The economist named the main investment trends of Russians in 2025

In 2025, Russians' investment preferences were determined by three key trends: growing interest in gold, the emergence of new asset classes, and adaptation to a high key interest rate. Ruslan Spinka, Director of Sales and Customer Service at Fontvielle, told Izvestia about this on December 23.

According to him, the attractiveness of gold as a quasi-currency asset has increased after the abolition of VAT on bullion in 2022, the permission of their direct sale by refineries from 2023 and the exemption from VAT of deposits in precious metals in November 2025. This, as well as the narrowing of the range of available currency instruments, has spurred demand for the precious metal.

"The second significant trend was the development of a new asset class — replacement bonds denominated in foreign currency with payments in rubles. Their popularity has grown against the background of the devaluation of the ruble and the lack of infrastructural risks, as they apply in the Russian legal field. The number of bond issues in Chinese currency has also expanded, and the debut placement of yuan—denominated OFZs is expected in December 2025, which resonates with issuers and investors," the specialist noted.

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The third area was the demand for conservative instruments in conditions of a high key interest rate, which has not dropped below 16% for a year. Liquidity funds offering competitive conditions and withdrawal flexibility, as well as floating-rate bonds, were particularly popular, although the peak demand for them had already passed. As monetary policy eases, the demand for these instruments will decrease.

"As for the forecast for 2026, investment preferences will depend on three factors: monetary policy, exchange rate dynamics and the geopolitical situation. A reduction in the key rate may provoke a flow of capital from conservative instruments to more risky ones, stimulating business activity," said Spinka.

According to him, the ruble exchange rate will directly affect the profitability of foreign exchange instruments and strategies to protect savings from devaluation. Geopolitical news, especially regarding the negotiation process, will continue to have a significant impact on the stock market, causing high volatility until specific agreements are reached.

On December 11, economist Alexander Grif predicted the exchange rate of the dollar, euro and yuan in January 2026. According to him, there will be no sharp fluctuations in the exchange rate in January 2026. In the absence of new shocks, the ruble will remain stable. The dollar will be around 77-80 rubles, the euro — 85-90 rubles, the yuan — about 11 rubles.

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