Russia’s cooling market climate has spurred an exodus of international investors. And the forecast calls for the cold snap to linger. A worsening outlook for the price of crude, the country’s biggest export, and international sanctions that are pushing Russia toward its first recession since 2009 have prompted money managers at Franklin Templeton Investments and BNP Paribas SA to retrench. With the world’s largest energy exporter so dependent on oil, which along with natural gas accounts for half its budget revenue, Morgan Stanley predicts “a long winter” absent any other growth drivers. “For now there’s stability, but the price of oil seems to be settling in at a new normal,” Ruchir Sharma, the head of emerging markets at Morgan Stanley Investment Management, said in an interview at Bloomberg headquarters in New York. “It’s a stability, but stability with stagnation. I don’t know how long they can coexist, but this […]