The Central Bank is working on a scheme to sell the frozen assets of Russians – Kommersant
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First Deputy Chairman of the Bank of Russia Vladimir Chistyukhin said that the regulator is developing a scheme that will allow Russian investors to exit with a premium from foreign securities frozen due to sanctions.
“At the same time, we believe that they can be sold not at a discount, but at a premium. Sell for what? At the expense of funds on accounts of type “C”, which are held by foreign legal entities and individuals. Why with a premium? Because the funds that ended up in type “C” accounts, many foreigners have long ago reserved. That is, they are actually worth zero for them. In this sense, getting at least something is already a big plus, ”Mr. Chistyukhin said during a meeting of the Federation Council (quote from “Interfax”).
Account type “C” (conversion) is intended for transactions for the purchase and sale of foreign currency by a non-resident for the Russian ruble.
Earlier, the Chairman of the Bank of Russia Elvira Nabiullina during a press conference refused name the exact amount that is on special bank accounts of non-residents. However, she noted that the volume of funds continues to grow. In November 2022, Interfax reported that there were more than 280 billion rubles in these accounts. ($3.7 billion). According to the head of the Central Bank, in the future it is possible to exchange shares blocked in Russia for frozen securities of the Russian Federation in the West. But she clarified that this requires the interest of the second party, there are no prospects for a “total exchange” yet.
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