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☆ The US crackdown on Russian trade is working as Putin struggles to fund his war
▼ + stars: | 2024-05-06 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Trade with Russia has slumped in the first quarter amid tightening US sanctions, the Financial Times said. After a December executive order bolstered its sanctioning power, the department has amplified warnings against foreign lenders that facilitate trade with Russia. At the same time, the US' crackdown has proliferated trade in the Russian ruble, as other currencies increasingly fall out of favor. That's as foreigners are still free to buy rubles on the Moscow Exchange when settling payments with Russian parties. AdvertisementStill, the ruble faces restricted convertibility, making it difficult to reach trade volumes once possible under the dollar.

Persons: —, Vladimir Potanin, That's Organizations: Financial Times, Companies, Service, US Treasury Department, United Arab Locations: Russia, China, Turkey, Ankara, United Arab Emirates, Austria, Russian, Iran, Tehran, Moscow, UAE, dirhams

☆ How Russia has avoided bankrupting itself after 2 years of waging war in Ukraine
▼ + stars: | 2024-02-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +9 min

1: By waging war outside its own bordersOne critical reason Russia's economy is still ticking is because of the location of the war. AdvertisementConsider the impact of the war on the economies of both Russia and Ukraine. In 2022, the first year of the war, Russia's economy contracted 1.2%, according to official statistics. Russia was facing a demographic crisis with a declining population and falling fertility rate even before its war with Ukraine. 4: By stimulating and steadying its economy with subsidies and policiesGovernment subsidies, spending, and policies are also propping up Russia's economy.

Persons: —, Hassan Malik, Loomis Sayles, it's, Malik, Vladimir Putin's, Sergei Guriev, Malik isn't, Alex Isakov, Putin, Alexandra Prokopenko Organizations: Service, Business, Reuters, US, Exchange, European Bank for Reconstruction, Bloomberg Economics, Vienna Institute for International Economic Studies Locations: Russia, Moscow, Boston, Crimea, Ukraine, Russian, China, India, Austrian

☆ Russian lender Sovcombank eyes valuation of up to $2.5 bln post-IPO
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

A view shows a board with the logo of Sovcombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 17, 2022. REUTERS/Maxim Shemetov Acquire Licensing RightsMOSCOW, Dec 1 (Reuters) - Russian lender Sovcombank said on Friday it expects a market capitalisation of 200-219 billion roubles ($2.24-$2.46 billion)after its initial public offering (IPO) on Moscow Exchange later this month, the latest in a small flurry of Russian market debuts. Sovcombank said it has already received offers for half of the expected overall offer size from a number of major Russian institutional investors to participate in the IPO. Russian companies have raised around 29 billion roubles this year through IPOs, with listings characterised by small volumes and the presence of domestic retail investors. Pawn broker Mosgorlombard also announced its intention to list on Friday, expecting a free float of 36% after an early-December debut.

Persons: Maxim Shemetov, Sovcombank, Dmitry Gusev, Mosgorlombard, Elena Fabrichnaya, Alexander Marrow, Guy Faulconbridge, Susan Fenton Organizations: St ., Economic, REUTERS, Rights, Thomson Locations: St, St . Petersburg, Saint Petersburg, Russia, Moscow, Ukraine, IPOs

☆ Russian companies' scaled-down IPOs in 2023
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

A customer walks in a store of Russian clothing retailer Henderson in Moscow, Russia October 31, 2023. IPO/DPO- Biotech startup Genetico (GECO.MM) raised 179 million roubles in an IPO in April. - CarMoney, a fintech service owned by SmartTechGroup (STG) raised 978 million roubles in a direct public offering (DPO) in July. - Technology company Astra (ASTR.MM) raised 3.5 billion roubles in an October IPO. - Men's clothing chain Henderson (HNFG.MM) attracted 3.8 billion roubles through its IPO in early November.

Persons: Maxim Shemetov, Uzhuralzoloto, Vladimir Putin's, Softline, Alexander Marrow, Kevin Liffey Organizations: Henderson, REUTERS, Biotech, SmartTechGroup, Technology, Astra, SPO, State, VTB Bank, Reuters, Thomson Locations: Moscow, Russia, Ukraine, IPOs

☆ Retail investors in Russia are powering an IPO hot streak that's drawing vodka makers and pawnshops to go public
▼ + stars: | 2023-11-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Russia's stock market is seeing a streak of IPOs. AdvertisementAdvertisementThe Russian IPO market is seeing a streak of firms go public, with vodka makers to gold miners to pawnshop operators selling shares for the first time. Most of the boom in the Russian stock market is being powered by retail traders, who have plowed cash into the Moscow Exchange. AdvertisementAdvertisementThat's incentivized all types of firms to make their public market debut. Western economists have cast doubt over the strength of Russia's stock market, given that foreign inflows and outflows within the Moscow Exchange are frozen.

