SPB Bank reaches agreements to unblock $15.8 mln in client assets

MOSCOW. Feb 8 (Interfax) - The settlement depository of the SPB Exchange has reached agreements with a number of friendly counterparties to unblock client assets totalling $15.78 million, SPB Bank reported.

These assets include funds in U.S. dollars, Hong Kong dollars, yuan and tenge. "This foreign currency totalled 1.44 billion rubles at the conversion rate of the senior counterparty on January 31, 2024," the bank said.

SPB Bank said the money will be received in the ruble equivalent and distributed among brokers in proportion to obligations to them. "Subsequently each trading participant will independently determine the procedure for distributing the received money among their clients," the bank said.

SPB Bank said it is continuing negotiations with remaining counterparties from friendly jurisdictions.

SPB Exchange is also waiting for a response from the U.S. Office of Foreign Assets Control (OFAC) on its proposed strategy for unblocking client assets. Concurrently, SPB Bank is working internally with documents to unblock assets.