Foreign investment funds have been buying shares in Russian companies for a second week. In the first two weeks of July, Russia’s equity market attracted $98.8 million in foreign investment.

This week saw non-residents buy $96.3 million in Russian assets, reports Sberbank CIB citing data from Emerging Portfolio Fund Research.

The major influx came from funds purchasing Russian equities along with other emerging markets’ assets. However, funds invested $9.1 million directly in the Russian market after moving out $17.9 million a week ago.

The influx has offset the post-Brexit outflow of around $100 million. Although compared to last March, the volume of foreign investment in Russian assets dropped by $440 million.

Russia’s foreign portfolio investments saw $1.6 million in fresh capital during the second week of July – almost 12 times more than the previous week, according to Sberbank CIB analyst Cole Acheson.

“The change proves that investors feel global central banks aim to keep a more accommodative policy and that the US Federal Reserve will leave key interest rates unchanged till the end of the current year,” explained the analyst.