Bank of Russia finds manipulation in Sibur and Rostelecom bonds

What the regulator found

On 8 October the Bank of Russia said a group of affiliated companies and their owners had made coordinated trades in Sibur Holding and Rostelecom bonds in 2025. In the regulator’s assessment, the trades distorted fair price formation in anonymous trading. This is its conclusion about a particular investigation, not evidence that the whole bond market functions this way.

According to the release, the SILACH plant, OKTAD, SITERRA, D. V. Koromyslov and E. G. Komin faced administrative action and orders not to repeat the conduct. The bank also instructed trading organisers and professional market participants to suspend operations on their trading accounts.

Why an investor should care

Prearranged trades can give a false impression of demand, liquidity and a security’s fair price. A high trading volume alone does not prove that many independent buyers are active. Investors should be particularly careful with thinly traded instruments and unexplained price movements.

The regulator’s statement also concerns companies whose brokerage accounts were used by their owners. Readers should consult the original release for the securities and transaction period rather than extending the allegation to unrelated bonds.

Source: Bank of Russia press office.