investors cut investments in foreign securities by $4 billion – Kommersant

Since February 2022, Russian investors have reduced investments in foreign securities from $7 billion to $3 billion, said the head of the Central Bank (CB) Elvira Nabiullina. According to her, now the majority of holders of foreign securities are qualified investors.

“During this time, people have significantly reduced their investments in foreign securities. And now among the holders of foreign securities, 80% are already qualified investors,” she said in an interview RBC.

As the head of the Central Bank clarified, there are risks of investing in foreign securities even through the infrastructure of friendly countries. “Many investors who held foreign securities through the infrastructure of friendly countries encountered problems. Now, due to the risk of secondary sanctions, these organizations carry out lengthy compliance procedures,” added Ms. Nabiullina.

Over the past two years, the Russian collective investment market has been left with almost no access to securities of foreign companies. This happened due to sanctions against Russian infrastructure – NSD and St. Petersburg Exchange. Alternatively, there are mutual funds with replacement and yuan bonds, as well as gold funds. In 2024, managers may also launch funds focused on the markets of friendly countries, but at the first stage they will be available only to qualified investors.

Details are in the Kommersant appendix. “The overseas shore is foreign to us”.

Laura Keffer