Private equity firms have largely shunned Russia in favour of fellow Bric economies of Brazil, India and China during the past decade, according to research by law firm Freshfields Bruckhaus Deringer.

China, India and Brazil mopped up two thirds, 64%, of emerging markets private equity deals over the past decade, according to research compiled by Freshfields using Thomson One data. In comparison, just 12 deals, or 5%, of emerging markets private equity deals were done in Russia between 2003 and 30 June 2013.