... external factors. Supply shocks (global increases in oil prices, food prices, and other resources), as well as logistical issues or sanctions, can trigger accelerated inflation, even if the domestic situation is relatively stable. Inflation expectations. If ... ... increases, they tend to spend money faster or negotiate higher wages. This, in turn, accelerates demand and creates additional pressure on prices. Most often, several factors act simultaneously, amplifying the overall price growth. Understanding the causes ...

... points. Lower rates support domestic demand companies, while commodity exports benefit from high energy prices. Despite ongoing sanction risks, market uncertainty has decreased – a more accommodative central bank policy and a stable ruble create conditions ... ... the wave of digitalization and the implementation of AI solutions, while commodity and industrial companies are experiencing pressure from cyclical demand downturns. The financial sector previously benefited from high rates, although some banks have incurred ...

... macroeconomic indicators instill cautious optimism: the global economy displays moderate growth alongside decreasing inflationary pressure. If positive trends persist, analysts' forecasts for future developments may improve in terms of GDP growth rates and ... ... term. Should favorable pricing conditions for raw materials persist and no new negative shocks arise (for example, intensifying sanctions or sharp fluctuations in global markets), the Moscow Exchange Index may continue its gradual growth. Nonetheless, the ...

... is particularly burdensome for medium and small companies that could diversify the issuer base. As long as the costs and risks of issuance remain high, many companies prefer to seek capital off-market or delay IPOs. Regulatory Barriers. Political and sanction pressures have complicated the return of foreign investments to the Russian market. While attracting foreign capital is not the focus of plans, the lack of international financing creates a greater burden on domestic resources. Moreover, investors pay ...

... trends. At the SPIEF 2025, a venture fund of approximately 12 billion rubles was announced for investments in dual-use projects (drones, AI, robotics). In Kazakhstan, a similar fund worth $1 billion is being set up to support AI startups. Even under sanctions pressure, the region is seeking opportunities to finance priority technologies and nurture its own unicorns. In July 2025, Russian authorities partially lifted restrictions for foreign investors—allowing them once again to purchase shares in Russian ...