Broker ITinvest plans to introduce a mandatory currency conversion to rubles on its clients’ accounts. We are talking about the currency of “unfriendly” countries. In this respect reported on the broker’s website.
Last March, the government approved a list of “non-enemy” countries in a decree. This list includes all EU countries, as well as Australia, Great Britain, Norway, Canada, Iceland, USA, Ukraine, Japan, New Zealand and a number of other states and territories. According to Foreign Minister Sergei Lavrov, Russia considers countries not included in this list as “friendly”.
The broker’s message says the scheduled conversion date is June 13, but you can decline until June 9.
“There will be no brokerage commission for mandatory conversion. You have the right to refuse to make the forced conversion, provided that the “Risk Acceptance Receipt” is learned and signed in the message.
The receipt is placed in the client’s personal account in the document flow section.
The broker also said that from May 26, “non-hostile countries” will receive an annual commission of 12% for storing currency in the account. Withholding tax at the rate of 2% of the transaction amount will be applied to transactions made in Dollars, Euros, Sterling and Swiss Francs. When renewing the account, a commission of 1.5% of the amount deposited into the account will be charged.
ITinvest (formerly ITI Capital) is an investment firm registered in Moscow. The Company operates in brokerage and custody services and keeping individual investment accounts.