Russian commission authorized to determine procedure for exchanging investors' blocked assets

MOSCOW. Jan 22 (Interfax) - The Russian government commission for control over foreign investment has been granted the powers needed to carry out transactions to buy out the blocked foreign securities of Russian investors with nonresidents' funds held in C-type accounts.

Under the government resolution granting this authority, which was drafted pursuant to a presidential decree and posted on the website for official publication of legal acts, the commission will establish the procedure for exchanging investors' assets and the procedure for calculating the total starting price of the securities being swapped.

President Vladimir Putin signed a decree (No. 844) in November 2023 "On additional temporary measures of an economic nature related to the circulation of foreign securities," which sets the stage for exchanging investors' assets that are blocked in Russia and abroad. The decree allows nonresidents to buy out the blocked foreign securities of Russian investors with money held in their C-type accounts. Transactions will be carried out through bidding. Russian investors will be able to apply to sell securities with a total starting price of up to 100,000 rubles.