Where they didn't expect it. Kazakhstan's decision surprised Russians
© Sputnik / Vladislav Vodnev
MOSCOW, May 6 - RIA Novosti, Nadezhda Sarapina. The Central Securities Depository of Kazakhstan (KCSD) is starting to forcibly segregate financial instruments of Russians and Belarusians. This is the requirement of the international clearing centers Euroclear and Clearstream, related to EU sanctions. Assets in dollars and euros are under threat of freezing.
New segregation
Local broker Halyk Finance emphasizes that these are securities denominated in a currency other than tenge, and settlements that pass through Euroclear and Clearstream. Also, starting from May 1, there may be delays in transactions on the Kazakhstan Stock Exchange (KASE).
The essence of the procedure is to separate the investor's money from the management company's capital. This will allow you to isolate attachments and perform any operations on a point-by-point basis. In addition, the account owner will be able to track all transactions. According to investment adviser Yulia Kuznetsova, this is done in order to identify the number of clients from Russia and Belarus and understand what securities they own.
"Foreign partners know that many of our compatriots open accounts in Kazakhstan, and some have already received a tax ID. Astana does not want problems with the European Union and the Western world in general, and therefore will comply with the instructions of Brussels, " she explains.
Under the threat of secondary sanctions, the authorities make concessions. However, Andrey Loboda, an economist and Communications director at BitRiver, believes that
EU blackmail is primarily a tool for information influence on society and the consciousness of market participants. Kazakhstan will make its own decisions on key issues.
Nevertheless, KASE has already excluded a number of Russian companies from the listing, including Gazprom, Norilsk Nickel, Lukoil, Magnit, Sberbank, VTB.
Don't panic
Still, analysts don't think segregation will necessarily be followed by a lockdown. Loboda recalls that until last year, the investment of Russians through the financial infrastructure of Kazakhstan was very modest. And the influx of customers from the CIS is extremely important for increasing the attractiveness of the market.
The economist believes that Astana will not abandon the project of the Eurasian Central Bank, joint with Moscow and Minsk. Moreover, Kazakhstan should become the financial center. In addition, Russian funds can be stored outside the European financial infrastructure.
"So far, I don't see any particular problems. The authorities want to understand how many assets are accounted for by Russian and Belarusian users. If there are a lot of assets, blocking is possible. But they will warn about this, and customers will get rid of these securities," says Kuznetsova. Problems with foreign deposits of Russians are becoming more frequent. Thus, the Exante broker stopped serving clients in Cyprus. Interactive Brokers, a major stock market player, has restricted access to the data.
"There are a lot of Russians among the holders of foreign brokerage accounts, so it is difficult to predict the further development of the situation. They may ask you to withdraw money and close your accounts, or they may block them.
In any case, deposits in foreign currency, especially in dollars, are very risky today, " the expert concludes.
Where to invest
The safest option is to invest in your own economy. Investment consultants emphasize that
without dual citizenship or at least a residence permit abroad, there are no guarantees. Any bank can refuse to cooperate without giving reasons — at best, it will simply close the account and return the money.
Despite the international agreement on the prohibition of all forms of racial discrimination, the Russian passport is a red flag for most institutions of the global financial system.
"If you live in Russia, invest in rubles. Open a brokerage account and keep your money there. Try to avoid deposits in dollars and euros, " advises Kuznetsova. Some of the funds can be placed in friendly currencies, as well as gold, substitute bonds, or yuan-denominated securities.
Investing in the market also gives good returns: there are bonds, mutual funds, Chinese, Indian and other stocks.
Even in a crisis, investors are able to earn decent money,
the main thing is to conduct thorough macroeconomic, fundamental and technical analysis.
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