Russian capital controls on cards

Investors are prepared to pay the most on record to hold Russian shares abroad amid speculation that President Vladimir Putin’s government will be forced to implement currency controls to arrest the ruble’s decline.

Depositary receipts of OAO Sberbank, the nation’s biggest lender, were at an 11% premium to the equivalent Moscow-traded security yesterday.

OAO Magnit, Russia’s largest retailer, changed hands for 33% more in London than in its home market after currency differences were accounted for.