Putin, Xi, Moscow, 2025

Prepare for chaos. The era of changing world leaders begins

When three or even four great wars are raging, who can doubt the dangers of this period?

The legacy left to us by Canadian singer-prophet Leonard Cohen ends with the dark line:
“Oh, and one more thing – you won’t like what comes after America.”

As the world marks the 80th anniversary of the end of World War II in Europe, it is becoming increasingly clear that the remarkably durable US-led international order is fading. Now the world is desperately trying to figure out what will replace it. A new multipolar order? Spheres of influence? A global version of the 19th-century Vienna Concert of Powers? But the most likely scenario is a long and dangerous period of global disorder .

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(RU) Президент США Дональд Трамп запретил финансирование исследований опасных вирусов

Трамп подписал указ, запрещающий финансирование исследований потенциально опасных вирусов, в том числе за рубежом. Такие исследования необходимы, чтобы подготовить человечество к возможным пандемиям, отмечали вирусологи.

Президент США Дональд Трамп подписал указ, запрещающий федеральное финансирование «опасных исследований по усилению функций патогенов без надлежащего контроля» в Китае, Иране и других странах. В пресс-релизе на сайте Белого дома говорится, что такой шаг позволит защитить американских граждан от «инцидентов в области биологической безопасности».

Документ предоставляет американским исследовательским агентствам право выявлять и прекращать финансирование биологических исследований, способных угрожать «общественному здоровью, общественной безопасности или национальной безопасности США». Указ также запрещает финансирование зарубежных исследований, которые, как утверждается, могут привести к новой пандемии.

«Указ защитит американцев от несчастных случаев в лабораториях и других инцидентов, связанных с биологической безопасностью. Например тех, которые, вероятно, стали причиной COVID-19 и русского гриппа 1977 года», — говорится в пресс-релизе Белого дома.

Крах доткомов

RU: Крах доткомов в США: как это было в начале 2000х

События, приведшие к финансовой катастрофе на NASDAQ в 2000-2002 годах, действительно были многофакторными и сложными. Вот некоторые ключевые моменты, которые стоит выделить:

  1. Отсутствие достаточной проверки компаний: На фоне стремительного роста интереса к интернет-технологиям и доткомам, биржа не проводила достаточной проверки компаний перед их выходом на IPO. Это привело к тому, что многие компании с плохой финансовой ситуацией или без четкого бизнес-плана получили возможность привлекать капиталы. Некоторые знаменитые примеры — это компании, которые имели большие обещания, но не были способны обеспечивать устойчивую прибыль.

  2. Неправильная финансовая отчетность: Некоторые компании публиковали неверные или запутанные данные о своих финансах, что вводило инвесторов в заблуждение о реальном состоянии дел. Это повышало доверие к компаниям без соответствующей основы.

  3. Глобальные экономические факторы: Спад в японской экономике в конце 90-х стал спусковым мостиком для более широкого панического сбыта акций. Убедившись в том, что одна из крупнейших экономик мира сталкивается с проблемами, инвесторы начали распродажу акций технологического сектора.

  4. Изменения в монетарной политике: Повышение ключевой процентной ставки Федеральной резервной системы в 2000 году было одним из важных факторов. Такое охлаждение экономики и повышение ставок означали, что доступные кредитные ресурсы становятся дороже, что крайне негативно сказалось на рисковых инвестициях, таких как акции.

  5. Смена ожиданий инвесторов: Рынок в начале 2000-х был сильно переоценен, и как только у инвесторов возникли сомнения в реальных перспективах роста многих доткомов, произошло резкое падение доверия и продажа активов.

Эти факторы в совокупности создали идеальную бурю, в результате чего NASDAQ потерял около 75% своей стоимости, что стало одним из самых крупных финансовых кризисов начала XXI века. Последствия этого кризиса отразились не только на экономике США, но и на мировых финансовых рынках в целом.

