27 Dec 2023 20:16

Limit on exchange of frozen assets at second stage could be increased from current 100,000 rubles - Russian MinFin

MOSCOW. Dec 27 (Interfax) - The second stage of the exchange of assets frozen in the European Union and Russia could extend to investors with larger volumes of investments compared to the first stage limit of 100,000 rubles.

"We also look at up to 100,000 rubles per citizen as a kind of first stage, which covers quite a large number of citizens, because many had relatively small investments. Then we would like, of course, to make the next stage - either to expand the amount for these funds, or to expand the range of participants who get the opportunity for an exchange," Deputy Finance Minister Ivan Chebeskov said on air on RBC TV.

The draft decree on the asset exchange procedure is currently being considered by the government, he said. "We hope that in the near future this decree will be adopted, and we will be able to consider applications via the government commission [on monitoring foreign investment], I hope, in early January. Then we could say that the mechanism is fully working," the deputy minister said.

Answering the question of whether the first stage of the asset swap could be completed by the end of 2024, Chebeskov said: "I think so."

In November, Russian President Vladimir Putin signed Decree No. 844 "On Additional Temporary Measures of an Economic Nature Related to the Circulation of Foreign Securities", which creates conditions for the exchange of investors' assets blocked in Russia and abroad. According to it, nonresidents can buy back blocked foreign securities of Russian investors using funds on their type C accounts. Transactions will be concluded "by way of bidding". The terms will be set by the Government Commission on Monitoring Foreign Investment. for control over foreign investments. Russian investors will be able to submit bids for the sale of securities, the aggregate initial value of which should not exceed 100,000 rubles.