Asset Accessibility Matrix in the Russian Financial Market Under International Restrictions

The article examines the investment universe of the Russian financial market under conditions of restricted access to global capital markets. The study analyzes the principal asset classes in terms of their accessibility, the nature of the prevailing restrictions, and the availability of substitute instruments that can partially compensate for the loss of access to specific asset categories. Based on an analysis of the regulatory framework established by the Bank of Russia, as well as restrictions introduced by the Moscow Exchange and the domestic financial infrastructure, the paper develops an asset accessibility matrix for different categories of Russian retail investors. The results indicate that access to international and foreign-currency assets has narrowed considerably, prompting a structural reallocation of investment portfolios toward domestic securities, replacement bonds, and money market instruments. The proposed framework may be applied to the construction of investment portfolios under existing regulatory and infrastructural constraints.