The Ministry of Finance allowed the exchange of securities frozen on the St. Petersburg Exchange in the future – Kommersant
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The Ministry of Finance of the Russian Federation allows foreign securities blocked in 2022 on the St. Petersburg Exchange to be included in the exchange procedure. This also applies to blocked assets, said Deputy Head of the Russian Ministry of Finance Ivan Chebeskov.
“A new decree must be issued, changes to the decree must be made. We wanted to see how this process would start to work, how it would all work in practice,” he said (quoted by TASS).
Mr. Chebeskov added that it is still difficult to talk about the timing of the introduction of such securities in exchange. The ministry plans to first observe how the mechanism for exchanging blocked assets will work. The expansion of this mechanism should occur in stages.
The day before, March 11, the Ministry of Finance and the Investment Chamber announced parameters and approximate terms of the transaction for the purchase by non-residents of foreign securities from resident individuals. However, securities blocked by the St. Petersburg Exchange are not included in the exchange procedure.
Shortly thereafter, the readiness to exchange frozen securities stated SPB Bank. as the bank’s lawyer Oleg Nafikov explained, the depositary is discussing the possibility of including blocked securities with authorized government agencies.
Decree on the exchange of blocked assets in the fall of 2023 signed Russian President Vladimir Putin. The document establishes that Russian investors will be able to sell blocked foreign securities to non-residents using funds from type “C” accounts.
About the situation on the Russian debt market – in the material “Kommersant” “Bonds are buoyant”.
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