Persons: —, Yahuralzoloto Organizations: Moscow Exchange, Bloomberg, Service, Retail, Yale Locations: Moscow, Russian, Ukraine, Kaluga, Kristal

☆ Russian gold miner Uzhuralzoloto announces IPO despite UK sanctions on owner
▼ + stars: | 2023-11-09 | by ( Anastasia Lyrchikova | ) www.reuters.com time to read: +2 min

Alfa Bank analysts valued UGC's share capital at 140.5-170.8 billion roubles ($1.53-1.86 billion). Britain imposed sanctions on 29 individuals and entities in Russia's gold and oil sectors on Wednesday, including Strukov and two of Russia's largest gold producers, Nord Gold and Highland Gold Mining, but not UGC itself. Britain's National Crime Agency (NCA) also issued an alert to financial institutions, warning them about Russian attempts to use gold to evade sanctions. Strukov said the IPO would allow UGC to reach more investors, diversify the shareholder structure and lower its debt burden. A string of small offerings has breathed some life into Russia's equity capital markets in recent months.

Persons: Uzhuralzoloto, Konstantin Strukov, Strukov, Anastasia Lyrchikova, Felix Light, Alexander Marrow, Mark Potter Organizations: UGC, Alfa Bank, Reuters, Nord, Highland Gold Mining, Crime Agency, Astra, Thomson Locations: Russia, Ukraine MOSCOW, Moscow, Britain, Ukraine, Nord Gold

☆ Russian tech firm Astra raises $36 mln in Moscow IPO
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

Russian share listings have been thin on the ground since Russia sent troops into Ukraine in February 2022, and are generally characterised by small volumes and dependent on Russian investors after an exodus of Western capital. Astra dominates Russia's operating system (OS) market with its Astra Linux software. Astra said it set the price at 333 roubles per share, corresponding to a market value of 69.9 billion roubles. "The IPO allowed us to launch a long-term motivation programme for our employees," CEO Ilya Sivtsev said in a statement. Trading under the ASTR ticker on the Moscow Exchange (MOEX.MM) should begin later on Friday.

Persons: Ilya Sivtsev, Gleb Stolyarov, Olga Popova, Alexander Marrow, David Evans, Sharon Singleton Organizations: Astra, Astra Linux, Astra Group, Moscow, Thomson Locations: Russia, Ukraine MOSCOW, Russian, Moscow, Ukraine

SummaryCompanies This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine. MOSCOW, Oct 3 (Reuters) - Russian technology company Astra plans to open the books for an initial public offering (IPO) on the Moscow Exchange on Thursday, two financial market sources told Reuters, with trading due to start on Oct. 13. Sberbank, Gazprombank, Alfa Bank and Start Capital were chosen as organisers of the offering, said the sources, who asked not to be named because the information is private. Astra dominates Russia's operating system (OS) market with its Astra Linux software. ($1 = 98.3250 roubles)Reporting by Olga Popova and Gleb Stolyarov; Writing by Alexander Marrow; Editing by Mark TrevelyanOur Standards: The Thomson Reuters Trust Principles.

Persons: Olga Popova, Gleb Stolyarov, Alexander Marrow, Mark Trevelyan Organizations: Astra, Moscow, Alfa Bank, Start, Astra Group, Astra Linux, Thomson Locations: Russia, Ukraine, MOSCOW, Russian, Moscow

MOSCOW, Oct 3 (Reuters) - Russian technology company Astra plans to open the books for an initial public offering (IPO) on the Moscow Exchange on Thursday, two financial market sources told Reuters, with trading due to start on Oct. 13. Astra's listing, which is expected to result in a free float of about 5%, could breathe some life into Russia's moribund equity capital markets, which have been starved of deals since Moscow sent its troops into Ukraine in February 2022, prompting sanctions and the departure of Western bankers and lawyers. Reporting by Olga Popova and Gleb Stolyarov; Writing by Alexander Marrow; Editing by Mark TrevelyanOur Standards: The Thomson Reuters Trust Principles.

