Russia-Focused Hedge Funds Fall Sharply

May 15 2014 | 2:44pm ET

Russia may be withstanding international sanctions over its annexation of the Crimea, but hedge funds focused on the country are not.

The sanctions imposed since Russia’s occupation of the Ukrainian territory have failed to have the bite that Western leaders hoped for. But they have sent the country’s stock market into a tailspin, one that has taken hedge funds investing in Russia with it.

Moscow-based Prosperity Capital is down 16.2% through April 24, The Wall Street Journal reports. Firebird Management, which is based in the U.S. but invests in Russia and Eastern Europe, has seen its main fund lose 14.3%.

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