The Doha-disappointment appears to have sparked some risk-aversion as yesterday saw Russia's biggest exchange-traded fund - Market Vectors Russia ETF (RSXRSX) - suffer its largest outflows since May 2015.

However, in a perfect example of ill-timed moves, Russian stocks have soared over 6% from the knee-jerk lows pushing back up towards cycle highs.

Of course, this selling pressure makes some sense given that oil and natural gas account for about a third of Russia’s budget revenue and almost 60 percent of its exports. But of course, a disappointing Doha appears to have sparked panic-buying around the world in everything.