Russia, which is vulnerable to oil price fluctuations, is unlikely to receive a credit rating upgrade until after elections next year, according to Schroders, the UK-based fund manager.

Gabor Sitanyi, director of European emerging markets at Schroders, said: "As a result of strong external and fiscal positions Russia may win further credit rating upgrades, but it is unlikely to obtain an investment grade rating until after 2004 presidential elections." The elections take place next March.