What the Pros Are Watching in Moscow

INTEREST RATES
They're key to Russia's performance in 1998. Treasury bond yields exceeding 30% are bleeding money from the stock market, slowing the economy, and swelling the already bloated budget deficit.

TAX RECEIPTS
Now comprising only half of targeted government revenues, they must be improved. But the International Monetary Fund sees enough progress to let it release $1 billion in loans.

DICEY STOCKS
Oil and gas is Russia's strong suit, but industry restructuring has investors on edge. Even giant Lukoil isn't likely to appreciate much. Barter deals and bad debts are hobbling other favorites, including Unified Energy System. Phone companies may have better cash flow, and some stock-pickers like auto maker Gaz for its strong management and foreign investment.