American investment banks Goldman Sachs Group Inc. and JPMorgan Chase&Co. They began offering clients derivatives linked to the Russian ruble against the background of a possible resumption of dialogue between Russia and the United States. This is reported by foreign media.
Banks offer clients ruble-denominated derivative contracts that allow them to speculate on the ruble exchange rate without violating sanctions restrictions, as they do not involve the direct supply of assets and the participation of Russian citizens.
Non-deliverable forward contracts (NDF) allow investors to place bets on the strengthening of the ruble. In particular, since the beginning of 2025, the Russian ruble has strengthened by almost 20% against the dollar.
At the same time, there is interest in Russian assets from foreign investors, including hedge funds and private investment companies from the Middle East, which are not subject to sanctions. Investors even began to pay attention to dollar and Eurobonds of Gazprom and LUKOIL.
Nevertheless, despite the increase in bond price targets, the spreads between purchase and sale prices remain high, demonstrating the low liquidity of these instruments and making it difficult to assess fair value.
In addition, it should be taken into account that the negotiations between Moscow and Washington are still at an early stage and do not guarantee significant progress in the near future. At the same time, EU countries are likely to maintain European sanctions, even if the United States partially eases restrictions.
Goldman Sachs Group, Inc. is an American multinational investment bank and financial company. Goldman Sachs provides services in the investment banking, securities, currency, commodities, and derivatives sectors, as well as investment consulting, underwriting, and asset management services. Clients include corporations, financial institutions, governments, and wealthy individuals. The headquarters is located in New York (USA).
JPMorgan Chase&Co is an American multinational financial conglomerate and one of the largest banks in the world. Main areas of activity: investment banking, financial services to individuals and small businesses, commercial banking, financial transactions and asset management. The headquarters is located in New York (USA). In 2024, JPMorgan's net profit was $56.5 billion (18% higher than in 2023).
