Vladimir Putin has allowed a group of western asset managers and hedge funds to offload Russian securities left in limbo by Russia’s invasion of Ukraine, one day before the Russian leader is due to speak to Donald Trump in ceasefire talks.
Investors including Jane Street, GMO, and Franklin Templeton were approved to sell shares in Russian companies to a US hedge fund called 683 Capital Partners, Putin said in a decree published on Monday.
The hedge fund would then be free to transact with two Russian investment funds without the need for further authorisations by Putin, the decree added.
New York-based 683 Capital Partners did not immediately respond to a request for comment. Managed by Ari Zweiman, the firm oversaw $1.6bn in assets at the end of 2024, according to US Securities and Exchange Commission filings.
Shortly after the start of Russia’s full-scale invasion of Ukraine in 2022, Putin signed a decree banning international investors from dealing in the shares or bonds of Russian banks and energy companies. Any such transaction required a sign-off from Russian authorities.
Western owners of stock in Russian companies such as Norilsk Nickel, VTB Bank and Rosneft have largely marked their holdings as worthless given the restrictions on selling and the impact of sanctions on Russia.
Jane Street, GMO and Franklin Templeton did not immediately respond to requests for comment on the decree.
The move to allow some trading comes a day before Putin and Trump are set to hold a phone conversation in the latest push to broker a 30-day ceasefire deal.
Because of sanctions on Russia, western investors have usually sought to gain permission from regulators at home before they exit Russian assets, alongside authorisation by the Kremlin. It is not clear if such permission has been obtained by the investors mentioned in the decree.
The Russian rouble has risen by 36 per cent against the US dollar so far this year and Russian stocks have also gained on bets that the US will soon loosen its sanctions on Russia, that have cut Moscow off from western financial markets and prevented many international funds from buying or selling Russian assets.