Persons: Olga Popova, Gleb Stolyarov, Alexander Marrow, Mark Trevelyan Organizations: Astra, Moscow, Thomson Locations: MOSCOW, Russian, Moscow, Ukraine

Oct 2 (Reuters) - Russian technology company Astra on Monday said it was planning to list its shares on Moscow Exchange this month in an initial public offering (IPO), potentially breathing some life into Russia's moribund equity capital markets. Electric scooter firm Whoosh (WUSH.MM) was the only Russian firm to hold an IPO last year, but its debut raised less than half its initial target and relied heavily on Russian retail investors for capital. Astra dominates Russia's operating system (OS) market with its Astra Linux software. Alfa Bank analysts valued Astra, which more than doubled its core earnings year on year to 5.4 billion roubles in 2022, at around 70 billion-90 billion roubles ($707 million-$909 million) in a report published on Monday. Also on Monday, spirits producer Kristall said it was hoping to raise 1.5 billion roubles in a fourth quarter IPO on Moscow Exchange, something it said would significantly accelerate growth.

Persons: pipemaker, Ilya Sivtsev, Sivtsev, Kristall, Alexander Marrow, Louise Heavens, Kirsten Donovan Organizations: Astra, Moscow, Astra Linux, Reuters, Alfa Bank, Moscow Exchange, Thomson Locations: Russian, Ukraine

☆ The resilience of Russia's stock market and its economy is a complete mirage masking deeper pain, Yale researchers say
▼ + stars: | 2023-08-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

The functioning of Russia's stock market is an illusion, two Yale researchers told Insider. That apparently stellar performance of the Russian stock market this year is ultimately an illusion meant to mask deepening pain in the country's economy. It's a move that was intended to prop up Russia's stock market, the researchers said. "The Russian stock market performance is very misleading, It is a Roach Motel of assets," Sonnenfeld told Insider. Other experts have warned of more pain for Russia's economy as its costly war in Ukraine drags on.

Persons: Vladimir Putin, Jeffrey Sonnenfeld, Steven Tian, Ukraine haven't, that's, Tian, Sonnenfeld, Putin Organizations: Yale, Investments, Service, Yale School of Management, Putin, Levada Locations: Wall, Silicon, Moscow, Russia, Ukraine, Poland, Baltic, Russian, Armenia, Georgia, Kyrgyzstan

☆ Tumbling rouble claws back ground as central bank to meet
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +6 min

Putin's economic adviser Maxim Oreshkin earlier said the central bank could ensure that the pace of lending drops to sustainable levels with higher rates. "The central bank has all the tools to normalise the situation in the near future." Asked earlier whether it might make an emergency hike from the current 8.5%, the central bank declined to comment. "The central bank is not fully in control," independent Moscow-based economist Ian Melkumov told Reuters. "The central bank doesn't want to kill the economy and businesses in the same way it had to last year," he said.

Persons: Rouble, Vladimir Putin's, rouble, Putin, Maxim Oreshkin, Oreshkin, Denis Popov, Popov, Matt Vogel, REUTERS Central Bank Governor Elvira Nabiullina, Vladimir Solovyev, Ivan, Timothy Ash, Ian Melkumov, Alexander Marrow, Marc Jones, Gareth Jones, Philippa Fletcher, Christina Fincher Organizations: TASS, of Russia's, FIM, Moscow News Agency, Handout, REUTERS Central Bank Governor, Popular, Kremlin, Reuters, BlueBay Asset Management, Thomson Locations: MOSCOW, Ukraine, Moscow, Russia, London

☆ Russian stocks are back at pre-war levels as investors see them as safer bet than falling ruble
▼ + stars: | 2023-08-01 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

Russian stocks are back at pre-war levels as investors see them as safer bets amid the falling ruble. The Moex index closed at 3,093.64 on Tuesday, above where it was when Russia invaded Ukraine on February 24, 2022. Fears of political chaos caused Russian demand for foreign currencies to jump to 70%-80% in some regions. But while the Moex stock index, which is denominated in rubles, has surpassed pre-war levels, it remains well below earlier highs. Meanwhile, a separate gauge of Russian stocks that's denominated in dollars is more than 10% below pre-invasion levels, Bloomberg said.

