Andrey Movchan

Nonresident Scholar
Carnegie Moscow Center
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Movchan is a nonresident scholar at the Carnegie Moscow Center.


Master of Science, Moscow State University, Department of Mechanics and Mathematics, 1992
Master of Finance, Financial University under the Government of the Russian Federation, Department of Banking and Insurance, 1996
MBA, University of Chicago Booth School of Business, 2003
Federal Financial Market Service 1.0 Certificate (Russia)
Head of Managing Company Certificate, Cyprus Central Bank


English; Russian

Contact Information


Andrey Movchan is a nonresident scholar in the Economic Policy Program at the Carnegie Moscow Center. His research focuses on Russia’s economy, the Eurasian Economic Union, and the future of Russia’s economic relations with the EU.

Movchan has been a top executive for Russian and international financial institutions since 1993. He was an executive director of Troika Dialog for six years. From 2003 to 2009, Movchan headed Renaissance Investment Management Group, which he founded, and from 2006 to 2008, he was the CEO of Renaissance Credit Bank. He also founded the Third Rome investment company, and was its CEO and managing partner from 2009 until the end of 2013.

Movchan is one of Russia’s best known financial managers. He was named “the most successful CEO of an asset management company in Russia” by Forbes in 2006 and “the best CEO of an asset management company” by the Russian magazine Finance in 2008. He has won numerous awards, including the RBC Person of the Year Award in 2006, the Chivas Top 18 Financials Grand Prix in 2007, and SPEAR’s Russia Wealth Management Awards in the Industry Legend category in 2009.

Movchan has also authored numerous publications on economics and finance. His op-eds and commentary regularly appear in the media. He won two PRESSzvanie business journalism awards in 2011 and 2013.

  • Commentary April 30, 2021
    Podcast: What’s the Point of the Latest U.S. Sanctions Against Russia?

    Podcast host Alex Gabuev is joined by Andrey Movchan, a nonresident scholar in the Economic Policy Program at the Carnegie Moscow Center, and Maria Shagina, a postdoctoral fellow at the Center for Eastern European Studies at the University of Zurich, to discuss the impact of Western sanctions on the Russian economy.

  • Картельные инвесторы. Как борьба на рынке нефти скажется на экономике России Commentary March 13, 2020 Русский
    War With OPEC Can’t End Well for Russia

    Falling oil prices leave no chance Russia’s GDP will grow in 2020—a bleak prospect for both ordinary people and once optimistic investors.

  • Трехукладная обреченность. Почему у правительства Мишустина не будет прорывов Commentary February 13, 2020 Русский
    Don’t Expect an Economic Miracle in Putin’s Russia

    The main task of Putin’s economic policy is to collect as much in taxes as possible. This is why the man who successfully transformed the Federal Tax Service is now head of the government.

  • Commentary March 18, 2019 Русский
    The Troika Scandal: Is It Really What It Seems?

    An impartial reading of the Organized Crime and Corruption Reporting Project investigation into Troika Dialog can offer only one conclusion, and it is not remotely innovative: financial institutions where compliance procedures were far less stringent ten years ago than European regulators insist on today could be used for money laundering. That is no more original than concluding that knives can be used to stab people. Yet it hasn’t occurred to anyone to blame crime on the creators of its weapons.

  • Commentary February 22, 2019 Русский
    No Country for Investors: Russia’s Latest Shock Arrests

    The state is one of nothing other than arbitrariness. After the lawlessness of the mid-1990s in Russia, many hoped that competition between various groups of the elite would force them to create a system of laws and rules to protect them (and everyone else) from arbitrariness. But it didn’t turn out that way: one of the groups—the one furthest from both honest business and from society—won the battle and made arbitrariness the guarantee of its position.

  • Op-Ed Project Syndicate October 9, 2018
    Putin’s Botched Pension Reform

    Russia’s crony-capitalist economic model requires an ever-increasing volume of funds to be burned on lavish mega-projects that generate huge profits for a dozen families close to the Kremlin. Now it seems to be pensioners’ turn to make the sacrifices needed to finance the appetites of Russia’s new aristocracy.

  • Op-Ed Foreign Policy September 26, 2018
    New Sanctions Won’t Hurt Russia

    Washington thinks punitive measures will change Moscow’s calculus, but the Russian economy is doing just fine.

  • Commentary May 15, 2018 Русский
    Creative Reporting: What to Expect From the Russian Government in Putin’s Fourth Term

    The new Russian government will cease to be a place for formulating strategies and implementing policies. Instead, it will focus on creatively calculating and reporting Russia’s accomplishments to technically meet the president’s expectations.

  • Commentary April 19, 2018 Русский
    Sanctions and Retaliation: Where Russia-U.S. Relations Are Headed

    Many more Russian oligarchs, bureaucrats, companies, and businesses can expect to appear on future U.S. sanctions lists. Russia, not seeing an immediate catastrophic effect, will respond to new sanctions by searching for more enemies within and ramping up anti-American propaganda. The United States, which loses nothing from this policy, isn’t likely to initiate change, so it will be up to the Kremlin to change its approach—before it’s too late.

  • Commentary Vedomosti January 23, 2018 Русский
    Navalny’s Blinkered Economic Program

    Most of Navalny’s economic proposals are seriously concerning and evocative of left-wing populist slogans. The policy platform contains outright errors, but its greatest problem is that it attacks all vocal parts of society in favor of a mythical “people.” Attracting voters with such a platform will prove to be difficult.

  • Russia Today November 26, 2017
    Gains & Pains?

    Dutch disease is a very common condition among resource-rich nations but its effects on the body of the economy, as well as the potential cure, are always country-specific. What would it take for Russia, both politically and economically, to wean itself off the hydrocarbon windfall?

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