Reshaping Capital Channels: The Central Bank of Russia and the Moscow Exchange Promote Stock Tokenization to Avoid "Sanctioned Infrastructure"

The Central Bank of Russia and the Moscow Exchange are actively promoting a tokenization scheme aimed at opening new channels for foreign investors to purchase shares of domestic Russian companies. Both Vladimir Chistyukhin, First Deputy Governor of the Central Bank of Russia, and Sergei Shvetsov, Chairman of the Supervisory Board of the Moscow Exchange, have expressed support for the scheme, emphasizing that tokenization can bypass the "sanctioned infrastructure and intermediaries" currently in the Russian financial system. This move is not only seen as an effective means to counter Western sanctions, but is also believed to accelerate the integration of the Russian market into the global digital financial system, particularly attracting investment from BRICS and other friendly jurisdictions.

Official Institutions Collaboration: Bypassing the "Sanctioned" Dilemma of Traditional Finance

· Central Bank Senior Officials Clearly State: The First Deputy Governor of the Central Bank of Russia, Vladimir Chistyukhin, recently stated at a financial forum that the tokenization of Russian stocks is a "possible option." He pointed out that foreign partners will play a key role in providing technological and platform solutions, thereby enabling the buying and selling of Russian assets abroad.

· Proposal by the Chairman of the Moscow Exchange: Chistyukhin's remarks follow a proposal by the Chairman of the Supervisory Board of the Moscow Exchange, Sergei Shvetsov, in late September. Shvetsov stated that overseas investors are eager to purchase Russian stocks, and tokenization can meet this demand as it does not rely on "sanctioned infrastructure".

· The Dilemma of Traditional Intermediaries: Shvetsov further explained that traditional financial solutions often require the use of "sanctioned infrastructure and sanctioned intermediaries and brokers," which are unfortunately common in current Russia. Tokenization is one of several "alternative solutions" that the Moscow authorities are considering.

Russian Experts Support: Attracting BRICS Capital and Accelerating Digital Integration

· Support from Sovcombank: An official from the Russian banking group Sovcombank expressed support for the plan through RBC, believing that tokenization "can become a suitable tool", especially able to attract investors from BRICS countries or "friendly jurisdictions" like the UAE, Kazakhstan, and Armenia.

· Accelerating the Integration of Global Digital Financial Systems: The official added that, in the long run, stock tokenization can "accelerate the process of the Russian market integrating into the global digital financial system."

· Technical Perspective of Cifra Markets: Alexey Korolenko, Executive Director of Cifra Markets, also agreed. He pointed out that tokenization will allow capital-constrained traders to purchase fractional shares of high market cap stocks.

· RWA mainstreaming: Korolenko emphasized that the field of Real-World Assets (RWAs) is moving towards "mainstreaming" and is "in high demand from investors". Therefore, the idea of tokenizing Russian stocks is "completely feasible".

Implementation Challenges and Risk Warnings: Reliability and Political Considerations

Despite the optimistic outlook, experts have warned about the issues that need to be addressed during implementation:

· Reliability requirements and ownership chain: Alexey Korolenko reminded that Moscow must ensure that relevant service providers can meet the reliability requirements of the "entire ownership and tokenization chain".

· Infrastructure and Liquidity: Experts agree that regulators need to carefully consider the infrastructure and liquidity issues of tokenization trading platforms.

· Political Risk: In addition, regulators need to take into account the potential "political risk." Although tokenization aims to circumvent existing sanctions, it may itself become a target of future international political pressure.

Conclusion

The proactive promotion of stock tokenization by the Central Bank of Russia and the Moscow Exchange is an important part of its financial breakthrough strategy under global sanctions. By using blockchain technology to bypass "sanctioned infrastructure," it not only meets the investment needs of friendly countries like BRICS for Russian assets but also indicates that Russia is seeking to establish a parallel capital channel in the digital financial asset field with the traditional financial system. However, the ultimate success of this plan will depend on whether Russia can strike a balance between ensuring the reliability, liquidity of the tokenization chain, and effectively addressing political risks.

Disclaimer: This article is for news information only and does not constitute any investment advice. The cryptocurrency market is highly volatile, and investors should make cautious decisions.