RE: Charts8 Sep 2025 12:01
Credit to Oak Securities and their research note.
HNW Russian investors helped drive the share price to the 42p level in late 2020. However, there are
no longer any Russian shareholders, as they have all sold their shares. Sanctions have prevented
Russian investors from buying shares in London because the CREST settlement system is operated by
Euroclear, which requires investors to have EU permanent residency. Consequently, they had to sell.
Now, Eurasia is gaining a dual listing on the Astana International Exchange (AIX) in Kazakhstan, allowing
investors from Kazakhstan, Russia, and China to return to the company.
This is not a back-door listing, as other companies like the US$1.3 billion leading Russian gold and silver
producer Polymetal International have already trodden this path. Astana market makers will buy
shares in London to sell and meet the demand from Russia. It is estimated that there are approximately
353,000 dollar millionaires in 2021 (Credit Suisse) and 110 official dollar billionaires (Forbesβ Russian
edition June 2024) in Russia. There is plenty of money in that country, but limited opportunities to
invest. Given all this, with the rapidly improving geopolitical situation, it is little surprise that Russian
companies have been trading at historic highs.