SPB Bank discussing inclusion in exchange procedure for securities blocked due to sanctions against SPB Exchange

MOSCOW. March 11 (Interfax) - SPB Bank is discussing with the authorities the inclusion of foreign securities blocked due to sanctions against SPB Exchange in the exchange procedure provided for by Presidential Decree N844, the depositary said in a statement.

"SPB Bank is discussing with authorized government agencies the inclusion of foreign securities blocked after the imposition of sanctions against SPB Exchange in a similar exchange procedure," Oleg Nafikov, SPB Bank lead lawyer and head of the project for unblocking assets said.

Russian President Vladimir Putin signed decree N844 "On additional temporary measures of an economic nature related to the circulation of foreign securities" in November 2023, which creates conditions for the exchange of investor assets blocked both in Russia and abroad. In accordance with the decree, non-residents can redeem the blocked foreign securities of Russian investors using funds in their C-type accounts. The decree says that only foreign securities accounted for in the accounts of the National Settlement Depository (NSD) are eligible for redemption.

SPB Bank says that it is ready for the procedure for exchanging blocked securities provided for in the decree. "These are foreign securities that were blocked in 2022. The chain of custody of these securities includes NSD and the higher-level Euroclear and Clearstream foreign depositories. The depositories of trading participants transfer these securities within the NSD from the accounts of St. Petersburg Bank to their own accounts in the same NSD. In accordance with Decree N844, the tariff for the withdrawal of securities from accounts in St. Petersburg Bank does not apply to depository operations for exchange purposes," the statement said.