‘I don’t believe foreign companies are actually very interested in entering the Russian stock market. I’d say the businesses that really do want to break into it are the ones operating in the CIS and the ones located in the countries that seek to cooperate with Russia rather than the West, such as Kazakhstan, Byelorussia, Ukraine, and, very likely, Tajikistan and Uzbekistan,’ Director of BrokerCreditService Company Ltd Viktor Nemikhin said to UrBC.

The Federal Financial Market Service is currently elaborating a new bill that would allow foreign enterprises to offer their shares at Russian stock exchanges.

‘I think we can expect some large investments in foreign businesses’ stock by Russian investors, since these investors are much more interested in the securities available within the country’s stock markets than in those offered in Kazakhstan, Ukraine, and so on. Naturally, this rule would only work provided all the regulations are properly complied with,’ Mr. Nemikhin observed.

‘At the moment, it’s almost impossible to say whether the issuers will mainly go for Russian Depositary Receipts or foreign securities. As I said, it will all depend on the norms and regulations. At the same time, companies probable need to try both ways in order to decide on the one that suits them best,’ he said.