 

Было еще несколько знаковых компаний, которые стали символами “пузыря” доткомов в конце 1990-х и начале 2000-х годов, которые затем столкнулись с серьезными трудностями после его падения. Краткое резюме их историй и причин неудач:

  1. Priceline.com (ныне Booking Holdings): Компания занятие в сфере онлайн-бронирования путешествий с уникальной бизнес-моделью позволила им быстро завоевать рынок. Однако невероятные темпы роста и агрессивные маркетинговые стратегии также привели к значительным убыткам. После краха рынка в 2000 году стоимость акций упала, но компания смогла адаптироваться и выжила.

  2. Pets.com: Компания была известна своим высоким уровнем расходов на маркетинг и затратной бизнес-моделью. Несмотря на значительные инвестиции и внимание медиа, Pets.com не смогла добиться прибыльности и в конечном итоге обанкротилась, став одним из наиболее запоминающихся примеров дотком-бюллетеня, включая их знаменитую рекламу с пушистым персонажем.

  3. Webvan.com: Пионер доставки продуктов на дом, Webvan расширилась слишком быстро, инвестируя в логистическую инфраструктуру. Хотя концепция выглядела перспективно, высокие затраты на операционные расходы и недостаточная прибыль привели к банкротству.

  4. eToys.com: Компания, специализировавшаяся на продаже игрушек онлайн. Первая волна инвестиций и рост стоимости акций не были поддержаны финансовыми результатами, что в итоге привело к коллапсу компании. Несмотря на первоначальный успех и высокие темпы роста, eToys не смогла конкурировать с более устоявшимися ритейлерами.

 

Время бума на рынке доткомов в конце 1990-х годов было особенно насыщенным и динамичным.

Оптимизм и ажиотаж вокруг технологий

Появление интернета и связанных с ним технологий произвело революцию в бизнесе. Инвесторы были одержимы идеей, что технологии могут изменить мир, что создало неоправданный оптимизм. СМИ также сыграли важную роль в распространении информации о потенциально успешных компаниях. Рекламные материалы и публикации о высоких доходах от определённых акций значительно подогревали интерес к вложениям в доткомы. Многие финансовые эксперты и аналитики рекомендовали, часто без достаточных оснований, инвестировать в растущие технологические компании. Это создало иллюзию защищенности и перспективности таких вложений. С ростом цен на акции все больше инвесторов стремились вложить средства в доткомы, испытывая давление со стороны окружающих и чувство упущенной выгоды. Это привело к агрессивным стратегиям инвестирования и дальнейшему росту цен, даже когда обоснования этого роста становились все более шаткими. После краха пузыря 2000 года многие компании не смогли оправиться. Как вы отметили, такие компании, как Amazon, выжили, но они тоже испытали значительные последствия, включая падение акций и потерю капитализации. Крах доткомов привел к большой волне увольнений и разочарованию со стороны инвесторов, что в итоге привело к более осторожному подходу к вложениям в высокотехнологичные секторы на многие годы вперёд.

Все эти истории иллюстрируют, как высокий интерес инвесторов и быстрый рост могут не всегда трансформироваться в долгосрочную устойчивость и прибыльность. Падение этих компаний стало важным уроком для инвесторов и предпринимателей, подчеркивающим важность устойчивых бизнес-моделей.

Подводя итог, можно сказать, что сочетание чрезмерного оптимизма, агрессивного маркетинга и недостатка объективности в аналитических прогнозах способствовало образованию пузыря на рынке доткомов.

etf

США могут фактически «надеть на голову» активы через ETF-фонды

etf

Превращая их в регулируемые и контролируемые финансовые инструменты, подчинённые американской юрисдикции. Это особенно актуально для BTC и стейблкоинов, так как их децентрализованная природа мешает традиционному государственному контролю.

Как это работает?

ETF (Exchange-Traded Fund) – это биржевой фонд, который позволяет инвесторам получать доступ к активу без необходимости владеть им напрямую. Когда США одобряют биткойн-ETF, институциональные и розничные инвесторы могут вкладываться в BTC через фонд, а не через криптобиржи.

