2023-12-03 18:35:37
An era is coming to an end on the Saint Petersburg Stock Exchange these days: Since 2014, the “SPB Exchange”, as it is officially called in English, has developed into Russia’s most important financial center for foreign stocks. For the first time, investors could easily and directly obtain shares from Apple, Facebook and Ford. The concept was so successful that the exchange, whose headquarters are in Moscow despite its name, even generated more turnover at times than the “Moscow Exchange”, which trades primarily in Russian stocks. But now the model has had its day: At the beginning of November, the United States imposed sanctions on the SPB Exchange, cutting it off from the dollar system and banning it from any cooperation with American companies. Trading in foreign stocks has been suspended since then.
Last year, after the Russian attack on Ukraine, many investors withdrew from the SPB Exchange – the trading volume in foreign securities fell from just under $400 billion in 2021 to just over $122 billion. In September this year, the value of such transactions was $2.42 billion; Almost a third of this came from Tesla papers.
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