8 Sep 2022 16:05

Russian Central Bank discussing idea to create fund to compensate investors with frozen assets - Nabiullina

MOSCOW. Sept 8 (Interfax) - The problem of the frozen assets of Russian investors needs to be solved, various options are being discussed, and one of them is creating a fund for loss compensation using the assets of nonresidents blocked by Russia, Russian Central Bank Governor Elvira Nabiullina said at the Moscow Financial Forum.

"We're currently discussing the idea of creating such a compensation fund, among others, possibly under the aegis of the DIA [Deposit Insurance Agency], so that revenue from the funds of nonresidents that we have for our part frozen, so that it's possible using this revenue to compensate, for example, this part [losses from assets frozen due to sanctions] for mass investors," Nabiullina said.

Mechanisms to mitigate the problem of the frozen assets of Russian investors need to be found in order to regain their trust in the market, Nabiullina said. "Our people who have invested in financial markets have a large portion of their assets frozen," she said, adding that various solutions to this problem may be discussed.

"It's important to return trust if we want to have enough resources for the structural reorganization of the economy," Nabiullina said.