Таким образом, BTC становится частью традиционной финансовой системы и подпадает под регулирование SEC (Комиссии по ценным бумагам и биржам США). Это снижает анонимность и независимость BTC, поскольку:

✅ Контроль над ликвидностью BTC переходит к регулируемым институциональным игрокам (BlackRock, Fidelity и др.).
✅ BTC, попадая в ETF, уже не циркулирует на свободном рынке, а «запирается» внутри фондов, снижая предложение.
✅ Власти США получают рычаги влияния через регулирование фондов и налогообложение.

Что это даёт США?

🔹 Контроль над крипторынком. Вместо борьбы с BTC его можно «инкорпорировать» в систему, сделав зависимым от традиционных финансов.
🔹 Удержание капитала в юрисдикции США. Инвесторы предпочитают ETF из-за удобства и безопасности, снижая спрос на криптовалютные биржи.
🔹 Монополизация институционального рынка. Крупные игроки, такие как BlackRock и Fidelity, получают доминирующую роль в управлении криптоактивами.
🔹 Манипуляции рынком. США могут регулировать поток ликвидности через ETF, влияя на курс биткойна и его доступность.

Что дальше?

ETF – это способ США приручить BTC, не запрещая его, а интегрируя в существующую финансовую систему. Следующий шаг –  Ethereum-ETF и других криптофондах, что ещё сильнее укрепит влияние американских регуляторов. Америка делает ставку не на запрет, а на контроль, превращая децентрализованные активы в подконтрольные инструменты. Это может изменить саму природу BTC – из инструмента финансовой свободы он может стать частью регулируемого рынка капитала.

Kazakhstan

How to open an account in Kazakhstan in 2025

Kazakhstan is one of the most popular countries for emigration among Russians. We have prepared instructions on how to open a bank account and card in Kazakhstan in 2024

Why do you need an account and card of Kazakhstan banks?

Kazakhstan has become one of the most popular travel destinations among Russians: it is chosen for emigration or as a transit country for relocation to other states.

At the same time, Russians face problems when trying to pay abroad. From March 11, 2022, Visa and Mastercard cards issued in Russia do not work abroad; foreign currency can only be withdrawn from deposits that were opened before March 9, 2022, in the amount of no more than $10 thousand. The same amount can be taken with you in cash when leaving abroad for each family member, if the limit has not yet been exhausted. But if you buy currency online now, you will not be able to withdraw it; restrictions have been extended until March 9, 2024.

You can pay with a Mir card in Kazakhstan and withdraw cash from it only through VTB Bank (Kazakhstan) devices, the payment system support service told an RBC Investments correspondent at the end of December 2023.

At the beginning of 2023, Mir was accepted by ATMs and payment terminals of Bereke bank (formerly SB Sberbank JSC). Halyk Bank (People’s Bank of Kazakhstan) suspended their acceptance from September 21, 2022; CenterCredit Bank previously accepted Mir cards only from those Russian banks that are not under sanctions.

For any official transactions in the country, a foreigner will need a local individual identification number (IIN). IIN allows you to obtain a SIM card from a Kazakh telecom operator, make financial transactions, open bank accounts and cards, and contact government agencies.

“An individual identification number (IIN) is a unique combination of 12 digits that is generated for an individual upon initial registration in the document production information and production system. It is issued to both residents and non-residents, it takes two to three business days,” explained financial consultant Igor Fainman.

In case you are planning to open an account and a bank card in Kazakhstan, we have put together a guide: what documents will be required, how to prepare them, and which banks most often open accounts for Russians.

How to get an IIN

At the country’s embassy in Russia, you can apply for the issuance of an IIN (analogous to the Russian TIN), and it can also be issued at the Public Service Center (PSC) of Kazakhstan. In the first case, the IIN is issued before the trip through an online registration on the embassy website. When processing a document in Russia, you will have to wait ten working days, the embassy of the republic told RBC Investments.

