The Bank of Russia proposes to allow foreign investors access to shares of Russian companies through tokens. Direct access is currently impossible, and tokenization may become one of the few real options amid restrictions in the classic infrastructure.
According to RBC sources, the idea is based on using blockchain-based solutions. And although it is still being discussed unofficially, industry participants call it not only technically feasible but also potentially attractive for foreign investors, especially given the current restrictions.
First Deputy Chairman of the Central Bank Vladimir Chistyukhin also spoke about the prospects. On the sidelines of a recent forum, he confirmed that tokenization is a quite workable scenario. According to him, this mechanism could become one of the tools for bringing Russian stocks to foreign markets under the new conditions.
Vladimir Chistyukhin, First Deputy Chairman of the Bank of Russia. Source: MGIMO
Bank of Russia: Tokenization may help bypass sanctions
The idea of converting Russian assets into tokens is currently being discussed at several levels. One of its supporters is Deputy Chairman of the Central Bank Vladimir Chistyukhin. According to him, without the participation of foreign players, the scheme will not work: they must provide the platforms and legal mechanisms.
According to Chistyukhin, much will depend on whether foreign participants want to get involved in the process. They are the ones who must offer platforms through which tokenized assets can be brought to the external market.
A similar position was voiced by Sergey Shvetsov, Chairman of the Moscow Exchange Board. He recalled that foreign investors remain interested in Russian securities. But due to sanctions, access to the usual infrastructure is now effectively closed.
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Unlike classic schemes, tokenization does not require such intermediaries. According to Shvetsov, this approach is already being discussed in Moscow as a possible alternative.
“The classic system is still tied to limited channels—both settlement and brokerage. Tokenization is one way to bypass these barriers,” he added.
Russian experts supported the idea of stock tokenization
Sovcombank supported the idea of tokenization. A bank representative told RBC that such a mechanism may suit investors from BRICS countries and friendly jurisdictions—for example, the UAE, Kazakhstan, or Armenia.
He believes that tokenization could be a step toward bringing the Russian market closer to the global digital system. This is especially important now, when access to Western infrastructure is limited and traditional channels are closed.
A similar point of view was expressed by Aleksey Korolenko, Executive Director of Cifra Markets. He believes this model will simplify the purchase of expensive shares. By splitting securities, they will become more accessible to private investors with small amounts.
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Korolenko also noted that the sector of tokenized real-world assets (RWA) is going mainstream. Interest in it is growing, and many investors are already actively exploring this niche.
According to him, converting Russian shares into tokenized form is quite realistic. But it is important that all participants in the process, from the issuer to the platform, meet basic reliability requirements.
Experts reminded: besides technology, it is important to consider liquidity, infrastructure stability, and political risks. Especially now, when any detail can become a vulnerability.
Market participants themselves admit: the path will not be easy. But under the current restrictions, even partial progress in this direction can send the right signal—to both investors and regulators.
