Brokers and other securities market participants will participate in the exchange of funds of foreign investors blocked in Russia for frozen assets of Russians, the press service of the Russian Ministry of Finance reported on November 9. They clarified that the state will not participate in organizing the exchange itself.
“The decree of the President of the Russian Federation creates legislative opportunities for the exchange of frozen assets; the state will not participate in organizing the exchange itself. Brokers and other securities market participants will participate in it,” the ministry noted.
As they emphasized, the mechanism will be completely voluntary for all market participants.
The day before, Russian President Vladimir Putin signed a decree according to which part of the funds of foreign investors blocked in the Russian Federation can be exchanged for frozen assets of Russians. The document specifies the procedure for the sale of foreign securities owned by Russian citizens to foreigners at the expense of funds in type C accounts. At the same time, the total initial value of foreign securities alienated in accordance with the decree, owned by one resident, cannot exceed 100 thousand rubles .
Earlier, on August 22, Finance Minister Anton Siluanov said that the government, together with the Central Bank of the Russian Federation, based on measures previously supported by the head of state, had prepared a draft decree on the start of the exchange of frozen assets of Russians. According to him, the assets of more than 3.5 million Russian citizens are blocked abroad, the total volume of which is 1.5 trillion rubles.