Subject. This article discusses the issues related to the observation period when calculating the value of blocked securities. Objectives. The article aims to substantiate, through arguments, the observation period for calculating the market value of blocked securities in the context of the demanded return of investment resources of Russian investors in the organized over-the-counter market and the sanctions restrictions. Methods. For the study, I used systems and comparative analyses, content analysis of legislative acts, scientific literature and statistical data, and the paired sales method. Results. Based on the results of the study, the article finds that a period of thirty observed trading days in the over-the-counter and exchange markets is the most optimal time interval for monitoring the original data of exchange and over-the-counter quotes of blocked securities in the context of calculating the market value of financial assets. Conclusions. The article concludes that using a period of thirty observed trading days from over-the-counter and exchange markets when calculating the value of blocked securities based on the comparative approach and the method of paired sales reflects the assumption of the average discount size on the valuation date most accurately, and it guarantees owners the most reliable assessment of the market value of blocked assets for financial decision-making.
Rahman Y.M., Adeningtyas W.J., Jaya B.P.M. The effect of European Union’s implementation of the Russian economic embargo on international trade sector. JurnalDinamika Hukum, 2023, vol. 23, no. 2, pp. 273–285. URL: Link
Das B.C., Hasan F., Sutradhar S.R., Shafique S. Ukraine-Russia conflict and stock markets reactions in Europe. Global Journal of Flexible Systems Management, 2023, vol. 24, pp. 395–407. URL: Link
Chowdhury E.K., Khan I.I. Reactions of global stock markets to the Russia-Ukraine war: An empirical evidence. Asia-Pacific Financial Markets, 2024, vol. 31, iss. 3, pp. 755–778. URL: Link
Bossman A., Gubareva M., Teplova T. Economic policy uncertainty, geopolitical risk, market sentiment, and regional stocks: Asymmetric analyses of the EU sectors. Eurasian Economic Review, 2023, vol. 13, pp. 321–372. URL: Link
Babina T., Hilgenstock B., Itskhoki O. et al. Assessing the impact of international sanctions on Russian oil exports. CEPR Discussion Papers, 2023, vol. 17957.
Mak C.H.W., Lai R. Russian foreign investments at risk: Why bring investment disputes relating to Russia to the Hong Kong International Arbitration Centre? Asian Dispute Review, 2023, vol. 25, iss. 1, pp. 27–33.
Sakharova Yu.V. [Shares in the Russian legislation and their role in the practice of corporate governance]. Vestnik Tomskogo gosudarstvennogo universiteta. Pravo = Bulletin of Tomsk State University. Law, 2023, no. 50, pp. 177–193. (In Russ.) EDN: VTPMUL
Shevchenko O.M. [Legal regimes of entrepreneurial activity on the securities market and collective investments]. Vestnik Universiteta imeni O.E. Kutafina = Vestnik of O.E. Kutafin University (MGJA), 2022, no. 12, pp. 70–81. (In Russ.) EDN: EXTXNX
Anashkina M.V. [Evolution of the securities market and modern problems of control of its participants]. Vestnik GUU = Bulletin of GUU, 2022, no. 8, pp. 129–138. (In Russ.) EDN: FHPBJV
Stefanova N.A., Korolev A.A. [Impact of foreign sanctions on the stock market of the Russian Federation]. Osnovy ekonomiki, upravleniya i prava = Fundamentals of Economics, Management and Law, 2023, no. 4, pp. 96–101. (In Russ.) EDN: KPKQQK
Ryazanova A.R. [Sanction regime of economic activity: concept and legal nature]. Vestnik Universiteta imeni O.E. Kutafina = Vestnik of O.E. Kutafin University (MGJA), 2022, no. 12, pp. 205–214. (In Russ.) EDN: UPWQNO
Ershova I.V., En'kova E.E. [Sanction compliance, or intrafirm risk management from restriction]. Aktual'nye problemy rossiiskogo prava = Actual Problems of Russian Law, 2022, vol. 17, no. 8, pp. 93–103. (In Russ.) EDN: GDBBVN
Aslanova O.A. [About the problem of blocked foreign securities and directions of its solution]. Nauchnyi rezul'tat. Ekonomicheskie issledovaniya, 2022, vol. 8, no. 4, pp. 77–87. (In Russ.) EDN: FNADZD
Petruchak R.K. [Ownerless shares and ‘lost’ shareholders]. Obrazovanie i pravo = Education and Law, 2023, no. 4, pp. 58–62. (In Russ.) EDN: CPVULA
Kiselev A.S. [Politico-legal proposals for levelling the sanctions imposed by unfriendly states on the securities market of the Russian Federation]. Pravo i politika = Law and Politics, 2024, no. 9, pp. 212–225. (In Russ.) EDN: HSZRZJ
Farkhullina A.I. [Securities market in Russia: problems and prospects of development]. Mezhdunarodnyi zhurnal gumanitarnykh i estestvennykh nauk = International Journal of Humanities and Natural Sciences, 2023, no. 5-5, pp. 113–115. (In Russ.) EDN: QLMWJY
Manushin D.V. [Antisanctions and sanctions economic policy of Russia 2022–2025. Part 2: Consequences of the sanctions war, change management, clarification of research concepts]. Russian Journal of Economics and Law, 2024, vol. 18, no. 1, pp. 36–69. (In Russ.) EDN: OTFHYP
Kuz'min P.I., Sverdlov M.Yu., Zinov'ev A.G., Seliverstov S.I. [The use of capital asset valuation model to analyse the consequences of the impact of sanctions measures on the Russian securities market]. Vestnik Evraziiskoi nauki, 2020, vol. 12, no. 2. (In Russ.)
Uliskin V.S. [The importance of assessing the real value of Russian companies' shares]. Vektor ekonomiki, 2017, no. 11. (In Russ.)
Kartsev P.V., Akanov A.A. [Review of the practice of applying the income approach to business valuation]. Voprosy otsenki, 2012, no. 2, pp. 2–19. (In Russ.)
Rastorguev M.A., Aleshina A.Yu. [Evaluation of the blocked financial assets in order to develop measures to support investors]. Finansy:teoriyai praktika = Finance: Theory and Practice, 2024, vol. 28, no. 5, pp. 71–82. (In Russ.) EDN: NYNYQX
Dem'yanenko M.M. [Methods and problems of the comparative approach to business value assessment]. Aspectus, 2017, no. 1, pp. 77–81. (In Russ.)
Kokin A.S., Oskolkov I.M., Syzganova A.A[Comparative approach to assessing the value of shares of oil and gas companies in Russia based on fundamental analysis]. Ekonomika: vchera, segodnya, zavtra = Economics: Yesterday, Today, Tomorrow, 2019, vol. 9, no. 1-1, pp. 241–258. (In Russ.) EDN: XVQLKU
