Russia's Finance Ministry supports Central Bank's decision to limit non-qualified investor activity in assets of 'unfriendly' countries

KAZAN. Sept 22 (Interfax) - Russia's Finance Ministry supports the decision on the part of the Central Bank of Russia (CBR) to limit the activity of non-qualified investors in the assets of so-called unfriendly countries, Deputy Finance Minister Alexei Moiseyev told reporters.

Beginning on October 1, the CBR will impose restrictions on non-qualified investors effecting transactions to purchase securities from issuers from so-called unfriendly countries. The goal of the regulator's decision is to minimize infrastructural risks for non-qualified investors, since foreign financial institutions that account for the securities could block, without warning, the possibility of disposing the acquired assets. Over five million investors have already suffered from blocking. It is very difficult to protect the rights of the owners of these securities after the fact, since the solution to the problem lies outside Russia's jurisdiction, the CBR explained.

"How many people have now suffered and turned out to have their Apple shares frozen. If desired, one could continue cutting off fingers and toes. However, I think that this is an absolutely correct position on the part of the Central Bank. It is something like a foreign currency mortgage. There were also dissatisfied people, though how many people have suffered from foreign currency mortgages. Well, why did you have to do this? When you become qualified, then buy what you want," Moiseyev said on the sidelines of the Banks of Russia 21st Century international banking forum organized by the Association of Banks of Russia.

"In terms of tax deductions and all products with tax deductions, such as PIA, we are categorically against providing them for purchasing securities from 'unfriendly' countries," Moiseyev added.