\nInvestitorii \u00ee\u015fi \u00eendreapt\u0103 aten\u0163ia c\u0103tre rubla ruseasc\u0103 \u015fi obliga\u0163iunile Moscovei, c\u0103ut\u00e2nd modalit\u0103\u0163i de a profita de o posibil\u0103 relaxare a sanc\u0163iunilor impuse Rusiei. Ace\u015ftia speculeaz\u0103 c\u0103 apropierea dintre Donald Trump \u015fi Vladimir Putin ar putea facilita revenirea capitalului occidental \u00een economia rus\u0103, scrie Financial Times.<\/p>\n
\nFondurile speculative \u015fi brokerii analizeaz\u0103 strategii de tranzac\u0163ionare a activelor ruse\u015fti, evitate p\u00e2n\u0103 acum de pie\u0163ele occidentale. Ei cred c\u0103 aceste active ar putea c\u00e2\u015ftiga valoare semnificativ\u0103 dac\u0103 un eventual acord negociat de Trump ar duce la o \u00eencetare a focului \u00een Ucraina \u015fi la o reducere a restric\u0163iilor economice impuse Moscovei.<\/p>\n
\nMar\u0163i, Trump \u015fi Putin urmeaz\u0103 s\u0103 aib\u0103 o convorbire telefonic\u0103 despre r\u0103zboiul din Ucraina. \u00cen timp ce Kievul a acceptat un armisti\u0163iu de 30 de zile, Moscova r\u0103m\u00e2ne reticent\u0103 \u00een a face acela\u015fi pas imediat.<\/p>\n
\nRubla a c\u00e2\u015ftigat aproape 30% fa\u0163\u0103 de dolar de la \u00eenceputul anului, alimentat\u0103 de speran\u0163ele privind o solu\u0163ionare a conflictului. Totu\u015fi, investitorii urm\u0103resc nu doar o eventual\u0103 pace, ci \u015fi o posibil\u0103 relaxare a sanc\u0163iunilor interna\u0163ionale.<\/p>\n
\n\u201eRetorica lui Trump privind Rusia este imprevizibil\u0103, dar miza real\u0103 este ridicarea sanc\u0163iunilor\u201d, a declarat Paul McNamara, director de investi\u0163ii la GAM.<\/p>\n
\nDe\u015fi fondurile occidentale se confrunt\u0103 cu dificult\u0103\u0163i \u00een a investi direct \u00een active ruse\u015fti, unele caut\u0103 obliga\u0163iuni corporative ruse\u015fti care, dup\u0103 ce au fost considerate aproape f\u0103r\u0103 valoare \u00een urma invaziei din 2022, \u00eencep s\u0103 fie reevaluate pozitiv de c\u0103tre anumi\u0163i investitori.<\/p>\n
\n\u201e\u00cen comunitatea fondurilor speculative exist\u0103 cu siguran\u0163\u0103 un entuziasm crescut\u201d, afirm\u0103 Roger Mark, analist la firma de investi\u0163ii Ninety One. Cu toate acestea, rubla r\u0103m\u00e2ne greu de tranzac\u0163ionat \u00een afara Rusiei, iar obliga\u0163iunile ruse\u015fti sunt inaccesibile investitorilor institu\u0163ionali str\u0103ini din cauza sanc\u0163iunilor \u015fi a reglement\u0103rilor interne.<\/p>\n
\nDe la \u00eenceputul r\u0103zboiului, sanc\u0163iunile interna\u0163ionale au blocat tranzac\u0163ionarea obliga\u0163iunilor suverane ruse\u015fti, multe companii din Rusia fiind \u00een imposibilitate de a efectua pl\u0103\u0163i c\u0103tre creditori prin intermediul b\u0103ncilor occidentale. \u00cen plus, restric\u0163iile impuse b\u0103ncilor ruse\u015fti \u015fi normele de conformitate ale institu\u0163iilor financiare occidentale au f\u0103cut ca tranzac\u0163ionarea direct\u0103 a rublei s\u0103 fie extrem de dificil\u0103.<\/p>\n
\n\u00cen prezent, volumul tranzac\u0163iilor interna\u0163ionale \u00een ruble se ridic\u0103 la doar 50 de milioane de dolari pe s\u0103pt\u0103m\u00e2n\u0103, \u00een contrast puternic cu miliardele de dolari schimbate zilnic \u00eenainte de r\u0103zboi. \u00cen aceste condi\u0163ii, comercian\u0163ii folosesc tenge-ul kazah drept substitut pentru rubla ruseasc\u0103, datorit\u0103 leg\u0103turilor economice str\u00e2nse dintre cele dou\u0103 \u0163\u0103ri. Tranzac\u0163iile cu tenge au crescut la 100-200 de milioane de dolari pe s\u0103pt\u0103m\u00e2n\u0103, iar moneda kazah\u0103 a crescut cu aproximativ 5% fa\u0163\u0103 de dolar \u00een acest an.<\/p>\n
\nPentru a evita expunerea direct\u0103 la active ruse\u015fti, unele b\u0103nci \u015fi brokeri ofer\u0103 instrumente financiare derivate, cum ar fi contractele la termen f\u0103r\u0103 livrare (NDF). Acestea permit specula\u0163ii pe fluctua\u0163iile rublei, f\u0103r\u0103 a de\u0163ine efectiv moneda sau alte active ruse\u015fti. Acest tip de instrument este utilizat frecvent pentru monede greu accesibile, precum naira nigerian\u0103 sau lira egiptean\u0103.<\/p>\n
\n\u201eB\u0103ncile occidentale sunt constr\u00e2nse de regimul sanc\u0163iunilor, dar contractele NDF ofer\u0103 o cale de a specula asupra rublei f\u0103r\u0103 a \u00eenc\u0103lca restric\u0163iile\u201d, explic\u0103 Luis Costa, \u015feful global al strategiei pentru pie\u0163ele emergente la Citi.<\/p>\n
\nLuna trecut\u0103, Citi a recomandat investitorilor s\u0103 utilizeze aceste contracte pentru a profita de poten\u0163ialele mi\u015fc\u0103ri ale rublei, anticip\u00e2nd impactul negocierilor dintre SUA \u015fi Rusia.<\/p>\n","protected":false},"excerpt":{"rendered":"
Investitorii \u00ee\u015fi \u00eendreapt\u0103 aten\u0163ia c\u0103tre rubla ruseasc\u0103 \u015fi obliga\u0163iunile Moscovei, c\u0103ut\u00e2nd modalit\u0103\u0163i de a profita de o posibil\u0103 relaxare a sanc\u0163iunilor impuse Rusiei. Ace\u015ftia speculeaz\u0103 c\u0103 apropierea dintre Donald Trump \u015fi Vladimir Putin ar putea facilita revenirea capitalului occidental \u00een economia rus\u0103, scrie Financial Times. Fondurile speculative \u015fi brokerii analizeaz\u0103 strategii de tranzac\u0163ionare a activelor […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[510],"tags":[9323,7267,31465,7633,10969,369,186,10373,365,7417,8810,366],"class_list":["post-234972","post","type-post","status-publish","format-standard","hentry","category-actualitate","tag-active","tag-banci","tag-impunere","tag-investitori","tag-moscova","tag-obligatiuni","tag-razboi","tag-restrictii","tag-rusia","tag-sanctiuni","tag-tranzactionare","tag-vladimir-putin"],"_links":{"self":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/234972","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=234972"}],"version-history":[{"count":0,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/234972\/revisions"}],"wp:attachment":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=234972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=234972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=234972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}