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Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Danila Polukhin
Sanctions Impact on Assessment of Russian Financial Assets
2017
The object of the study is the Russian economy during the period of sanctions from 2014 to the present. The subject of the study is the impact of economic sanctions on the Russian financial market. The aim of the work is to analyse the impact of sanctions on the Russian financial market and to assess assets in the Russian financial market by using the methodology of the Event Study, namely how both sanctions and counter-sanctions affected Abnormal Returns of companies, where the abnormal profitability of firm i and the date of the event is defined as the difference between the realised income and the expected income in the absence of an event. In the course of the study, there were taken stock prices of 32 companies from 2013-2017, five industries as a whole, which are traded on the Moscow stock exchange. When calculating the abnormal returns of companies as an estimate of the expected return, the CAPM model was used. As a result of studying the influence of sanctions and counter-sanctions on abnormal profitability of companies, author made the following conclusions:

Following the analysis of financial markets, the author made the following conclusion

The sanctions, combined with the ruble's depreciation, at the time of announcement in 2014 had a negative impact on the financial markets in general and in particular on the sectors (oil and gas, banks and finance, consumer goods and trade, transport) against which they were directed, Since these sectors are dependent on foreign economic relations. However, in the following years the industry adapted, moreover, such industries like «Metal and mining» and «Oil and gas» has shown a rapid growth.

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