can i trade russian stocks? A practical guide

Can I trade Russian stocks?

Can I trade Russian stocks? This article answers that question for investors — especially non‑residents and clients of foreign brokers — by explaining where Russian equity exposure exists, how sanctions and market actions affect access, what broker and depository constraints matter, and what practical options remain for buying, selling or obtaining synthetic exposure. Read on to learn what steps to take, the main risks, and how to check whether you can trade Russian stocks today.

Overview

The simple short answer to "can i trade russian stocks" is: it depends. Multiple market venues once supported trading in Russian‑issued shares (Moscow Exchange and several domestic venues, foreign listings and ADRs/GDRs, and ETFs that include Russian exposure). Since 2022, widespread sanctions, depository restrictions and index/exchange actions have fragmented access. Broker and custodian operational policies, investor nationality/residency and the specific instrument (domestic share, foreign ADR/GDR, or an ETF) determine whether and how you can trade.

As of March 2022, according to major news outlets, many index providers removed Russian securities and multiple clearing chains were restricted. Since then, regulatory updates and operational responses have continued to change availability and settlement pathways for investors.

Market venues and instruments

Moscow Exchange (MOEX)

Moscow Exchange (MOEX) is Russia's primary domestic venue for equities, corporate and government bonds, and Russian‑law ETFs. MOEX operates domestic trading and settlement conventions designed for the Russian regulatory and banking system; for example, many domestic instruments settled under T+1 conventions after market reforms. Domestic retail and institutional participation dominate MOEX trading volumes for Russian‑law securities.

If you ask "can i trade russian stocks" and mean buying a Russian‑law share on MOEX, the main considerations are residency and access to Russian brokerage accounts, plus any broker restrictions on servicing foreign clients.

SPB (St. Petersburg) and Eastern Exchange

The St. Petersburg Exchange historically provided a venue that allowed Russian investors to trade certain overseas securities and offered services distinct from MOEX. In the disruption period beginning 2022, alternative domestic or regional exchanges (sometimes referred to as “Eastern” venues) emerged or expanded to provide trading for specific investor groups. These venues are subject to local regulation and may have different participant rules compared with MOEX.

If your question is "can i trade russian stocks through alternative domestic venues?", the answer depends on whether your broker has membership or access, and whether your account is acceptable under Russian rules for non‑resident clients.

Overseas listings, ADRs/GDRs and ETFs

Some large Russian companies previously had overseas listings (ADRs/GDRs) or components inside funds and ETFs domiciled outside Russia. After 2022 many foreign exchanges suspended trading in Russian‑listed securities and index providers removed Russian names from benchmarks.

Using ETFs, ADRs/GDRs or foreign funds is often the practical path for indirect exposure when direct access is restricted. However, many of these foreign vehicles were delisted, suspended or rebalanced to exclude Russian exposure, and they carry domicile, regulatory and counterparty risks.

Sanctions, regulatory and index actions

Government sanctions (US, EU, UK, others)

Sanctions are a primary reason investors ask "can i trade russian stocks" today. Since 2022, many jurisdictions introduced targeted and broader measures that either prohibit or limit purchases, transfers, and certain payments involving sanctioned issuers or persons. These measures vary by jurisdiction and sanction list: some restrict new acquisitions of securities tied to specified entities; others restrict transfers through certain clearing systems or payment routes. Whether you can trade depends on which sanctions apply to you as an investor (your nationality/residency and the broker's jurisdiction) and whether the targeted issuer appears on the relevant list.

As of March 2022, according to major press reporting, several Western jurisdictions and index providers announced de‑listing or exclusion steps affecting Russian securities; subsequent regulatory guidance continued to shape permissible activities.

Index provider and exchange suspensions

Major index providers removed or suspended Russian securities from benchmarks, and many foreign exchanges suspended trading or delisted Russian‑linked listings. Index exclusions affect the ability of passively managed funds to hold those securities and tend to reduce liquidity and capital flows into affected names.

As a result of these actions, a commonly asked question — "can i trade russian stocks that used to be in global indexes?" — is frequently answered with: often not on the same venue, and only where special arrangements or remnants of ADR/GDR structures remain.

Broker and custodian operational responses

Brokers and custodians reacted in multiple ways: freezing trading in certain tickers, disallowing ruble deposits/withdrawals, auto‑converting RUB balances, or refusing to open accounts in RUB as a base currency. Some service providers enabled sales of pre‑existing positions but barred new purchases for particular client segments. Others placed Russian securities into restricted or blocked custody pending clarification from regulators or depositories.

If you wonder "can i trade russian stocks through my usual broker?", check the broker's public notices and client communications: many brokers maintain FAQ pages with specific guidance on which Russian securities are restricted for which clients.

Access for non‑residents and account/custody issues

Bank of Russia account types and non‑resident rules

Russia's central bank and local regulators set rules for how non‑resident investors can hold and settle Russian securities. Structures such as so‑called “In‑type” and “C‑type” accounts (terminology used in operational guidance) distinguish how accounts are opened, who may be serviced, and what types of transactions are permitted. Recent Bank of Russia rulings clarified restrictions on servicing foreign investors, including limits on the use of previously blocked funds and on transfers out of certain accounts without regulatory approvals.