To obtain an IIN at the Public Service Center, you will need a foreign passport and a Kazakh phone number. IIN is issued once for life for all government and financial transactions in Kazakhstan. Depending on the workload of the public service center, the procedure may take different times, but the IIN can be completed even in one day.
How and where to open an account and get a card in Kazakhstan

In November 2023, in Kazakhstan, a draft resolution of the National Bank was submitted for public discussion, according to which banks cannot issue Visa and Mastercard cards to Russians without a temporary residence permit (TRP) in the country or a residence permit (RP). But this requirement ultimately did not come into force, and the project itself is now in the archives of the state portal of Kazakhstan.

What documents do banks de facto require as of the end of December – in the RBC Investments review.

Freedom Bank

To open an account in the Kazakh branch of Freedom Finance Global Bank, you will need a foreign passport, IIN (issued at the Public Service Center) and a Kazakh phone number (or any SIM card with code +7). A multi-currency card is available to non-residents. Four accounts are opened using it – in Kazakhstani tenge, US dollars, euros, rubles. The press service reported that the card is produced within ten working days, it is impossible to open an account remotely, only in person, and only the applicant himself can pick up the plastic card at the bank branch where the application was submitted.

Kaspi Bank

Non-residents can open a bank card in Kazakhstan in person at any Kaspi Bank branch. However, an account for non-residents is opened only in the national currency – Kazakhstani tenge. To open, you must provide an IIN, a document confirming the right to be on the territory of the republic (a certificate of temporary registration or a work permit), and a mobile phone with a Kazakhstani number. In addition, the Kaspi Gold card cannot be opened by proxy; personal presence is required.

According to RBC Investments’ interlocutors who opened accounts in Kazakhstan, the procedure for issuing a card occurs on the same day and takes less than 30 minutes. On weekday afternoons, the registration procedure may take longer, because at this time a large number of immigrants arrive from the Public Service Center with freshly received IINs.

A certificate of temporary registration (not to be confused with a temporary residence permit, TRP) can be obtained quite simply at a hotel, the RBC Investments correspondent was convinced.

Home Credit Bank

Home Credit Bank Kazakhstan issues accounts for Russians using a foreign passport and IIN. But there are limitations in the financial product itself – by default, an account is opened in the national currency (tenge). You can additionally open an account in US dollars, but transfers from and to it will only be available within the banking system of Kazakhstan. The call center operator of this credit institution also spoke about the need to provide a translation of a foreign passport into Kazakh, certified by a notary, but in the end it was not useful to the RBC Investments correspondent.

Jusan Bank

You can open an account for Visa and Mastercard in Jusan Bank personally or through an authorized representative. In the second case, you will need to issue a power of attorney certified by a notary. When submitting in person, you must provide the following documents: foreign passport, IIN, migration card and application form, which is filled out at a bank branch. The payment card is opened in three currencies: US dollars, euros, tenge. In the mobile application, you can add the Russian ruble for conversion.

The migration card is a form on which marks are placed on arrival and departure from the republic. Registration is possible at checkpoints – air and sea ports, train stations.

Bereke Bank

Non-residents of Kazakhstan will need a foreign passport and IIN to open an account or card, Bereke Bank customer support service reported. When opening, you need to select one of the proposed account currencies: tenge, Russian rubles, US dollars or euros. The card is issued immediately upon personal application by the client to the bank branch.

Eurasian Bank

At the Eurasian Bank of Kazakhstan, you can apply for a multi-currency card (in US dollars, euros and tenge) in person through a bank branch. To do this, you will need a foreign passport, IIN and a Kazakh mobile phone number, the credit institution’s customer support service reported.

At the end of December 2023, with some restrictions, Halyk Bank, ForteBank, CenterCredit Bank and Altyn Bank can also open accounts for foreigners.

