Investment Chamber extends deadline to accept applications from non-residents to exchange blocked assets until Aug 2

MOSCOW. July 5 (Interfax) - Investment Chamber, appointed to organize the exchange of blocked assets, has extended the deadline to accept applications from non-residents for buying out securities until 11:59 p.m. Moscow time on August 2, the brokerage company said.

Investment Chamber decided to extend the deadline upon the request of potential non-resident buyers.

Settlements for the transactions are scheduled for August 12.

Investment Chamber began accepting applications from non-residents on June 3, with the original deadline on July 5.

Applications were accepted from resident individuals from March 25 to May 8. Investment Chamber formed 100 lots with an average value of 353.1 million rubles each.

Investment Chamber in April reported interest in the exchange of assets from a number of banks and funds from the United States, European Union, and the UK, with declared demand measured in tens of billions of rubles.

President Vladimir Putin in November 2023 signed Decree No. 844 "On additional temporary economic measures related to the circulation of foreign securities", which sets conditions to exchange investors' assets blocked in Russia and abroad. The decree stipulates that only foreign securities recorded in the accounts of the National Settlement Depository (NSD) may be presented for redemption.