Putin Allows Some International Funds to Sell Russian Securities

Russian President Vladimir Putin has authorized certain international funds, including American ones, to sell Russian securities, just a day before scheduled talks with U.S. President Donald Trump regarding a possible ceasefire in the war in Ukraine. According to a presidential decree published on March 17, 2025, Putin allows U.S.-registered 683 Capital Partners to purchase shares of Russian companies that previously belonged to about twelve Western asset management firms and hedge funds. Franklin Advisers, Templeton Asset Management, and Baillie Gifford Overseas were among the funds granted the right to sell assets. The decree also authorized two Russian companies to conduct transactions with 683 Capital concerning these securities. The Kremlin did not provide additional details. Based in New York, 683 Capital had 10 employees and managed $1.95 billion in assets by the end of 2023, according to regulatory filings. Founded in 2006, the company is led by Ari Zweiman. Western exchanges halted operations involving Russian securities in 2022, pushing trades into over-the-counter markets. Sanctions against Putin’s war in Ukraine severed connections between Russian and Western financial markets, preventing many funds from selling their Russian assets. Russia blocked capital and securities held by residents of countries deemed ‘unfriendly’ shortly after the war began in February 2022. These accounts contained more than 500 billion rubles (about $6.4 billion at the time) by early March 2023, according to the Central Bank of Russia. The central bank stopped publishing amounts, but dividend payments, coupons, and bond debts gradually accumulated in these accounts.