Halyk Bank (People’s Bank)

The bank will require a foreign passport and IIN from a non-resident, according to the organization’s website. Clients also fill out an application form at the branch, in which they must indicate:

the purpose of opening an account with Halyk Bank;
local phone number;
source of origin of funds (when opening a savings account);
registration address in the country and other information.

The bank also reserves the right to additionally request other documents (for example, an employment contract). At the same time, issuing cards or opening an account is possible only upon personal application, as indicated on the organization’s website.
ForteBank

To open an account, a non-resident must have an IIN, a foreign passport, as well as one of the following documents confirming activities in the country:

employment contract with a Kazakh legal entity;
confirmation of completion of training from Kazakhstani educational institutions;
other documents confirming activities in Kazakhstan.

Opening cards and accounts at Forte Bank for non-residents of Kazakhstan is carried out only through a bank branch with the presence of the account holder. Opening an account, card, deposit or other product online is not available, the bank’s customer support service reported.

Bank Center Credit

To open a Visa or Mastercard card, you need the following documents: foreign passport, IIN registration certificate, personal number of a cellular operator in Kazakhstan, place of residence or registration in Kazakhstan. Additionally, you must provide the original of one of the following documents:

an employment contract and/or a certificate of employment in an organization registered in Kazakhstan;
student card or certificate from an educational institution in Kazakhstan;
document issued by a medical institution in Kazakhstan.

Account currencies: US dollars, euros, Russian ruble and tenge. The production time for a card is: premium – from two to five working days, regular – up to ten days. You can open an account only in person.

Altyn Bank

The Altyn Bank support service reported that non-residents of the country can issue a card upon presentation of the following documents: foreign passport, tax identification number and residence permit. Employees of an organization that is a participant in the bank’s salary project can also receive a card. An account is opened in one of three currencies: US dollars, euros, tenge. The card is issued on the day of application, the bank’s support service told an RBC Investments correspondent.

A resident of Russia, when opening a bank account abroad, is required to notify the tax service about this within 30 days. The data required for notification is usually contained in the account opening agreement. In addition to them, the Russian should request a certificate for subsequent declaration to the Federal Tax Service. When opening one account card, there may be several associated with it (multi-currency card) – a notification will need to be submitted for each of them.

Also, for a foreign account, it will be necessary to file a tax statement of cash flows (CFDS) annually before June 1. This rule applies to those accounts whose turnover during the reporting year exceeded ₽600 thousand translated into rubles.

Is it possible to get a Kazakhstan card remotely?

Against the background of tightening anti-Russian sanctions, non-residents can now open an account and get a card in Kazakhstan only in person, by contacting one of the branches of Kazakh banks, reports the Kazakhstan news portal Express K. For example, at Halyk Bank it is currently impossible to remotely open a card by power of attorney, according to its website: “You can only issue a card or open an account at Halyk Bank by visiting a bank branch in person.”

Forte Bank also informed RBC Investments that it would not be possible to open an account online: “Opening cards and accounts at Forte Bank for non-residents of the Republic of Kazakhstan is carried out only through a bank branch with the presence of the account holder. Unfortunately, opening an account, card, deposit or other product online is not available.”

Of the banks surveyed in Kazakhstan, only Jusan Bank can open an account and receive a card through an authorized representative, the customer support service told an RBC Investments correspondent. In this case, you will need to provide a power of attorney certified by a notary.

The conditions for opening an account or card for Russians in Kazakhstan may change; check with the bank for details immediately before your trip.

 

Brad Garlinghouse

Ripple CEO allowed Biden to be defeated in the election due to SEC policy

The policy of SEC Chairman Gary Gensler could lead to Joe Biden’s defeat in the upcoming U.S. presidential election in November. This was stated by Ripple CEO Brad Garlinghouse.

Absolute nonsense coming from @GaryGensler today.

And this slander about “all crypto execs going to jail” from the man who completely missed FTX (and actually cozied up to SBF), and wasn’t even invited to the DOJ announcement about Binance.

