But while you could very credibly argue that the ruble was becoming dangerously overvalued during the height of the 2007-08 energy boom, at the present time it would appear that, if anything, the ruble is actually modestly undervalued.
Sacyr was one of a trio of big Spanish construction companies that grabbed stakes in the country's biggest energy firms in the go-go days of 2006, near the height of Spain's property bubble.