The second phase of the program enabling exchanges of assets that are blocked in the European Union and Russia could entertain larger investment sums than the initial stage, which capped individual entries at 100 thousand rubles. This was communicated by Deputy Finance Minister Ivan Chebeskov during a live RBC broadcast. The deputy minister explained that the first phase was designed to reach a broad audience with many small investments, ensuring quick participation from a wide base of investors. He emphasized that officials are now weighing a transition to a more expansive framework that could either raise the per-person limit or broaden the group of eligible participants to exchange assets. Chebeskov noted that the focus at this stage remains on individual investors, but acknowledged that institutional investors also face distinctive challenges that need addressing. He expressed optimism that the government commission would start reviewing initial asset exchange applications as early as January. In a related move, President Vladimir Putin signed a decree allowing Russian investors to pursue the sale of blocked securities up to 100 thousand rubles. The Ministry of Finance reports that this ceiling covers roughly 2.5 million of the 3.6 million citizens whose assets are blocked, a figure that underscores the scale of participation anticipated in the program. The Central Bank had previously indicated confidence that the exchange of frozen assets would not commence before the year’s end, a timeline that has since evolved with the new decree and ongoing planning by the finance ministry. (Source attribution: Ministry of Finance).
