/ world today news/ The Central Depository of Kazakhstan (CDC) begins the forced separation of financial instruments of Russians and Belarusians. This is the requirement of the international clearing centers “Euroclear” and “Clearstream”, related to EU sanctions. Under the threat of freezing assets in dollars and euros.
New segregation
The local broker “Halik Alliance” emphasizes that these are securities denominated in currencies other than tenge, and payments are made through “Euroclear” and “Clearstream”. Also, from May 1, delays in transactions on the Kazakhstan Stock Exchange are possible.
The essence of the procedure is the separation of the investor’s money from the capital of the management company. This will allow investments to be isolated and all operations to be carried out point by point. Additionally, the account holder will be able to track all transactions. According to investment adviser Yulia Kuznetsova, this is done to identify the number of clients from Russia and Belarus and to understand what securities they own.
“Foreign partners know that many of our compatriots are opening accounts in Kazakhstan, and some have already received a tax number. “Astana does not want problems with the EU 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, economist and communications director at BitRiver, is convinced that EU blackmail is primarily a tool for informational impact on society and the minds of market participants. On key issues, Kazakhstan will decide on its own.
However, KFL has already excluded a number of Russian companies from its list, including Gazprom, Norilsk Nickel, Lukoil, Magnit, Sberbank, VTB.
Don’t Panic
Still, analysts don’t think segregation will necessarily be followed by lockdown. Loboda recalls that until last year the investments of the Russians through the financial infrastructure of Kazakhstan were 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 give up on the joint project of the Eurasian Central Bank with Moscow and Minsk. In addition, it is Kazakhstan that should become a financial center. In addition, Russians’ funds can be stored outside the European financial infrastructure.
“So far I don’t see any particular problems. The authorities want to know how many assets are held by Russian and Belarusian users. If there are a lot of assets, blocking is possible. But they will warn about this and clients will get rid of these securities,” says Kuznetsova More and more problems arise with foreign deposits, so the broker “Exant” stopped serving clients in the stock market “Interactive Brokers”.
“Among the holders of foreign brokerage accounts there are many Russians, so it is difficult to predict the further development of the situation. They may be asked to withdraw money and close accounts or block them. In any case, deposits in foreign currency, especially in dollars, they are very risky today,” concludes the expert.
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 to ban all forms of racial discrimination, the Russian passport is a red flag for most institutions in the global financial system.
“If you live in Russia, invest in rubles. Open an account and keep money there. Try to avoid deposits in dollars and euros,” advises Kuznetsova. Part of the funds can be placed in friendly currencies, as well as in gold, bonds or securities denominated in yuan.
Investments in the market also bring good returns: there are bonds, mutual funds, Chinese, Indian and other stocks.
Even in a crisis, investors can make decent money, the main thing is to carry out a thorough macroeconomic, fundamental and technical analysis.
Translation: V. Sergeev
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