... currencies. At the same time, the ruble is supported by high oil prices, Ministry of Finance currency sales under the budget rule, as well as the elevated key interest rate set by the Bank of Russia (18% annually), which makes ruble-denominated assets attractive. The balance of these factors indicates that sharp fluctuations in the currency market are not anticipated: the ruble is likely to continue moving within the established range, responding mainly to external shocks and energy prices. Russian ...

... sector; however, its performance primarily depends on the favorable outcome of regulatory disputes. Solana (SOL) features a high-throughput blockchain actively used in DeFi and NFTs. Technologically, it can process thousands of transactions per second, attracting developers and institutional partners, but past network outages underscore associated risks. Cardano (ADA) was developed using a scientifically-backed approach and focuses on sustainability and energy efficiency. The project evolves more slowly ...

... justify elevated multiples. Stable macro conditions. Inflation, which surged at the start of the decade, has moderated to a more manageable level by 2024. The Federal Reserve has paused interest rate hikes, and expectations of rate cuts make stocks more attractive compared to bonds. Globalization of business. Large U.S. companies derive a significant portion of their revenues from outside the U.S. Thus, market capitalization relative to U.S. GDP appears overstated – as it compares a global business ...

... environment, legal risks in working with digital assets diminish. If Russia manages to establish its own cryptocurrency exchange or a similar sales mechanism, qualified investors will be able to trade cryptocurrencies within the ruble jurisdiction. This could attract new capital to the sector — from private investment funds to companies looking to diversify their assets using crypto instruments. Additionally, legal exchange channels will ease the exit from investments: converting cryptocurrency to fiat will ...

... revenues, and squeezed imports, contributing to inflation control. In the second half of the year, experts expect a moderate weakening of the ruble as imports recover and export revenues drop. The narrowing interest rate differential diminishes the attractiveness of ruble-denominated investments, which could also press on the exchange rate. However, a sharp depreciation is not forecasted – ruble assets still provide high real returns, and capital movement controls limit volatility. The Bank of ...