Since I issued my "Sell" call on the US on May 16th, Russia has held up relatively well, outperforming US stocks by a considerable margin. If we go back to April 1st (see chart), we see "Putin's Power" quantified, with a stock market appreciation of +14%.
Yes, this has a lot to do with commodities, and from a stylistic factoring perspective Russian stocks look a lot like Canadian stocks do. Other than maybe the Canada/Russia gold medal hockey games, natural resource exposure to oil and natural gas is about the only 2 things these cultures have in common.
Do not underestimate the risks associated with Putin's Geopolitical Power amplifying.
(chart courtesy of stockcharts.com)