Persons: Vladimir Putin, Wagner Group's Organizations: Service, Bloomberg, P Locations: Russia, Ukraine, Wall, Silicon, Moscow, China

☆ Russian bourse, banks to operate as normal on Monday, says central bank
▼ + stars: | 2023-06-25 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Russian state flag flies over the Central Bank headquarters in Moscow, Russia May 7, 2023. REUTERS/Shamil Zhumatov/File PhotoJune 25 (Reuters) - The Moscow stock exchange, banks and financial institutions are expected to operate as usual on Monday, Russia's central bank said on Sunday, despite Moscow's mayor having declared it a non-working day when mercenary leader Yevgeny Prigozhin was leading his Wagner forces towards Moscow. "On June 26, trading and settlement on all Moscow Exchange markets will be conducted as usual, including all trading periods and instruments," Moscow Exchange (MOEX.MM) said in a statement. SPB Exchange, Russia's second-largest bourse, said it would also be operating as normal. The central bank said banks should ensure the continuous and smooth operation of Russia's financial markets.

Persons: Shamil Zhumatov, Yevgeny Prigozhin, Wagner, Sergei Sobyanin, Prigozhin, Moscow's, Alexander Marrow, Maxim, David Goodman, Jane Merriman Organizations: Central Bank, REUTERS, Moscow, Moscow Exchange, SPB, bourse, Thomson Locations: Russian, Moscow, Russia, Russia's, Belarus

☆ Russia's domestic stock investors, shut off from the international financial system, have helped send the Moscow Exchange to a 12-month high
▼ + stars: | 2023-05-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Russia's benchmark MOEX index is trading at levels not seen in over 12 months. The MOEX Russia Index has gained 24% so far this year after tanking 42% in 2022. The benchmark MOEX Russia Index on the Moscow Exchange hit a high of 2,646.18 on Thursday — its highest level since early April 2022. Despite the surge in the MOEX index, trading volumes in its equities market fell 41% from a year ago amid sanctions. The MOEX Index ended at 2,634.96 on Friday.

☆ Russia's Ozon intends to stay public as Nasdaq starts delisting process
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

Nasdaq suspended trading in the securities of a number of companies operating in Russia on Feb. 28, 2022, days after Moscow despatched tens of thousands of troops to Ukraine. On Wednesday, the exchange notified a handful of Russian companies of delisting plans. "Going forward, and in any scenario, we act in the interests of our investors," Ozon said in a statement. Ozon raised nearly $1 billion in an initial public offering (IPO) in late 2020, a debut that sparked a mini-IPO boom for Russian firms. Internet giant Yandex (YNDX.O), recruiter Headhunter (HHR.O) and payment service provider Qiwi (QIWI.O) were also notified of their anticipated delisting from Nasdaq, the companies said.

☆ How China is helping to prop up the Russian economy through the war in Ukraine
▼ + stars: | 2023-02-22 | by ( Laura He | ) edition.cnn.com time to read: +8 min

China has been buying more energy from Russia since the Ukraine war started. Total trade between China and Russia hit a new record high in 2022, up 30% to $190 billion, according to Chinese customs figures. In particular, the energy trade has risen markedly since the onset of the war. Russian companies have been using more yuan to facilitate the increased trade with China. UnionPay, the Chinese payments system, has reportedly stopped accepting cards issued by Russian banks over fears of international sanctions, according to Russian paper Kommersant.

☆ Russia expects Sberbank to pay dividends on 2022 profits, says TASS
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

[1/2] A view shows the logo of Sber (Sberbank) at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 15, 2022. REUTERS/Anton Vaganov/MOSCOW, Feb 9 (Reuters) - Russia's finance ministry said on Thursday it expects state-owned lender Sberbank (SBER.MM) to pay dividends of at least 50% on its 2022 profits, a prospect that drove up Sberbank shares and the wider Moscow Exchange stock index. We will discuss this further," the TASS news agency quoted Deputy Finance Minister Vladimir Kolychev as saying. Sberbank, in common with other major Russian companies, did not pay a 2021 dividend last year on the government's orders. The rouble-based MOEX index (.IMOEX) pared losses to climb 0.6% higher on the day, while Sberbank shares did the same, gaining around 1.6% by 1333 GMT and nearing a multi-month high.

SummarySummary Companies Russia to resume forex interventionRussia to sell yuan amid lower oil and gas revenueUse of yuan underscores greater role of ChinaMOSCOW, Jan 11 (Reuters) - Russia said it would resume foreign currency interventions with the sale of yuan from Friday, underscoring the growing importance of China's currency in Moscow's efforts to ensure economic stability amid Western sanctions. Russian nominal GDP is likely to be $2.14 trillion this year, the highest level since 2013, according to the International Monetary Fund. Its share of the currency market reached 48% in November, MOEX Group (MOEX.MM) said last month, up from less than 1% at the start of 2022. The Russian central bank said it would carry out forex transactions on the yuan market of the Moscow Exchange - the yuan-rouble for settlement tomorrow (CNYRUB_TOM). ($1 = 68.6875 roubles)Reporting by Reuters Writing by Guy Faulconbridge Editing by Gareth JonesOur Standards: The Thomson Reuters Trust Principles.

