Under Sanctions, Russians Consider Buying Property, Gold, and Crypto

Under Sanctions, Russians Consider Buying Property, Gold, and Crypto

Financial and other penalties imposed by the West over Moscow’s decision to invade Ukraine are already affecting the economic situation in Russia.

Despite the bleak perspectives, property and gold continue to be — just like before — the most desired investment for many Russians.

The share of those who regard the purchase of real estate as the most reliable investment has been declining in the past few years, but it’s still 33% in 2022, the Russian analytical centre NAFI revealed in a new report.

And 36% of the respondents in its study believe it’s the most profitable option.

At the same time, gold has been gaining recognition, and 25% of Russians now think investments in precious metals are reliable, compared to 21% two years ago.

Investors who see future profits in gold have increased from 18% to 26% during the same period.

Accumulating and keeping paper cash has become more common among Russians; 23% now consider this method of storing value reliable, increasing 15% in 2020.

Opening a deposit account with a state-owned bank is safe, according to 21% of the participants in the survey.

Under Sanctions, Russians Consider Buying Property, Gold, and Crypto

The popularity of cryptocurrencies has grown significantly over the past years, the NAFI researchers have established.

Two-thirds of the respondents in their latest poll (67%) have heard about bitcoin, while five years ago, this group accounted for only 16% of the questioned.

The majority of Russians expect the value of cryptos to increase in the future.

Currently, 8% view the acquisition of crypto assets as a reliable investment, while 11% think buying digital coins is profitable.

Young people, aged 18-24, are even more optimistic.

A quarter of them has described crypto investments as reliable (23%) and profitable (24%).

As governments supporting Ukraine continue to widen restrictions limiting Russia’s access to the global financial system, concerns have been raised that Moscow may use cryptocurrencies to evade sanctions.

While some crypto platforms have imposed restrictions, major exchanges like Binance and Kraken denied a request by Kyiv to freeze the accounts of all Russian users unilaterally.

Meanwhile, Russian authorities are proceeding with efforts to legalize crypto operations.

A draft law “On Digital Currency” was submitted by the Finance Ministry last month.

A member of the State Duma working group on crypto regulations suggested this week that digital assets can help Russia reach the global financial market, despite the sanctions.

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