Oil and gas aren't the only gushers in Russia these days. Structured finance is bubbling forth like a hot new energy source, with HVB forecasting that the country will crank out $2.5 billion in ABS and MBS this year, a booming business that was nothing more than a fanciful idea as recently as three years ago.

Behind part of the recent growth is consumer finance ABS, which, in turn, has found a powerful champion in Russian Standard Bank, the biggest privately owned consumer lending bank in the country.

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