☆ Russian rouble up vs dollar, euro in light trade
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

Jan 5 (Reuters) - The Russian rouble showed positive dynamics against the dollar and the euro amid a rebound in oil prices in thin holiday trading on Thursday. At 0711 GMT the rouble gained 1.3% against the dollar to trade at 71.06 on the Moscow Exchange. Against the euro, the rouble was up 0.85% to 75.50 . The rouble-based MOEX Russian index (.IMOEX) gained 0.04% to 2,169 points. Oil prices rebounded on Thursday amid dollar weakness and as investors emerged to buy dips after two sessions of steep losses, though economic concerns capped recovery read more .

☆ Russian rouble slides in first trade of the year
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

The Russian rouble weakened on Tuesday against the dollar and euro in the first session of the year in Moscow amid light trading volumes during public holidays in Russia. At 0705 GMT the rouble slid by 0.4% to the dollar to trade at 70.18 on the Moscow Exchange. Russian stock indexes were on the rise in early trade on Tuesday. The rouble-based MOEX Russian index (.IMOEX) gained 0.58% to 2,167 points. For Russian equities guide seeFor Russian treasury bonds seeReporting by Vladimir Soldatkin; editing by Guy FaulconbridgeOur Standards: The Thomson Reuters Trust Principles.

☆ Permitted share of China's yuan in Russian wealth fund doubled to 60% -finmin
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +2 min

The ministry said the permitted share of gold in the NWF would also be doubled, to 40%. "The Russian finance ministry is continuing its consistent reduction of the share of currencies of 'unfriendly' states in the structure of the National Wealth Fund's assets," the ministry said in a statement. "In order to hedge exchange rate risks, we have always (replenished the NWF) in foreign currency," Siluanov said earlier this week. "From among the currencies of 'friendly' countries, the yuan has the characteristics of a reserve currency to the greatest extent, as well as sufficient liquidity in our domestic foreign exchange market," he added. The Moscow Exchange, Russia's largest bourse, said yuan-rouble trading volumes would surpass dollar-rouble trading volumes next year as financial links between Moscow and Beijing continue to intensify.

☆ Volatile rouble falls again, cutting short slight recovery
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +2 min

At 0706 GMT, the rouble was 0.8% weaker against the dollar at 69.74 , slipping back towards its weakest since April 28 of 72.6325, hit in the previous session. It had lost 0.4% to trade at 73.87 versus the euro and shed 1% against the yuan to 9.87 . Brent crude oil , a global benchmark for Russia's main export, was up 0.9% at $81.7 a barrel. Analysts expect the rouble to find a foothold next week when month-end taxes, which usually see Russian exporters convert FX revenues to pay local liabilities, are due. For Russian equities guide seeFor Russian treasury bonds seeReporting by Alexander Marrow; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Russia reportedly wants to further cut its dependence on the US dollar by buying up Chinese yuan on the currency market
▼ + stars: | 2022-12-22 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Russia will start purchasing yuan on the currency market in 2023 if the country's oil and gas revenues meet expectations, Reuters reported Thursday. The Bank of Russia will buy yuan if budget revenues from oil and gas exports exceed 8 trillion rubles, the report said. Russia in February stopped intervening on the currency market after its use of foreign exchange reserves was restricted by Western sanctions following Moscow's invasion of Ukraine. Russia has since accelerated its shift toward China's currency as its access to dollars and euros has been limited. But the Bank of Russia wouldn't do so while the government continues to spend its oil and gas revenues.

☆ Exclusive: Russia likely to buy yuan on FX market in 2023 - sources
▼ + stars: | 2022-12-22 | by ( Elena Fabrichnaya | ) www.reuters.com time to read: +4 min

"The central bank can currently now buy yuan," a banking source close to monetary authorities told Reuters. But the bank would not do so while the government continued, as now, to spend its oil and gas revenues. "(However), if next year budget revenues from the export of oil and gas exceed 8 trillion roubles, then the central bank will buy yuan," that source added. The central bank and finance ministry did not respond to requests for comment. Central Bank Governor Elvira Nabiullina last week said Russia has sufficient funds in yuan and gold.

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