Kostin allowed the limit for the exchange of frozen assets to increase to 1 million rubles

President and Chairman of the Board of VTB Bank Andrei Kostin said that the government may increase the value limit for the exchange of frozen assets by investors from the current 100 thousand to 1 million rubles. or more. According to him, it was decided to launch the exchange process gradually.

“We were also in favor of returning everything. But for now, the Central Bank and the government decided to start carefully. But they promised to continue with 100 thousand rubles. up to a million and so on, maybe they will reach larger investors,” Mr. Kostin said in an interview with the Rossiya-24 TV channel.

November 8, 2023 Russian President Vladimir Putin signed decree on the exchange of blocked assets worth up to 100 thousand rubles. The document assumes that the exchange with foreigners will take place in the format of bidding, the terms of which will be determined by a government commission. Ministry of Finance plans start the process in 2024.

According to the Ministry of Finance, as a result of blocking of foreign assets, approximately 3.5 million Russian investors suffered, and in total, funds worth 1.5 trillion rubles were frozen abroad. Finance Minister Anton Siluanov saidthat the exchange of assets will allow the return of investments of 2.5 million to Russian investors.

For more information about the procedure for selling blocked assets, see the Kommersant FM article. “The Central Bank has outlined the rules of exchange”.

Lusine Balasyan