SPB Bank announced its readiness to exchange frozen foreign securities
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The settlement depository of the St. Petersburg Exchange, SPB Bank, announced its readiness to begin the exchange of foreign securities that were blocked in 2022. According to SPB Bank lawyer Oleg Nafikov, the depository is now discussing with authorized government agencies the inclusion in the exchange procedure of foreign securities blocked after SPB Exchange was included in the sanctions list on November 2, 2023.
According to message press service, SPB Bank plans to begin the exchange of securities that are stored both in the National Settlement Depository and in the foreign depositories of Euroclear and Clearstream. Investors will not be charged a commission for conducting exchange transactions.
The organizer of trading in frozen securities will be Investment Chamber LLC. List assets that investors can present for redemption are published on the broker’s website.
Today, March 11, the Ministry of Finance and the Investment Chamber announced parameters and approximate terms of the transaction for the purchase by non-residents of foreign securities from resident individuals. Acceptance of applications for the sale of blocked assets is scheduled from March 25 to May 8. More than 3.5 thousand exchange-traded instruments will be subject to exchange, but not the securities of the St. Petersburg Exchange.
Decree on the exchange of blocked assets by President Vladimir Putin signed November 8, 2023. The document establishes that Russian investors will be able to sell blocked foreign securities to non-residents using funds from type “C” accounts. We are talking about investors whose investments do not exceed 100 thousand rubles. Exchanges with foreigners will take place in the format of auctions.
Read more about the situation on the Russian debt market in the Kommersant article. “Bonds are buoyant”.
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