Russia's capital expenditure is falling with no hope of relief

Although corporate profits in specific export-oriented industries continue to gain from the ruble weakness, it does not provide enough stimulus for expansive investment as volatile commodity markets combine with greater uncertainty on long-term Chinese demand. 

Local market-oriented enterprises prefer to translate their capex programs into ruble, thus the recent currency depreciation likely has impaired fixed asset investment. At worst, the impact of huge fiscal imbalances on the government will require spending cuts, thus some delays and the marginal optimization of ongoing projects could mean lower investment. 

"For August, we anticipate a further decrease in investment to reach -9.0% yoy", says societe Generale.