Whether Russia really can hope to lure back foreign funds is an open question. Citigroup has cut its holdings in Russia by almost 10pc this year, and others such as JP Morgan and Deutsche Bank have made similar moves. "Never since the Second World War have we seen a financial crisis of this kind caused by political events in a very large country that is fully integrated into the world financial system. There are things happening beyond our control," said Irackly Mtibelishvily, Citigroup's chairman in Russia.