As of mid‑2023 and into 2024, Bank of Russia announcements and supervisory guidance continued to affect whether non‑resident investors could open standard custodial accounts directly in Russia, and under what conditions bank and broker intermediaries could provide services.

Depositories and blocked assets (NSD, Euroclear, transit custody)

Many foreign custodial chains and international settlement links were restricted or blocked in 2022. Central and international depositories (for example, the local national settlement depository and certain international intermediaries) placed limits that effectively froze transfers for affected securities. Securities held in Russian depositories or in transit custody were often rendered non‑transferable until specific approvals or sanctions relief occurred.

If your holdings are routed through a foreign custodian that used Euroclear or another international intermediary, that chain might have been interrupted. The operational consequence is that positions can be stuck in a restricted custody layer that prevents normal settlement or transfer.

Blocked asset swap / investment exchange mechanisms

Authorities and market participants proposed or implemented swap schemes aimed at enabling investors to exchange previously frozen funds for blocked securities or instruments. These schemes have required licences, legal clearance and cooperation across jurisdictions and often include considerable legal and practical uncertainty. Implementation timelines, tax treatment and eligibility vary by the program and the authorities involved.

Because of licensing and cross‑jurisdictional legal questions, many investors asking "can i trade russian stocks via swap or exchange schemes?" find that the answer depends on program details and approvals, not on market liquidity alone.

Practical trading options and restrictions

Selling existing positions vs opening new positions

A common reality: many brokers allowed sales of pre‑existing, non‑sanctioned Russian positions for some clients while prohibiting new purchases. Sanctioned securities may be frozen and non‑transferrable. Therefore, if you already held Russian shares before restrictions were introduced, you may be able to sell (subject to broker and depository rules) while new buys are often blocked for certain client categories.

If your question is "can i trade russian stocks I already own?", check carefully: the answer may be yes for permitted sales, but the proceeds and transferability of resulting cash can be constrained by currency and custody rules.

Using foreign‑listed vehicles and ETFs

For many investors, foreign‑listed ETFs, ADRs/GDRs or funds domiciled outside Russia have been the principal route to indirect exposure when direct access to Russian domestic shares is limited. However, many such vehicles were suspended, rebalanced to remove Russian exposure, or faced delisting. Even when available, they carry domicile‑specific regulatory protections and counterparty risks that differ from holding the underlying domestic security.

If you are asking "can i trade russian stocks exposure via ETFs?", verify whether the ETF still holds Russian exposure, whether the ETF is permitted for your account type, and the ETF issuer’s own operational notices.

Derivatives, synthetics and alternatives

Some derivative instruments (futures, options, CFDs, swaps and structured products) can provide synthetic exposure to Russian equity performance. Availability of these instruments has been limited by clearing, regulatory and counterparty restrictions. Clearinghouse acceptance, margining requirements, and the ability to transfer or settle derivative positions are subject to the same geopolitical and regulatory constraints as cash markets.

Investors asking "can i trade russian stocks synthetically?" should evaluate counterparty credit risk, regulatory permission to trade those products, and whether the synthetic route is economically efficient under current constraints.

Risks and market mechanics to consider

Liquidity and market closure risk

Illiquidity and exchange closure risk are central concerns. After 2022 moves, some venues experienced wide bid/ask spreads and very low trading volumes for affected tickers. Price discovery can fail when markets are partially closed or when large portions of shares are locked in restricted custody, so orders may execute at materially worse prices or not at all.

Corporate actions, dividends and payments

Dividend distributions, corporate action processing and creditor claims can be delayed or blocked. Some jurisdictions and custodians prohibited payments to sanctioned parties or required special approvals. Therefore, investors asking "will I receive dividends on Russian holdings?" must check whether the issuer, the payment route, or the recipient is subject to restrictions; answers vary by case and over time.

Counterparty, custody and legal risk

Custody restrictions, inability to transfer positions between brokers, and the need for licences or regulatory approvals create legal and operational counterparty risk. Securities held in blocked or frozen custody may require court or regulator action to be moved. The risk of litigation, uncertain recovery processes and potential haircutting in any settlement scheme are real considerations.

Currency and settlement risk

Ruble handling changed: many brokers auto‑converted RUB balances to major currencies, disallowed RUB deposits/withdrawals, or refused to serve RUB‑based accounts. Settlement in foreign currency may be impossible for certain domestic Russian trades; likewise, converting proceeds out of the system often requires compliance approvals and acceptable clearing routes. Investors should expect settlement delays and currency conversion limitations.

