AP Deputy Director Oreshkin proposed depriving private companies of subsidies

“Now we see that investors are waiting, although this year there were 19 share placements. This is a record for the last 10 years. The volumes are small, because, for comparison, our companies raised 102 billion rubles of capital on the market, and during this time companies received 12.5 trillion rubles in loans,” said the president of the Central Bank, noting that “The placement potential is enormous.”

Nabiullina explained that “additional incentives are needed here”, which is why the regulator is discussing with the government the reorientation of state support measures.

“It is possible, for example, not to provide subsidies to private companies,” Oreshkin suggested. “It is possible, as an option,” Nabiullina agreed, adding that the Central Bank had already considered the possibility of acquiring shares from foreign investors “to bring them to the public market.”

In February, Vladimir Putin, during his speech to the Federal Assembly, stated that the capitalization of the stock market is planned to double by 2030. As the president clarified, by that time it should represent 66% of Russia’s GDP.

In the fall, Natalya Loginova, director of the department of work with issuers of the Moscow Stock Exchange, reported that about 1.5 thousand Russian companies have a business model and turnover that allows them to carry out an initial placement. He clarified that this creates the potential for “hundreds of companies” to go public by 2030.

In mid-October, the head of the Dom.RF bank subsidiary, Artem Fedorko, announced that the state corporation was preparing to hold an initial public offering (IPO) in the second half of 2025. These plans were confirmed by the deputy minister of Finance Alexey Moiseev, highlighting that the possible placement would be “a milestone for the Russian financial market” as the organization “obtains an excellent ROE” and pays “good dividends.”