerging local currency bonds, the GBI-EM.That reflects Russia's own stagnation, says Renaissance Capital's global economist, Charles Robertson. He notes the three biggest companies in Russia's equity index are the same ones as back in 2007 – Gazprom, Sberbank and Rosneft.Russia's Gazprom was the biggest company in the index back in 2007 .
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