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Kursk Region Smo Smolensk Region Bash Republic of Bashkortostan Krg Kurgan Region SPb City of Saint Petersburg Bel Belgorod Region Kcr Karachayevo-Circassian Republic Stv Stavropol

in the Russian CPI Kar Mur North- Volga- Len Western Arkh Vyatka SPb MB: 6.5% MB: 6.5% Psk Chuk Vgd Nen Kgr Yar

understand that investor confidence is very important, especially after what happened to SPB Exchange and considering their silence. In this context, the question is: does

materialised: the U.S. Department of the Treasury enacted sanctions against PJSC SPB Exchange. It should be noted that over 80% of the investors whose

of the sanctions of the US Department of the Treasury against PJSC SPB Exchange. As sales of foreign shares to retail investors have been gradually

BANK OF RUSSIA’S BCI (COMPOSITE) ACROSS RUSSIAN REGIONS (STANDARDISED ESTIMATE) Mur SPb Kar Chuk Len Nov Vgd Arkh Kmi Kra Yaku Mag Kam Klg

of the regions’ signs correspond to their percentages in the Russian CPI SPb North-Western FD: Psk 6.5% Chuk Vgd Nen Volga FD: Mag Kam

in the Russian CPI Kar Mur North- Len Volga- Arkh Western Vyatka SPb MB: 5.9% MB: 5.9% Chuk Psk Vgd Nen Kgr Yar

BANK OF RUSSIA’S BCI (COMPOSITE) ACROSS RUSSIAN REGIONS (STANDARDISED ESTIMATE) Mur SPb Kar Chuk Len Nov Vgd Arkh Kmi Kra Yaku Mag Kam Klg

their percentages in the Russian CPI Len North-Western FD: Arkh 5.9% SPb Psk Chuk Vgd Nen Volga FD: Kgr Yar 5.5% Mag Kam