The Ministry of Finance of the Russian Federation expressed hope that the first stage of the exchange of blocked assets between Russians and foreigners will begin in January and be completed by the end of next year. This was announced by Deputy Minister of Finance Ivan Chebeskov. in the air RBC.
Portfolio replacement worth up to 100 rubles per investor is required as part of the first phase. Chebeskov admitted that later a second wave of exchanges for larger amounts would begin.
There is no information yet on when and at what rate the assets to be exchanged will be valued. The deputy minister emphasized that it is planned that the price of the asset for Russian citizens will be “no worse” than the market price on the date of settlement. He also explained that there were no negotiations with foreigners whose assets were blocked in Russia, but their interest in the agreement was understandable, so they could receive at least some funds.
On December 21, 2023, Russian Finance Minister Anton Siluanov said that about 2.5 million out of 3.6 million Russians will be able to get their money back under the mechanism of swapping blocked assets. According to the head of the department, Western countries have frozen investments of Russian companies and citizens who had previously invested in foreign securities in Western financial markets.
Russian President Vladimir Putin in November signed Decree on the exchange of part of the funds of foreign investors blocked in the country for frozen assets of Russian citizens.