A presidential decree has granted an American hedge fund permission to trade in the securities of Russian firms
Moscow has given an American hedge fund permission to buy securities in Russian companies from certain foreign stakeholders, thus easing restrictions imposed in response to the Ukraine-related sanctions. The move comes amid signs of a potential thaw between Russia and the US.
President Vladimir Putin signed a decree on Monday authorizing New York-based hedge fund 683 Capital Partners to acquire the securities of Russian companies owned by about a dozen Western financial entities. Among them are Jane Street, Grantham, Mayo, Van Otterloo & Co., Templeton Asset Management, Franklin Advisers, Highmark Limited, and Carrhae Capital.
The decree then authorizes 683 Capital Partners to sell the securities to two Russian companies, Cepheus-2 and Modern Real Estate Funds, without having to apply for additional permissions.
The document is aimed at easing the restrictions imposed in September 2022, which prohibited companies from “unfriendly” countries from engaging in transactions with Russian securities in the energy and finance sectors. Any such deals required a presidential approval. The step, aimed at protecting Russia’s national interests, came in response to Western sanctions.
683 Capital Partners LP invests and trades across numerous asset classes. As of December 31, 2024, its portfolio was valued at approximately $1.61 billion.
President Donald Trump’s return to the White House in January has brought about something of a thaw in relations with Russia. Washington and Moscow have launched negotiations aimed at ending the Ukraine conflict, while Trump also indicated that sanctions against Russia could be lifted if peace is achieved.
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