the mechanism for exchanging frozen funds will start working during March – Kommersant
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Deputy Minister of Finance Alexey Moiseev told reporters that the mechanism for exchanging blocked assets for funds from type “C” accounts is planned to be launched within a few weeks. According to him, the exchange of assets will be carried out within six months.
“This mechanism was considered by the subcommittee, in general the approaches were approved,” said Mr. Moiseev on the sidelines of the XIII All-Russian Forum on Corporate Governance (quoted by TASS).
At the end of January, Director of the Department of Investment Financial Intermediaries of the Central Bank Olga Shishlyannikova statedthat the unlocking of investor assets may take until 2025. According to her, NSD has already begun such operations, and the money will arrive gradually. Investors of the first and partially second stages received payments on frozen securities, she said.
At a meeting on December 8, 2023, the Board of Directors of the Central Bank determined the procedure for interaction between financial market participants when exchanging blocked assets. It is assumed that Russian investors will be able to sell blocked foreign securities to non-residents using funds from type “C” accounts. We are talking about investors whose investments do not exceed 100 thousand rubles. Only funds frozen in the National Settlement Depository (NSD) will participate in the exchange.
In June 2022, the European depositories Euroclear and Clearstream blocked NSD accounts, and some of the securities of Russian investors were blocked. According to the head of the Ministry of Finance Anton Siluanov, the assets of more than 3.5 million Russian citizens worth 1.5 trillion rubles have been blocked. In September 2023, Mr. Siluanov stated that the exchange mechanism would be launched before the end of 2023. In November, President Vladimir Putin signed a decree allowing the exchange of blocked assets between Russian and foreign investors.
Read more in the Kommersant article. “They select a loan for assets”.
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