Putin Allows US Hedge Fund to Purchase Russian Securities

Russian President Vladimir Putin has authorized US hedge fund 683 Capital Partners LP to acquire securities in Russian companies from specific foreign stakeholders. 

The decree, published on March 17, permits the New York-based fund to purchase assets from six US-based, four UK-based, and one Singaporean investment fund. 

This move comes amid increasing diplomatic engagement between Washington and Moscow. 

US President Donald Trump and President Putin are scheduled for a phone conversation to discuss a proposed 30-day unconditional ceasefire in Ukraine, reflecting efforts to de-escalate ongoing tensions. 

Previously, Putin issued a decree in 2022 which prohibits US and other investors from countries deemed “unfriendly” by Russia from buying or selling securities in Russian companies in the energy, fuel and banking sectors without his personal approval. the Moscow Times wrote. 

The new order allows two Russian companies, Tsefey-2 and Sovremennye Fondy Nedvizhimosty, to buy 683 Capital’s securities without needing Putin’s approval, apart from foreign hedge funds. 

683 Capital, based in New York, had 10 employees and oversaw $1.95 billion of assets as of the end of 2023, according to Bloomberg.

The relationships between the US and Russia show some signals of warmth ahead of talks that are aimed to end the war in Ukraine, caused by Russia. 

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The Kremlin reportedly gathered proposals from businesses about which sanctions should be lifted in preparation for ceasefire talks with Washington, Kyiv Post previously wrote. 

Earlier, Russian business representatives met with head of the American Chamber of Commerce (AmCham) in Russia Robert Agee to discuss the sectors in which foreign companies would primarily like to see sanctions lifted.

Also, The US, Russia, and Germany were holding closed-door negotiations on resuming Russian energy supplies to Europe, including through the Soviet-era Druzhba pipeline.