The Central Bank considers unacceptable practices of “unfriendly” non-residents to reduce blocked assets

The Central Bank of Russia considers it wrong to allow market practices that allow non-residents of “unfriendly” countries to reduce the amount of blocked assets in Russia, said Philip Gabunia, deputy chairman of the regulator. According to him, the regulator will close the loopholes used for this.

“Our position is very firm: we believe that it is wrong to allow or stimulate, encourage (it doesn’t matter, in any way) to allow practices that allow you to reduce the amount of assets that non-residents from unfriendly countries own today, by buying them out and planting them here and so on. And if we find some new loopholes that were not provided (by decrees.— “b”), we will continue to close them,” said Mr. Gabunia during the conference of the National Association of Stock Market Participants “Russian Stock Market” (quoted by Reuters).

According to him, it is also possible to initiate legislative decisions that prevent the possibility of reducing the blocked assets of representatives of countries unfriendly to Russia. “We regard any work in this part as, in terms of meaning, work against the interests of those who suffered from the sanctions, who got into blocked packages through various channels of ownership of foreign assets,” the deputy chairman of the Central Bank added.

Former Minister of Finance of the Russian Federation Anton Siluanov declaredthat the Russian authorities will not allow the withdrawal of funds from non-residents until the country’s international reserves are frozen. The Minister also recalled that restrictions on the movement of capital were introduced in response to the freezing of Russian gold and foreign exchange reserves and assets of large Russian companies. Russia responded mirror-image, recalled the head of the Ministry of Finance.

Alexander Kislov