St. Petersburg Exchange will offer OFAC mechanisms for unlocking assets – Kommersant

The settlement depository of the St. Petersburg Exchange, St. Petersburg Bank, is preparing an official request to the Office of Foreign Assets Control of the US Treasury Department (OFAC) with proposals for mechanisms for unlocking assets. This was reported by press service exchanges.

The proposal includes the withdrawal of St. Petersburg Bank from the control of the sanctioned St. Petersburg Exchange by reducing its share in the authorized capital. To do this, OFAC must issue a special license that will allow the clients’ assets to be unblocked.

The timing of the implementation of the mechanism is unknown, representatives of the exchange emphasized. These will depend on OFAC and the mechanism chosen. The exchange expects to return the assets in full. She came under US sanctions on November 2

31.05% of client assets were sanctioned. The St. Petersburg Exchange has suspended trading in foreign securities. After reports of the bankruptcy of the St. Petersburg Exchange on November 27, its shares on the Moscow Exchange fell by 30%. General Director of the St. Petersburg Exchange Evgeny Serdyukov saidthat the site is not planning liquidation or bankruptcy. According to him, the exchange is preparing new projects in Russian rubles – they could be launched as early as 2024.

Read more in the Kommersant article. “SPB Exchange returns to its roots”.

Anastasia Larina