According to Nomura, 13% of Toshin investors responding to a bank survey said that they prefer to hold Brazil and other foreign bonds for more than five years, with 23.3% holding on average of three to five years.

FORBES: Will Japan Slow the Brazilian Carry-Trade?

For the most part, however, even when they have local banking licences, foreign banks prefer to stick to a handful of ultra-respectable corporate clients in Moscow, rather than risk the costs and uncertainties of dealing with ordinary Russian individuals and businesses.

ECONOMIST: Russian banks