How to check whether you can trade (practical checklist)

To answer "can i trade russian stocks" for your specific situation, work through this checklist:

• Confirm your broker's published policy on Russian securities for your account type and jurisdiction.
• Verify client residency and nationality restrictions your broker applies (some brokers restrict certain nationalities even for non‑resident accounts).
• Check applicable sanctions lists (US OFAC, EU, UK listings) to confirm whether the issuer appears there.
• Identify the specific instrument: is it a MOEX‑listed share, an ADR/GDR, or a foreign ETF? Availability differs by venue.
• Trace the custody/depository path: will holdings be routed via NSD, Euroclear, Clearstream or local transit custody? Is that chain operational for your transactions?
• Confirm broker treatment of ruble balances and currency conversion practices.
• Assess tax and treaty implications with a local tax adviser before transacting.
• When in doubt, seek legal/compliance advice from counsel experienced with sanctions and cross‑border securities settlement.

If after this checklist you still need execution services in supported markets, Bitget Exchange and Bitget Wallet provide options for non‑Russian trading needs and may support indirect exposure products; contact Bitget support for account eligibility and instrument lists.

Timeline and recent developments (select highlights)

• As of March 2022, according to major news reporting, trading disruptions and index removals accelerated: several index providers announced exclusions of Russian securities and many custodial chains were restricted.
• In the months after March 2022, many foreign exchanges and funds suspended trading or removed Russian exposures from their products.
• Through 2023 and into 2024, national authorities and market infrastructure (including the Bank of Russia and local depositories) issued guidance on servicing foreign investors, blocked assets and possible swap mechanisms to handle frozen funds and securities.
• As of 2024–2025, broker operational policies continued to evolve; some brokers allowed sales of legacy holdings for permitted clients while barring new purchases for others. Proposed or limited swap/exchange programs appeared in certain jurisdictions to provide structured pathways for locked assets.

These highlights show an evolving landscape: the answer to "can i trade russian stocks" has shifted repeatedly and remains subject to change depending on new regulatory steps and infrastructural developments.

Frequently asked questions

Q: Can I open a new long position in a Russian stock through my US broker? A: Usually no for many Russian domestic tickers: many US‑based brokers restricted new purchases after 2022. Whether you can open a position depends on your broker's policy and applicable sanctions for the specific issuer. Always check the broker's client notices and compliance guidance.

Q: Can I sell my existing Russian shares? A: Many brokers permitted sales of pre‑existing, non‑sanctioned positions for eligible clients, but sales may face settlement, custody and currency conversion constraints. Sanctioned securities are often frozen.

Q: Will I receive dividends on Russian shares? A: Dividend payments may be delayed, converted, or blocked depending on the payment route and applicable sanctions. Broker handling of corporate actions varies; check notices and official issuer communications.

Q: Are ETFs a safe way to get exposure? A: ETFs can be a practical route to indirect exposure but are subject to the ETF issuer's domicile rules, potential suspensions, and rebalancing. They are not risk‑free; verify current holdings and issuer notices.

Q: If I use a crypto or tokenized product to get exposure, is that allowed? A: Tokenized or crypto‑linked exposure may appear in some markets, but availability and legality depend on local rules and exchange policies. Bitget Wallet and Bitget's product pages explain available tokenized derivatives; confirm legality for your jurisdiction and wallet eligibility.

Legal, tax and compliance considerations

Transacting in or seeking exposure to Russian securities requires careful sanctions compliance screening, potential licensing (where permitted), and precise tax reporting. Investors should consult legal counsel and tax advisers familiar with cross‑border securities, sanctions law, and the specific broker and custody arrangements before initiating transactions.

Regulatory and criminal liability risks for violating sanctions can be material. Do not rely on incomplete or out‑of‑date information; verify with authoritative sources and with your broker or legal counsel.

References and further reading

• As of March 2022, according to major international reporting, index providers and exchanges began removing or suspending Russian securities from benchmarks and trading platforms.
• As of mid‑2023, Bank of Russia releases and supervisory guidance clarified servicing rules for non‑resident account types and certain blocked funds.
• Broker operational FAQs (check your broker's site) provide precise lists of restricted tickers and client eligibility.
• National depositories and settlement agents issued notices about blocked or restricted custody chains; check the relevant depository communications for confirmation.

Sources used to build this article include central bank announcements, exchange notices, broker FAQs and contemporaneous press reports. For the latest status, consult your broker and official regulator publications.

Next steps and how Bitget can help

If after reading this you are evaluating options for trading or obtaining exposure where direct Russian share access is limited, consider these steps:

• Check your broker’s up‑to‑date policy and the specific instrument’s listing/venue.
• For indirect exposure or alternative products, ask about ETFs, foreign‑domiciled funds or regulated derivatives available in your account.
• For custody and wallet needs, Bitget Wallet provides a secure interface for supported digital assets, while Bitget Exchange offers diversified markets and products for non‑Russian exposures. Contact Bitget support or consult Bitget’s product information to confirm eligibility and instrument availability for your jurisdiction.

Further exploration: consult your broker, your legal/tax advisers, and the official regulator pages referenced in this article when making decisions about acquiring, selling or holding Russian‑linked exposures.