Russian Capital Markets

Held on Thursday, February 1, 2018.


  • Ekaterina Trofimova (ACRA)

  • Liam Halligan (Telegraph)

  • Viktor Szabó (Aberdeen Standard).



We haven’t looked at Russia in a while – which may be an oversight since there is a lot going on.

Obviously, the big problem that potential investors face is the sanctions regime imposed by the US and other western governments. It certainly doesn’t make foreign investment any easier. At the same time, however, it has prompted the Russians themselves to do a bit of house-cleaning, and to launch some significant initiatives of their own.

One is the creation of a new domestic credit rating agency – ACRA, the Analytical Credit Rating Agency. Owned by 27 of Russia’s biggest companies and financial institutions, with more than RUB 3 billion in capital, ACRA was set up at the end of 2015 as an independent agency to underpin the development of Russia’s capital markets. Its CEO is Ekaterina Trofimova, who was previously a management board member at Gazprombank and, before that, a director at S&P’s Institutions Rating Group in Paris. We are delighted that she has agreed to discuss ACRA’s role and the broader evolution of Russia’s capital markets.

We are also delighted that two experienced Russia-watchers have agreed to kick off the discussion:

  • Liam Halligan is an author and Telegraph columnist. He is also editor-at-large at Business New Europe – a news service covering 30 counties across Central and Eastern Europe and the CIS. Between 2007 and 2013, he was chief economist at Prosperity Capital – the largest Russia/CIS-focused asset manager in the world. He has also worked for the FT, Channel 4 News and The Economist.
  • Viktor Szabó is a senior investment manager at Aberdeen Standard, specialising in emerging markets debt. Previously, he was a country chief investment officer for Credit Suisse and, prior to that, head of market analysis for the National Bank of Hungary.

If you would like to join us (and, perhaps, to share your thoughts), please let us know by emailing or calling the office on 020 7621 1056. No vodka, but wine and sandwiches will be provided.

Sincerely yours,

Andrew Hilton