The recent slow down in the Russian economy has come after a relatively good year for Russia.  

The Russian bond market was one of the better performers last year as agencies have been steadily increasing  Russia's ratings.

Russian and foreign banks have been buying GKOs (Russian Treasury Bills) for the first time since August 1998.  Partly because the State Budget has been running at an overall surplus for the first time in Post-Soviet history.  Reasons for the sudden turnaround in fortunes:

Commodity Prices - world prices have been steadily rising giving Russia an export windfall.

Devaluation - made imports more expensive meaning home grown products, which were uncompetitive with the overvalued Rouble, can now find a domestic market