The investment landscape in 2026 demands greater caution and flexibility from Russians: preserving capital, asset control, and the ability to adapt to various scenarios come to the forefront. Experts do not offer a one-size-fits-all solution but rather a set of principles and tools that can be combined depending on goals and investment horizons. Below is a summary of key recommendations and practical conclusions for portfolio construction.
Conservative Investments: Bonds and Deposits
Several specialists agree that the portfolio's foundation should be conservative: OFZ bonds, ruble-denominated bonds of systemically important companies, and deposits provide predictable returns and serve as protection during periods of volatility. Mupegnu Nzussi Kevin Grass emphasizes the importance of diversification and prioritizing assets under Russian jurisdiction, suggesting building the "skeleton" of the portfolio from such instruments.
Vladislav Nikonov recommends an "from base to risk" approach: first create a financial cushion and foundation with bonds and savings accounts, then gradually add stocks for growth over a longer horizon. Dmitry Isakov also stresses debt instruments and OFZ bonds as a means to lock in favorable conditions and reduce uncertainty for the coming years.
Real Assets and Real Estate
Experts note growing interest in assets with clear cash flow: street retail commercial real estate is considered a source of stable rental income and a hedge against inflation. Evgeny Sukhanov points out that such properties are less affected by news cycles and suit those seeking predictable cash flow.
Additionally, Dmitry Isakov highlights wealthy investors' interest in alternative assets—art, collectibles, Pre-IPO shares, crowdlending, and gold—but notes these require expertise and usually occupy a small portfolio share. Such assets can be used for diversification if there is a long investment horizon and risk understanding.
Cryptocurrencies in the Investment Portfolio
Cryptocurrencies no longer appear as pure speculation: some experts view them as a diversification tool and protection against currency and geopolitical risks. Ignacio Aguirre emphasizes crypto's role as an additional layer in the portfolio, while Ignat Likhunov directly mentions the practice of holding funds in USDT on cold wallets as a form of currency savings.
Ildar Kamalov distinguishes different roles: Bitcoin as a digital safe-haven asset with limited issuance and liquidity, Ethereum as infrastructure for services and financial products, and stablecoins as a convenient equivalent of a currency account. Infrastructure risks and potential platform issues should be kept in mind when determining crypto allocation. More on Bitcoin's risks can be found in the article risks for Bitcoin, and broader market outlooks are discussed in crypto market forecasts.
Regarding crypto shares, experts offer varying approaches: Vladislav Nikonov advises most to limit cryptocurrencies to 5–15%, Mupegnu Nzussi K.G. sees crypto assets as an additional element, and Yan Pinchuk recommends holding Bitcoin within 3–10% in a diversified structure.
Diversification and Adaptability
Yan Pinchuk describes two approaches: trying to predict the economy for 12–24 months or building a portfolio resilient to various scenarios; he considers the latter more realistic. This view aligns with other experts' positions: predicting the future is difficult, so portfolio stability and readiness to adjust asset proportions are crucial.
Why This Matters
For a miner with 1–1000 devices in Russia, the main task is preserving purchasing power and controlling access to funds. Having a base in conservative instruments reduces the risk of short-term shocks, while access to liquid assets allows timely payment of operating expenses and response to changes in mining profitability.
Cryptocurrencies and stablecoins can serve as diversification tools and facilitate quick settlements but require attention to storage and compliance. Commercial real estate and alternative assets in the portfolio can help stabilize income if the miner considers investments beyond equipment and wants to spread risks.
What to Do?
- Build a conservative foundation: allocate part of funds to bonds and deposits to cover expenses and maintain liquidity.
- Keep a reserve for equipment downtime and rising operating costs to avoid selling assets at unfavorable times.
- Consider a small share of crypto assets for diversification, following recommendations of 3–15% depending on your volatility tolerance.
- If considering real assets, evaluate them through the lens of stable cash flow and manageable risks, not just potential returns.
- Regularly review portfolio structure and maintain flexibility: adjust asset shares according to goals, horizons, and market changes.