Carnegie Rysslandsfond suspended due to the war in Ukraine

Russia’s actions in Ukraine are a tragedy, especially for the people of Ukraine. Putin’s actions are destroying relations with the West, undermining Russia’s economy, and threaten peace throughout Europe. These developments are dramatic, and the situation could change rapidly. We are monitoring the situation closely and will act in the interests of unitholders.

Carnegie Rysslandsfond is dependent on the Moscow Stock Exchange. If trading on the exchange is halted, Carnegie Rysslandsfond must also be closed for trading.

Carnegie Rysslandsfond still closed for trading

The Moscow Stock Exchange opened on Thursday, March 24, but only for Russian investors. Foreigners are not able to trade. This means that Carnegie Rysslandsfond still cannot be re-opened for trading. We are monitoring developments and will open for trading as soon as practicable.

Why has Carnegie Rysslandsfond been suspended?

Russia decided on Monday, February 28 to close the Moscow Stock Exchange to foreign investors. This means that we cannot sell Russian shares and so cannot trade units in Carnegie Rysslandsfond.

Suspension of trading is a rule that protects clients, by securing the rights and interests or all unitholders.

When a fund is closed for trading, no one can buy or sell their fund units. The purpose is to ensure the principle of equal treatment, so that all clients are treated equally and under the same terms.

Can I place an order?

Trade in Carnegie Rysslandsfond has been suspended and we are not accepting new orders. We will retain sell orders placed before March 4, 2022 and execute them once the fund reopens. Buy orders placed before March 4, 2022 will be cancelled. Any monthly deposits in Carnegie Rysslandsfond will be cancelled and the amounts debited from your bank account will be returned.

Am I paying a management fee for the Carnegie Rysslandsfond?
No, as of February 28 and until the fund reopens for trading, we will not charge a fee .

When will trading reopen?

We do not know, and this is not something that we can influence. We are monitoring developments and will open trading as soon as practicable. If it becomes possible to resume trading, only sales of fund units will be permitted, not purchases. This applies to both new and existing unitholders.

What will the price be when trading reopens?

We will not know this until trading reopens and buyers and sellers are able to meet.

The fund value indicated in your semi-annual statement is based on an estimate by Carnegie Fonder in the absence of access to adequate price information concerning the fund’s holdings and could therefore be misleading. Factual and relevant pricing information for fund holdings is unavailable because exchange trading in Russian equities, as of 30 June 2022, was not open to foreign investors.

The net asset value of the fund was estimated based on prices in the local market adjusted to account for changes in the performance of the MSCI Russia ADR/GDR Index from 25 February 2022 (the last day stock exchange trading in Moscow was open to foreign investors) to 8 March 2022, which was the last day the index was calculated.

Does the Swedish Deposit Guarantee Scheme apply?

No, fund units are not covered by the government’s deposit guarantee.

What are you doing now?

Our duty is to act in the collective interests of unitholders. We are closely following developments and will reopen trading as soon as we can.

How can you have a Russia fund in this situation?

Carnegie Rysslandsfond was started in 1997, after the Soviet Union had collapsed and there was hope that Russia would develop into a modern democracy with successful companies. Many Russian companies have indeed developed enormously and become very well-run, sustainable and competitive. However, the Russian government – led by Putin – has become increasingly authoritarian and repressive.

“Our companies will outlive Putin” − Carnegie Rysslandfond’s fund manager Fredrik Colliander in an interview with Swedish newspaper Dagens Industri, which you can read here.

Carnegie Rysslandsfond currently makes up a very small part of Carnegie Fonder’s operations, which are dominated by equity and fixed income funds focused on Swedish and Nordic companies.

The situation could change quickly. For the latest information about Carnegie Rysslandsfond, please refer to

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As a consequence of the war in Ukraine, the Moscow Exchange is closed to foreign investors, and Carnegie Rysslandsfond is therefore also closed for trading. We do not know when...

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