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What are grown-up investors to make of relations between Russia and the West? The rhetoric emanating from politicians and media commentators, in the US and UK at least, seems to be drawn from another era. Mainstream British and American newspapers are full of coverage about the Kremlin’s connections to US President Donald Trump, Secretary of State Rex Tillerson and Trump’s former National Security Advisor Michael Flynn. Some headlines go into full Cold War retro mode, talking of spy swaps and “Soviet agents”.

Russia’s official media has, typically, responded in spades. Against the background of the Ukraine crisis and related sanctions, accusations of “Kremlin meddling” in the US election have been met with more, even harsher, anti-Western rhetoric from Moscow. Such spiralling paranoia makes it seem like we’re through a bizarre re-run of the halcyon days of McCarthyism and Mutually Assured Destruction.
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I’ve been struck in recent days by the growing gulf between conflicting points of view towards the crisis in Crimea. I’m not referring to the firmly held differences in opinion between respective governments in London and Washington on the one hand and Moscow on the other. What I have in mind, after numerous conversations and broadcasts about Russia and Ukraine over the last week, and having closely followed events in this region for many years, is the polarization of opinion within the West itself.

As far as our politicians and diplomats are concerned, Russia remains the Cold War enemy, our implacably foe, where little or nothing has changed since US President Ronald Reagan dubbed the Soviet Union “the evil empire”. Never mind that the USSR collapsed almost a quarter of a century ago, or that it was 31 years ago yesterday that Reagan made that speech.

Who cares if post-Soviet Russia has transformed itself, via the chaos of the 1990s, from a closed, sclerotic, planned economy based on armaments and commodities, into a nascent capitalist society, well-integrated into global commerce and, unlike any other large emerging market, with a fully-open capital account?
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