Bank of Russia establishes facts of market manipulation by CEO of professional securities market participant
The Bank of Russia has established facts of market manipulation on Moscow Exchange (the Exchange) during transactions with shares of Russian companies and federal government bonds (OFZ) executed by Vadim Albertovich Solomakhin, CEO and beneficial owner of professional securities market participant (PSMP) LLC KINETIC CAPITAL (TIN 9703121414, the Company).
In 2026 Q1, transactions with shares of Sberbank, PJSC Sovcombank, and Surgutneftegas PJSC, as well as federal government bonds OFZ-PD 26230 and OFZ-PD 26243 (Financial Instruments) were conducted in the main trading mode of the Exchange between the Company, which carries out trust management of assets of Closed-end Unit Investment Fund Kinetic Portfolio based on its effective Bank of Russia licence, and V.A. Solomakhin. This resulted in significant deviations in the prices and trading volumes of the said Financial Instruments from the levels that would have been recorded without such transactions.
V.A. Solomakhin used his personal brokerage account to purchase (sell) the Financial Instruments at the market price prevailing on the Exchange at that time and submitted orders to execute offsetting transactions at a price above (below) the purchase (sale) price.
Subsequently, V.A. Solomakhin used his official position and access to the Company’s brokerage account to submit opposite orders in the volume required to bring the market price to the level specified in the corresponding orders submitted through his personal brokerage account. This resulted in short-term changes in the market price for the Financial Instruments and the closing of positions in V.A. Solomakhin’s personal brokerage account, which were fully or partially executed against the orders submitted from the Company’s brokerage account.
Using this scheme, V.A. Solomakhin conducted over 120 transactions between his personal and the Company’s trading accounts. As a result, the Company incurred losses and V.A. Solomakhin gained a corresponding profit.
These actions are qualified as market manipulation pursuant to Clause 2 of Part 1 of Article 5 of Federal Law No.
Thus, V.A. Solomakhin breached the ban stipulated by Part 2 of Article 6 of Federal Law No.
The Bank of Russia has sent V.A. Solomakhin a binding order to cease and desist from similar violations in the future. Furthermore, the Bank of Russia has sent PSMPs and trading organisers binding orders to suspend transactions in V.A. Solomakhin’s brokerage accounts.
Information about the violations has been forwarded to the law enforcement agencies.
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16.10.2026 11.00.00