Published on: 2026-08-27
Source: Central Bank of Russia – Central Bank of Russia –
An important disclaimer is at the bottom of this article.
The Bank of Russia has established facts of market manipulation on the organized trading of PJSC Moscow Exchange (hereinafter referred to as the Exchange) with shares of PJSC “OGK-2” (hereinafter referred to as the Shares), which were committed by Konstantin Vladimirovich Mikhailov and Anastasia Igorevna Mikhailova (hereinafter referred to as the Clients) using their own trading accounts.
Clients repeatedly used a pump and dump strategy for securities. In 2025, they acquired Shares by placing aggressive orders, which led to an artificial inflation of the securities’ value beyond the level that would have formed without such trades. At peak values, the Clients sold the package of Shares.
They also used a reverse scheme: by means of a series of aggressive sales, they artificially lowered the price of the Shares and then bought them back at the reduced prices. Clients used such schemes repeatedly during the trading session. In total, Clients made over 10,000 transactions with Shares on the Exchange in this way. All these transactions caused spikes in the price volatility of the Shares, increasing financial risks for other market participants.
On certain trading days, Clients also conducted transactions with Shares based on prior agreements between their brokerage accounts, which led to significant deviations in trading volume and price from the level that would have formed without such transactions.
These actions constitute market manipulation in accordance with paragraphs 2 and 5 of part 1 of article 5 of the Federal Law No. 224-FZ dated 27.07.2010 “On Counteracting the Unlawful Use of Insider Information and Market Manipulation and on Amendments to Certain Legislative Acts of the Russian Federation”.
Mikhailov K.V. and Mikhailova A.I. have been held administratively liable for market manipulation and have been issued orders to prevent similar violations in the future.
The Bank of Russia also issued orders to trade organizers and professional securities market participants to suspend operations on Clients’ trading accounts.
The Bank of Russia draws the attention of trading participants to the inadmissibility of participating in coordinated actions aimed at distorting fair pricing in organized trading, and making transactions based on prior agreements in anonymous trading mode.
When using the material, a reference to the Press Service of the Bank of Russia is mandatory.
27.08.2026 13:00:00
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