If he was really “working for the…

— Brad Garlinghouse (@bgarlinghouse) June 25, 2024

The top manager was outraged by the official’s statements at the Bloomberg Invest summit in New York, where he said that key industry players “are either in prison, or going to jail, or awaiting extradition.”

Garlinghouse called these words “nonsense.”

“And this slander […] from a man who completely skipped FTX (and actually got closer to SBF) and wasn’t even invited to the announcement [by agreement] The Ministry of Justice about Binance. If Gensler had really “worked for the American people,” as he says, he would have been fired long ago. The head of the SEC will lead to Biden losing the election,” the CEO of Ripple added.

Ripple and the SEC have been in litigation since 2020, when the Commission accused Ripple of raising $1.3 billion by selling XP in the form of unregistered securities.

In July 2023, Judge Antonio Torres ruled in favor of the company. The case regarding the institutional sales of XRP by the company continues.

Recall that in May 2024, billionaire investor Mark Cuban said that Gensler’s position on cryptocurrencies could prevent Biden from being re-elected president.

A month later, he repeated his position.

Back in 2023, during a debate with ex-SEC lawyer John Reed Stark, the billionaire said that the regulator was “throwing cryptocurrency under the bus.”

graph

S&P 500 could collapse by 50%

When the stock market bubble bursts and recession sets in Wall Street veteran

Paul Dietrich pointed to a highly overvalued market and cracks in the economy

The S&P 500 could be cut in half when the stock bubble bursts and the U.S. economy plunges into recession, Paul Dietrich believes.

“I believe that the upcoming recession will lead to a deeper decline in the stock market than in 2000 and 2008,” said chief investment strategist B. Riley Wealth Management in his latest monthly commentary.

graph
A graph of the stock market decline and recession. Stocks could collapse by almost 50%, and a recession could come as early as this year, says Paul Dietrich of B. Riley. Yuichiro Chino/Getty Images

Dietrich described in detail the warning signs indicating that stocks are highly overvalued and close to correction. For example, he pointed to the price-earnings ratio in the S&P 500 and the inflation-adjusted Shiller PE ratio, which, excluding past recessions, are at multi-decade highs, as well as the index’s historically low dividend yield of 1.35%.

He also noted that the recent market growth was driven by investor enthusiasm for several stocks, such as Microsoft and Nvidia, and their hopes that the Federal Reserve would lower interest rates later this year, rather than fundamental factors such as rising corporate earnings.

Indeed, Dietrich compared the huge hype around AI to the Internet mania during the dotcom bubble. He also drew attention to the Buffett indicator, which rose to 188% this year – close to the 200% mark, when buying shares, according to Warren Buffett, would mean “playing with fire.”

In addition, the strategist noted that over the past year, the price of gold has jumped by about 20% to record highs. He explained this by saying that institutional investors are buying this safe haven asset because they expect “a serious correction or collapse of the stock market due to wildly inflated stock prices and a slowdown in economic growth.”

As for the economy, Dietrich argues that decades of excessive budget spending and artificially low interest rates have pushed back the recession.

He predicted that rates would remain raised for many years to combat persistently inflated inflation, and the government would be forced to raise taxes to solve the problem of bloated budget deficits, which would lower prices for assets such as stocks and houses and cause an economic downturn.

“No one seems to notice that the economy is cooling, and there are risks to it everywhere,” he said. “I still think there is a high probability that the economy will go into a mild recession this year.”

Dietrich noted that the S&P 500 typically falls by about 36% during a recession, and the index will have to drop 12% from its current level of about 5,450 points to return to the 200-day moving average. Thus, he warned that the index could fall by 48% to 2,800 points – the lowest level since the collapse of Covid in the spring of 2020.

The Wall Street veteran is one of several leading forecasters predicting a worsening stock market and an impending recession. But it is worth noting that Dietrich has been sounding the alarm for several months, but neither the market nor the economy have faced serious problems.

