Residents of the Russian Federation and structures controlled by them will have the opportunity to withdraw payments for securities of Russian issuers owned by them, which have accumulated in the accounts of foreign nominee holders and paying agents since the spring of 2022. In this respect says Decree of Russian President Vladimir Putin dated March 19.
The document is valid for payments on shares, depositary receipts, bonds of issuers from Russia, OFZ and Eurobonds. Security holders must send an application to the Russian depository or Eurobond borrower within 2 months from the date of publication of the Central Bank decision, containing details of the ruble account and supporting documents according to the Central Bank list.
Within 31 days after the deadline for accepting applications, the Eurobond custodian/borrower decides on payment or rejection based on verification of the claims. Rejection is possible if the application amount exceeds the funds in account C or if there are doubts about the data. If the decision is positive, the depositary notifies the foreign candidate/representative and, if there is no objection, sends an instruction to the bank to transfer money to the security holder within 10 days.
The decree also introduces a procedure for replacing ruble liabilities of the NSD to foreign depository institutions with liabilities in foreign currencies by transferring funds from their accounts in these infrastructures; This will allow the central department to fulfill its obligations to return balances from type C accounts.
The document also introduces an interim procedure for payments on new Eurobond obligations. The holder can send an application with details of the ruble account to the debtor within 60 days from the date of payment. Payments are made in rubles at the Central Bank exchange rate on the date of payment.
Before that, it was known as the Ministry of Finance. studies Frozen assets in St. Possibility of exchange on the St. Petersburg Stock Exchange.
Previously in Russia approved Conditions for the exchange of frozen assets.