Central Bank Considers Unblocking Special Accounts of Friendly Non-Residents

The Central Bank is developing a mechanism to unblock the accounts of foreign nominee depositories opened in the names of non-residents from friendly countries. Thus, the sources said RBC on the financial market, it is planned to facilitate the attraction of non-residents to type C accounts.

According to sources, there is a request for unlocking from market participants. However, no specific decisions have yet been made. Experts believe that the removal of restrictions on nominal holders will lead to an increase in the number of friendly non-residents: brokers from these countries will be able to give clients access to the Russian stock market through Russian brokers.

Account “C” (conversion) is intended for transactions for the purchase and sale of foreign currency by a non-resident for the Russian ruble. As follows from the data of the Bank of Russia, there were securities in the amount of 700 billion rubles on accounts of type “C”. The crediting and writing off of securities on it is limited, and the withdrawal of assets is blocked.

August 23 Central Bank informedthat foreigners will be able to redeem blocked Russian securities at the expense of funds frozen in C-type accounts. Shortly before that, Russian Finance Minister Anton Siluanov informedthat the government and the Central Bank have prepared a draft decree on unlocking part of foreign assets for exchange for Russian ones.

More about the situation – in the material “Kommersant” “Defrosting briefcases”.

Lusine Balasyan