SPB Exchange plans to obtain permission from the US Treasury to withdraw assets
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SPB Exchange, with the help of a team of international sanctions lawyers, plans to obtain permission from the Office of Foreign Assets Control (OFAC, a division of the US Treasury) to withdraw client assets. This was announced by the General Director of the St. Petersburg Exchange Evgeny Serdyukov. According to him, the exchange expects to return the assets in full.
“We are working with a team of international lawyers who are specialists in sanctions. Together with them, we are developing several different scenarios for unlocking client assets. Our main strategy is interaction with the US Office of Foreign Assets Control (OFAC),” said Evgeny Serdyukov in a video message to Telegram channel exchanges.
“We intend to return clients’ assets in full. This is our priority now,” said a representative of the exchange. He added that a strategy for the return of client assets will be formed in the near future. The stages and approximate deadlines will be published on the official website of the St. Petersburg Exchange later.
At the same time, Evgeny Serdyukov noted that the St. Petersburg Exchange does not plan liquidation or bankruptcy, but, on the contrary, is preparing new projects for trading in Russian rubles. They could be launched as early as early 2024 – after the exchange formulates a clear plan for unlocking client assets.
The bankruptcy claim of St. Petersburg Exchange became known on November 27. After its shares on the Moscow Exchange fell by 30%. The Central Bank promised to study the situation and analyze the actions of shareholders for market manipulation and the use of insider information. At the same time, representatives of the St. Petersburg Exchange said that they did not file a bankruptcy claim.
St. Petersburg Exchange suspended trading in foreign securities after falling under US sanctions on November 2. Transactions were available only with certain Russian securities, as well as shares of the exchange. Subject to restrictions didn’t hit funds in US dollars, Hong Kong dollars, yuan and tenge in the amount of RUB 5.9 billion. at the Central Bank exchange rate as of November 27, or 31.05% of client assets.
More details in the material “SPB Exchange draws diagrams”.
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