Surging interest from foreign buyers sent the number and value of Russian mergers and acquisitions to record levels last year.

The value of Russian M&A jumped 65% to €42bn ($50bn) with the number of deals up 64% to 480, according to adviser Ernst & Young. Andreas Nendza, Ernst & Young's head of transaction advisory services in the Commonwealth of Independent States, said: "Foreign investments in the form of M&A are becoming more diversified. The interest has partly shifted from natural resources to consumer products and financial services."