The Ministry of Finance intends to launch the exchange of frozen assets of Russians this year

The Russian Ministry of Finance has prepared a project defining the procedure for the exchange of frozen assets for Russians, said the head of the department, Anton Siluanov. According to him, they plan to launch the exchange mechanism this year.

“The topic is developing, we will solve it this year. We have prepared draft procedures for the exchange of these assets, we will make a decision in the near future,” Mr. Siluanov said in an interview with RIA Novosti.

President Vladimir Putin signed decree allowing the start of the asset exchange process in November 2023. The document assumes that the exchange with foreigners will take place in the format of bidding, the terms of which will be determined by a government commission. For investors, the transaction will be free, but the volume of assets for such an exchange should not exceed 100 thousand rubles.

According to the latest estimates by the Ministry of Finance, approximately 3.5 million Russian investors suffered as a result of blocking of foreign assets, and in total, funds worth 1.5 trillion rubles were frozen abroad. Anton Siluanov notedthat the exchange of assets will allow the return of investments of 2.5 million to Russian investors.

For more information about the procedure for selling blocked assets, see the Kommersant FM article. “The Central Bank has outlined the rules of exchange”.

Milena Kostereva