The Central Bank of Russia’s Financial Market Risks Review found that individuals became net buyers of stocks in July, purchasing RUB 24.4 billion despite the market adjustment. Their RUB 90 billion in net corporate bond purchases remained higher than purchases of stocks and federal government bonds, while gold and ruble-denominated money market instruments delivered the highest yields over the past 12 months. Volatility declined or was unchanged across most Russian market segments. The ruble continued to depreciate at a slower pace, while federal government bond yields rose at shorter maturities and declined at longer maturities.