The depositary of the St. Petersburg Exchange will not apply to OFAC for license renewal
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The settlement depository of the St. Petersburg Exchange, SPB Bank, reported that it does not plan to apply to the US Treasury Office of Foreign Assets Control (OFAC) to renew the license to complete transactions. The license expired the day before, January 31. The depositary is now awaiting OFAC’s response to its asset release strategy.
“Guided by the license, foreign counterparties of St. Petersburg Bank from unfriendly jurisdictions completed settlements for all transactions that were completed before the imposition of sanctions against St. Petersburg Exchange. However, they believe that the license does not cover the possibility of unlocking the assets of private investors and brokers,” SPB Bank told Interfax.
SPB Exchange hit under US sanctions on November 2, 2023. At the same time, OFAC issued a license to curtail operations with the trading platform until January 31, 2024. January 10 SPB-bank sent OFAC strategy for unlocking assets, which involves removing the depository from the control of a sanctioned trading platform by reducing its share in the authorized capital. To do this, OFAC must issue a special license.
Due to US sanctions against St. Petersburg Exchange turned out to be $3 billion of Russian investments in foreign securities have been frozen. The St. Petersburg Exchange, which previously specialized in organizing trading in foreign securities, has suspended them. The Central Bank said it hopes to unblock clients’ assets.
About the plans of the St. Petersburg Exchange to unlock assets – in the material “Kommersant” “Shares are being shifted away from sanctions.”
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