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Facts of market manipulation in transactions with futures contracts established

6 October 2023

Press release

The Bank of Russia has established facts of market manipulation in on-exchange trading for futures contracts¹ (hereinafter, the Futures) in the period from 18 May 2022 to 17 February 2023.

Relatives Aleksey K. Shubin, Tamara V. Shubina, Konstantin V. Shubin, Artem K. Shubin, and Tatyana I. Drozdova made reciprocal transactions in the Futures in collusion in order to win an investment tender organised by a Russian broker. These transactions caused significant deviations in the trading volumes of the Futures.

According to the findings of the investigation, these transactions are qualified as market manipulation pursuant to Clause 2 of Part 1 of Article 5 of Federal Law No. 224-FZ, dated 27 July 2010, ‘On Countering the Misuse of Insider Information and Market Manipulation and Amending Certain Laws of the Russian Federation’ (hereinafter, Federal Law No. 224-FZ).

Thus, Al.K. Shubin, T.V. Shubina, K.V. Shubin, Art.K. Shubin, and T.I. Drozdova violated the prohibition stipulated by Part 2 of Article 6 of Federal Law No. 224-FZ.

The Bank of Russia has sent binding orders to Al.K. Shubin, T.V. Shubina, K.V. Shubin, Art.K. Shubin, and T.I. Drozdova to cease and desist from similar violations in the future. Furthermore, these persons are subject to administrative proceedings, and transactions in their trading accounts are suspended.

¹ Futures contracts for ordinary shares of PJSC ALROSA (ALRS-6.23), for ordinary shares of Detsky mir PJSC (DSKY-3.23), for ordinary shares of FGC UES, PJSC (FEES-3.23), for ordinary shares of PJSC MMC NORILSK NICKEL (the lot of one share) (GMKN-12.22), for ordinary shares of PJSC Magnit (MGNT-6.23, MGNT-12.22), for ordinary shares of Mechel PAO (MTLR-3.23, MTLR-9.22), for ordinary shares of NLMK (NLMK-6.23, NLMK-12.22, NLMK-9.23), for ordinary shares of UC RUSAL, IPJSC (RUAL-3.23), for ordinary shares of Samolet Group PJSC (SMLT-3.23), for ordinary shares of PJSC TATNEFT n.a. V.D. Shashin (TATN-6.23, TATN-9.23), for ordinary shares of Sistema PJSFC (AFKS-9.22), for ordinary shares of PJSC GAZPROM (GAZR-3.25, GAZR-9.24), for ordinary shares of PJSC MMK (MAGN-9.22), for ordinary shares of Moscow Exchange (MOEX-9.22), for the RTS Index (mini) (RTSM-3.23), and for preferred shares of Surgutneftegas PJSC (SNGP-9.22).

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