Russian equities are set to outperform in 2011, according to Bank of America Merrill Lynch, and realign the country with the growth story that has continued unabated in other traditional emerging markets including China and Brazil.

Russia was named as one of the bank's top picks for outperformance in 2011 at an outlook conference in London this week. Analysts said winning the race to host the football World Cup in 2018 was just one of the catalysts that would set the country on a path to growth.