An air of cautious optimism is cheering Russian mergers and acquisitions advisers, at a time when their counterparts elsewhere in the world are bemoaning the lack of deals and the associated juicy fees.

For several years now many investment bankers have feared dabbling in Russian M&A. The country's reputation precedes it. When referring to Russia, those unfamiliar with corporate Russia casually use words like "corruption" and "fraud" as though it were impossible to do any business in the country without bumping into the local criminal fraternity.