'I think Russian stock market could largely appeal to foreign investors that have business in Russia and are interested in attracting some more rubles for the development of their Russian assets. Besides, some of them might see trading at Russian stock exchanges as a clever image-shaping act that could bring the additional advertising benefit,’ FINAM Investment Company’s PR and Media Director Vladislav Kochetkov said to UrBC.

In the meanwhile, the Federal Financial Market Service has been working on a new legislation that would allow foreign companies to sell their shares on Russian stock market.

'A number of retail chain stores that are currently operating in Russia and some banks and telecommunications providers who mainly render their services to the locals are believed to be the likeliest first issuers of Russian Depositary Receipts. It’s not very probable, though, that the foreign companies are going to break into the Russian market en masse, as coming up with Russian Depositary Receipts takes a while and, besides, the market opportunities are not at their best right now, which has already made quite a few companies put off their IPOs. The market needs to go back to the long-term growth trends, then we will be in for an offering boom, and this is when the new legislation will come in very handy,’ Mr. Kochetkov reports.

'At the same time, the Russian investors take a lot of interest in foreign assets, with some 5% of Russian investors placing their money on the foreign stock market, even though this means overcoming a number of certain difficulties,’ he says.