The reverse follows a slump that wiped out more than $1 trillion in market capitalization.
Rising interest rates have made debt burdens heavier, the company's analysts warned.
Investors have snapped up local bonds from Indonesia and Thailand, where benchmark rates had hovered around the record lows.
Russia's sovereign debt has handed investors average losses of 81% since the start of the year, the firm said.
The losses come as investors brace for Federal Reserve policy makers to signal a rate hike in March.
Please log back in before proceeding.
There was an error logging in. Please try again.
Congrats! You are now logged in. Your exam is being submitted.
