The Central Bank has determined the procedure for the sale of blocked foreign assets – Kommersant

At a meeting on December 8, the Board of Directors of the Central Bank determined the procedure for interaction between financial market participants when exchanging blocked assets. According to decision SD, Russian investors will be able to sell blocked foreign securities to non-residents using funds from type “C” accounts.

The Central Bank’s decision also states that only securities accounted for in the National Settlement Depository (NSD) are subject to sale. Russian investors will be able to submit applications for a total amount of no more than 100 thousand rubles. The rules and conditions for trading, as well as the procedure for calculating the value of securities put up for sale, will be established by a government commission.

Non-residents must also apply to purchase blocked securities. Based on the results of trading, the assets they acquired will be credited to transit securities accounts intended for recording securities. Funds received by Russian investors during trading will be credited to the accounts they specify.

In June 2022, the European depositories Euroclear and Clearstream blocked NSD accounts, and some of the securities of Russian investors were blocked. On August 22, at a meeting of the Council for Strategic Development, the head of the Ministry of Finance, Anton Siluanov, stated that the assets of more than 3.5 million Russian citizens worth 1.5 trillion rubles were blocked. In September Mr. Siluanov saidthat the exchange mechanism is planned to be launched before the end of 2023. November 8, President Vladimir Putin signed a decree that makes it possible to exchange blocked assets between Russian and foreign investors.