CBR promises to intensify discussions around 'unfreezing' of Russian investors' assets

MOSCOW. Nov 8 (Interfax) - Discussions about ways to "unfreeze" assets of Russian investors blocked as a result of the imposition of various sanctions are difficult, but the Central Bank is trying to intensify them, Central Bank of Russia (CBR) Governor Elvira Nabiullina said.

"Here we are working in several directions. The very financial institutions, through which the assets of our citizens have been frozen, are working in foreign jurisdictions, preparing various lawsuits and negotiations, etc. We, for our part, are looking at what measures we could take," Nabiullina said, responding to a question from Anatoly Aksakov, head of the Duma Committee on Financial Markets, during the discussion of the primary vectors of monetary policy in the State Duma.

Nabiullina recalled the Central Bank's idea to use the revenues from the assets of nonresidents from "unfriendly" jurisdictions frozen in Russia to compensate the losses of domestic retail investors (possibly through a fund on the basis of the Deposit Insurance Agency).

"We are now discussing such schemes. There are alternative schemes of exchange, etc., proposals of market participants. The discussions are quite complex, we will intensify them in the near future," the Central Bank chief said.

In mid-September she said that "several hundred billion rubles" had already accumulated on type "C" accounts where funds of "unfriendly" non-residents are blocked. To compensate retail investors, the Central Bank is proposing using not the money itself, but revenues from placement of these assets.