SPB Bank agreed to unblock client assets worth almost $16 million
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The settlement depository of the St. Petersburg Exchange, SPB Bank, has agreed with some friendly counterparties to unblock client assets in the amount of $15.78 million. Due to US sanctions against the St. Petersburg Exchange were frozen $3 billion of Russian investments in foreign securities.
The volume of unblocked client assets included funds in US dollars, Hong Kong dollars, yuan and tenge. “The amount will be received in ruble equivalent and distributed among brokers in proportion to obligations to them. Further, each trading participant will be able to independently determine the procedure for distributing the funds received among their clients,” the statement says. press release on the St. Petersburg Bank website. At the conversion rate as of January 31, the volume of unlocked assets amounted to 1.44 billion rubles.
The depository’s press service noted that SPB Bank continues negotiations with other counterparties from friendly jurisdictions. Also, SPB Bank is now awaiting a response from the US Treasury Department’s Office of Foreign Assets Control (OFAC) on the proposed strategy for unlocking client assets.
SPB Exchange hit under US sanctions on November 2, 2023. At the same time, OFAC issued a license to curtail operations with the trading platform until January 31, 2024. January 10 SPB-bank sent OFAC strategy for unlocking assets, which involves removing the depository from the control of a sanctioned trading platform by reducing its share in the authorized capital. To do this, OFAC must issue a special license.
About the plans of the St. Petersburg Exchange to unlock assets – in the material “Kommersant” “Shares are being shifted away from sanctions”.
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