Mergers and acquisitions activity in Russia has risen for a second consecutive quarter with further gains anticipated in the second half, signalling a recovery in one of the worst-hit markets for deal-making last year.

Transactions worth a total of $18.3bn (€12.9bn) were carried out during the second quarter of this year - twice as much as in the first three months, and nearly three times as much as the fourth quarter of 2008, according to a report by accountants KPMG.