The rally in Russian stocks traded in Moscow probably won’t last much longer as the benchmark index re-establishes its correlation with oil, which has plunged to less than half its five-year average price, according to Pavilion Global Markets Ltd. The ruble-denominated Micex Index has gained 22 percent this year, compared with a 13 percent drop in the MSCI Emerging Markets Index. In dollar terms, the Russian gauge is up 3.5 percent in 2015. The equity rally comes as Brent crude, the benchmark used to price the country’s exports, sells for less than $50 a barrel, about 30 percent below this year’s high. Slumping oil prices and sanctions linked to the Ukraine conflict have pushed the world’s largest energy exporter into its first recession since 2009. While the depreciation of the ruble, which has weakened 19 percent in the past three months, might explain some of the resilience in locally […]