27 Feb 2023 10:58

Tinkoff Investments temporarily suspends trading in foreign securities, euros

MOSCOW. Feb 27 (Interfax) - Tinkoff Investments is temporarily suspending trading in foreign securities and euros, the broker said in a statement on its Telegram channel on Sunday.

"We are transferring foreign securities traded on the SPB Exchange to a non-sanctioned campaign. In order to avoid the risk of being blocked, and to carry out all necessary actions for the transfer, we are temporarily suspending trading in foreign securities. We are planning to restart trading within one to three weeks," the broker said.

As the SPB Exchange is interacting with European accounting institutions and in order to protect client assets from potential risks, Tinkoff's participation in trading has been suspended, the company said.

Access to securities traded on the Hong Kong Stock Exchange will also be temporarily restricted, as it is provided by the SPB Exchange.

For ruble-denominated securities traded on the Moscow Exchange , nothing changes, the securities will remain on the list of liquid instruments and will be taken into account when calculating margins, Tinkoff Investments said.

At the same time, withdrawals in euros for clients will be available. "Euro trading will be suspended from February 27, 2023. Euros are excluded from the list of liquid instruments," the broker said.

"The sanctions do not affect trading, as well as deposits/withdrawals of dollars and other currencies. All functionality is available in full," the company said.

Tinkoff Investments is planning to transfer assets to a new non-sanctioned depository. No additional actions from clients are required. "Trading of foreign securities, as well as all functionality will be available, as before, in your mobile app. We worked out these solutions and arrangements back a few months ago, so the process of transferring trading should not take more than one to three weeks," the message said.

The broker noted that customers' securities will not be blocked. "The May 2022 blocking was not caused by the imposition of sanctions on brokers," the company said.

Margin trading in foreign securities will be temporarily suspended, with foreign securities removed from the list of liquid securities, the broker said. "Keep an eye on margin indicators, replenish your account if necessary to avoid a margin call. Nothing changes for ruble-denominated securities traded on the Moscow Exchange, the securities will remain on the list of liquid instruments and will be taken into account when calculating margin indicators," the company said.

Servicing of individual investment accounts is provided in normal mode and the tax deduction is preserved, Tinkoff Investments said. In addition, the measures introduced will have no impact on tax accounting and deductions.

On February 25, the EU included the Tinkoff Bank in the sanctions list.