Nearly six months after Russia was evicted from much of global finance over the invasion of Ukraine, it’s going it alone by devising a two-tier system severed from adversaries.
The plan emerging from central bank proposals and a gradual unwinding of local restrictions will focus on mobilizing capital at home while catering to jurisdictions it considers friendly.
From Monday, the Moscow exchange will allow trading in debt securities for investors from countries that haven’t joined the sanctions imposed by the U.S. and its allies. The decision ends a hiatus in place since Russia sealed off its markets to restrict the flow of money out of the country when the war began in late February.