Sanctions on SPB Exchange and their impact on unlocking assets
Some investors have run into difficulties unlocking assets under an EU license due to involvement with the SPB Exchange chain, which came under US blocking sanctions on November 2. RBC reported this development, citing sources within the financial market.
A source stated that an investor who had earlier received permission to unlock foreign assets was based in St. Petersburg and could no longer use that license to transfer securities because of the SPB Exchange’s participation in the sanctioned chain. After the United States imposed restrictions on the trading platform, the guarantor, a foreign operating company involved in asset unlocking, declined to execute the licenses. Another source noted that the chain has foreign counterparties in St. Petersburg, and that person was compelled to refuse transferring the director’s assets under a license that referenced a structure connecting to the SPB Exchange. Consequently, there was a move to seek new counterparties to prevent repeated asset blocks.
Publication findings indicate that cases of unlocking assets with EU permission facing sanctions linked to the SPB Stock Exchange remain rare. Yet the lawyers consulted did not exclude the possibility that the number of affected investors could rise. The publication’s sources highlighted the risk that permissions already issued to unlock assets might become compromised as European counterparties may not be bound by US sanctions and can potentially interact with US entities with loosened constraints as the situation evolves.
Under the current restrictions, American companies are barred from conducting any transactions with the SPB Stock Exchange itself. This has created additional friction for foreign shareholders who rely on cross-border access to assets. Analysts and market observers are watching how this dynamic will influence settlement flows and the liquidity of assets tied to the SPB chain within the regulatory framework. (Cited: Newspapers.Ru)
Earlier, the SPB Stock Exchange had approved several action scenarios aimed at preserving investor access to assets while navigating the sanctions landscape. Stakeholders continue to assess how these measures will evolve as enforcement evolves and as counterparties reassess their risk exposure in response to shifting sanctions policies. (Cited: Newspapers.Ru)