Shares of United Co. Rusal International PJSC—one of the few Russian companies still traded on major global exchanges—saw a 15-fold surge in trading activity this week, as investors speculated that Donald Trump might seek to ease sanctions on Russia.
Trading volume in Hong Kong jumped to an average of 4.2 million shares per day, compared to just 250,000 in January, reflecting renewed interest in Russian assets. Rusal’s stock price has surged nearly 50% this month, reaching levels last seen in April 2022, shortly after Russia’s invasion of Ukraine.
“Trump looks hell-bent on getting back in business with Russia,” said Kamil Dimmich, partner at North of South Capital. However, he noted that his firm does not invest in Russian stocks.
Despite Rusal’s stock rally, the company still faces significant trade barriers. The US has a 200% tariff on Russian aluminum imports, while the EU is moving toward a full ban. The London Metal Exchange no longer accepts newly produced Russian metal, and even if sanctions were relaxed, Trump’s February tariff on all aluminum imports would still apply.
Meanwhile, most Russian firms remain shut out of international markets, with some—like Ros Agro and Ozon—turning to listings in Kazakhstan, a nation Moscow considers “friendly.”
