..., and demand increases for loans (mortgages, consumer credit) and financial services. Banks can benefit from both higher fee income and potentially lower credit risks – higher incomes make it easier for borrowers to repay debt. The shares of major Russian banks could thus show solid performance on this fundamental backdrop. However, when the Central Bank’s rates are extremely high, credit activity can slow temporarily. As monetary policy normalizes (projected by 2026–2027 as inflation abates), the ...

... distinguished: Government bonds (OFZ). Issued by the Ministry of Finance. They carry virtually no default risk, as they are guaranteed by the state. Usually have low yields. There are also regional and municipal bonds issued by local authorities in the Russian Federation. Corporate bonds. Issued by private companies and banks. The risk of these bonds is higher than that of government bonds, but they typically offer greater yields. Some companies issue bonds in foreign markets (currency bonds). Mortgage bonds. Secured by mortgage loans and issued by specialized mortgage ...

... support the national currency. Main Risks for the Ruble Despite moderate predictions, analysts highlight several risk factors that may exert pressure on the ruble: Sanctions: Potential tightening of restrictions related to oil and gas exports, as well as Russian banks' access to international settlements. Federal Reserve Rates: An increase in interest rates by the U.S. Federal Reserve could intensify capital outflow from emerging markets, including Russia. Oil Prices: Fluctuations in oil and other commodity prices ...

... await infrastructure projects and how this may affect the Russian economy. The Ministry of Economic Development and the Central Bank of Russia are joining forces to optimize investments of natural monopolies The Ministry of Economic Development of the Russian Federation (MED) and the Central Bank of Russia (CB) have agreed to jointly analyze and optimize investment programs of natural monopolies. This was announced by the head of the MED, Maxim Reshetnikov, in an interview with TASS. Natural monopolies are a type of monopoly in which the ...

... necessitating a significant increase in issuer activity and investment interest. Fundamental Analysis: Current Market and IPO Landscape Today, the Russian stock market capitalization is primarily comprised of large state-owned companies (energy, major banks, transport), while the share of private issuers remains limited. By the end of 2023, the Russian equity market (Moscow Exchange) was valued at approximately ₽58–62 trillion. Key growth drivers in 2022–2023 included rising blue-chip stock prices and an influx of retail investments: the Moscow Exchange index posted a record rise of 44% ...