In a significant policy shift that could signal a thaw in relations between Russia and the United States, President Vladimir Putin has signed a decree granting an American hedge fund, 683 Capital Partners, the authority to acquire Russian securities previously held by Western financial entities. This move, which comes after years of strained relations between the two countries and in the wake of the Ukraine-related sanctions, marks a moment of potential change in the geopolitics of international finance and economic diplomacy.

On Monday, March 17, 2025, Putin signed a presidential decree authorizing 683 Capital Partners, a New York-based hedge fund, to buy securities in Russian companies that had been previously owned by about a dozen Western financial institutions. Among these entities are well-known players in the global financial market such as Jane Street, Grantham, Mayo, Van Otterloo & Co., Templeton Asset Management, Franklin Advisers, Highmark Limited, and Carrhae Capital.

This move marks a sharp reversal from the stringent economic measures imposed by Russia in September 2022, which sought to shield the country from the financial repercussions of Western sanctions imposed in response to its invasion of Ukraine. These sanctions had restricted financial transactions involving Russian energy and financial sectors, particularly preventing companies from “unfriendly” countries from acquiring or trading Russian securities. Any deals that did occur in these sectors were strictly prohibited unless explicitly authorized by a presidential decree.

The latest decree allows 683 Capital Partners to not only purchase these securities but also to sell them to two Russian companies-Cepheus-2 and Modern Real Estate Funds-without requiring any additional approvals from the government. This marks a shift in the Kremlin’s stance, which previously used a tight regulatory grip to limit the influence of Western firms on Russian financial assets.

This policy shift comes amid growing indications that Russia and the United States may be........

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