Russian oil and gas exporters will benefit from weak ruble as long as oil prices remain high, analysts polled by RBC said, commenting on the decline in stock prices and ruble's value against the U.S. dollar as global stock markets slumped on gloomy economic outlook.
High oil price is expected to bolster Russian oil and gas stocks, IFK Metropol expert Sergey Vakhromeyev said. Another positive factor is that exporters get revenue in U.S. dollars and make spending in rubles.
Meanwhile, Credit Suisse First Boston experts downgraded the stocks of oil majors Rosneft and Lukoil saying that the Russian oil companies could face tougher environment than during the sell-off of 2008.
By contrast, Russian electric power companies are expected to perform worse than market, experts said.
