What a difference a year makes.
Twelve months ago, the mood of the Russian delegation at the World Economic Forum in Davos was distinctly gloomy, with oil prices near 12-year lows below $30 per barrel and Western sanctions depressing their economy and financial markets.
Since then, however, Russian stock and bond markets have risen about 50 percent, boosted by rebounding oil and - more recently - expectations the new U.S. presidency of Donald Trump will ease the sanctions imposed over Moscow's actions in Ukraine.
Russian officials and company executives at the forum attended by the world's political and business elites in the Swiss Alps this week were far more bullish, with many predicting the markets rally would continue this year.
"This is one of the most positive forums in the last few years. Today our Western counterparties - bankers and investors - can talk freely again about investments in Russia," Andrei Guryev, chief executive of fertilizer giant PhosAgro, told Reuters on the sidelines of the forum.
Russia's economy is still in the early stages of a recovery.
There are however promising signs after more than two years of pain. Oil - a crucial source of revenue - has bounced back above $50 and Russian manufacturing expanded at its fastest pace since 2011 in December, a sign the economy is starting to grow again.