SPB Exchange to assess amount of client assets not subject to restrictions by Nov 27
MOSCOW. Nov 22 (Interfax) - SPB Exchange plans to assess the amount of assets not subject to restrictions by November 27 and together with market participants establish mechanisms for their distribution and return to clients, the exchange said in a statement.
Settlements on transactions with foreign securities that were hung up due to the imposition of sanctions have been completed, the exchange said.
SPB Exchange began settlement and depository transactions on Russian securities and cash in rubles on November 21 without any restrictions and in the usual regime.
Transactions with foreign securities and money in foreign currency have been suspended due to restrictions on the movement of assets by foreign settlement institutions in regard to the settlement and clearing infrastructure of SPB Exchange.
"In light of this, SPB Exchange is not conducting transactions to transfer money in foreign currency and foreign securities (including quasi-Russian ones) from its infrastructure to other credit and depository organizations before November 27," the exchange said.
The exchange said it is working with legal advisors on implementing several scenarios to unblock client assets.
The U.S. Office of Foreign Assets Control (OFAC) put SPB Exchange on the sanctions list on November 2. After the announcement of the sanctions, the exchange suspended trading and the next day it resumed trading only in Russian securities. The OFAC also issued a license to wind down transactions with SPB Exchange by January 31, 2024.