The depositary of the St. Petersburg Exchange sent OFAC a strategy for unlocking assets – Kommersant
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The settlement depository of the St. Petersburg Exchange, St. Petersburg Bank, presented to the US Treasury Department’s Office of Foreign Assets Control (OFAC) a strategy for unlocking assets in connection with sanctions in early January. Now SPB Bank is preparing the documents necessary to unfreeze assets, it says press release.
The unblocking strategy was developed jointly with international lawyers, the depository clarified. SPB Bank takes into account foreign securities and funds in foreign currency of trading participants and their clients.
OFAC provided information about SPB Bank and that the sanctions affected the assets of a large number of non-sanctioned individuals. “We expect OFAC to approve an action plan for St. Petersburg Bank,” said Oleg Nafikov, project manager for unlocking assets.
How reported St. Petersburg Exchange, the proposal of St. Petersburg Bank involves the withdrawal of the depository from the control of the sanctioned trading platform 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 must be determined by OFAC.
SPB Exchange hit under US sanctions on November 2. As a result turned out to be $3 billion of Russian investments in foreign securities have been frozen. The St. Petersburg Exchange has suspended trading in foreign securities. General Director of the St. Petersburg Exchange Evgeny Serdyukov said that the platform does not plan liquidation or bankruptcy.
Read more about the operation of the trading platform in the current conditions in the Kommersant FM material. “SPB Exchange evaluates cryptocurrencies.”
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