Jim Rogers

Jim Rogers will not participate in the exchange of blocked assets

Foreign investors from unfriendly countries have their assets blocked on the Moscow Exchange.

Jim Rogers is no exception. In an interview with RBC Investments, he said that he believes in these investments and will continue to hold the papers

American investor Jim Rogers will not participate in the procedure for exchanging frozen assets, when foreigners buy frozen securities from Russians using funds from type C accounts. The billionaire expects that after the end of hostilities in Ukraine he will again be able to manage his investments. Rogers himself spoke about this in an interview with RBC Investments.

“I know that people talk about such things (exchange of blocked assets. – RBC Investments)

I don’t know the details because I doubt I’ll be a part of it,” he said.

Jim Rogers is known for co-founding the Quantum Fund with George Soros in the 1970s, which brought investors 4,200% return in ten years. Rogers has also invested in Russian assets; his portfolio includes shares of AFK Sistema, PhosAgro, Aeroflot, Moscow Exchange, as well as ruble government bonds.

According to Jim Rogers, hostilities always end, after which everything returns to normal. For this reason, the investor is also not interested in selling Russian shares from his portfolio.

“I’m still an optimist. I think that Russia has a good future in many areas. And I want to own Russian shares.

I don’t want to sell my Russian shares,” Rogers explained his position.

Since February 2022, residents of unfriendly countries cannot sell Russian assets through Russian brokers. Subsequently, special type C accounts were opened for such investors, into which only rubles are credited. In type C accounts, for example, foreigners receive coupons on bonds and dividends on stocks. The functionality of such accounts is limited – withdrawal of funds is possible only in a small number of cases. As of November 2022, the total volume of funds in type C accounts with the Central Bank was estimated at more than ₽280 billion. In April 2023, Deputy Minister of Finance Alexey Moiseev reported that the total volume of assets in type C accounts is comparable to the volume of frozen Russian assets abroad.

Jim Rogers is ready to put up with the fact that his Russian assets are effectively blocked. “I won’t say everything is fine.But I don’t mind, because I won’t sell my Russian shares under any circumstances,” he said. At the same time, the billionaire noted: buying shares of companies that suffered greatly during difficult times usually provides good opportunities in the future. Rogers said that companies such as Aeroflot or Moscow Exchange will not disappear anywhere; someday they will do very well again.

In November 2023, Russian President Vladimir Putin signed a decree that allows foreign investors, using funds in their type C accounts, to buy back from Russian investors their securities blocked in European depositories due to sanctions against NSD. Participation in the transaction is voluntary on both sides, and it is assumed that non-residents must themselves obtain the appropriate permissions from their regulators, since the papers they will receive from the Russians have yet to be unfrozen. Russian financial authorities have repeatedly said that they do not directly negotiate asset swaps with foreign investors and regulators.

ruble

At the end of 2023, the dollar rose in price against the ruble by 29%

In 2023, the ruble began to weaken; by October, the dollar rose by almost 50%. But in the last months of the year, the ruble was able to win back some of its losses. RBC Investments remembered what happened on the foreign exchange market in 2023

On the last working day of 2023, dollar trading on the Moscow Exchange closed at ₽90.36, the final euro exchange rate was ₽99.62, and the yuan exchange rate was ₽12.61. This is evidenced by the site data at 19:00 Moscow time on December 29. A year earlier, on December 30, 2022, dollar trading closed at ₽69.9, euro — ₽74.3, yuan — ₽9.912. Thus, over the year, the dollar exchange rate increased by 29.27%, the euro and yuan exchange rates by 34.08% and 27.23%, respectively.

Throughout most of 2023, the ruble has been steadily weakening due to the expanding share of its use in export payments and the rapid growth in demand for foreign currency from importers, PSB noted. In July, the Central Bank named the main reason for the fall of the ruble as a change in the trade balance due to a decrease in export revenues.