Investors holding portfolios up to 100 thousand rubles will have the opportunity to exchange assets that were initially frozen. This update came from Vladimir Chistyukhin, the First Deputy Governor of the Central Bank, speaking on record and reiterating the bank’s position. The information was reported by TASS.
During remarks at the conference titled “10 Years of the Mega-Regulator: Yesterday, Today, Tomorrow,” a Central Bank representative emphasized collaboration with the Ministry of Finance of the Russian Federation. The bank stressed that the priority would be given to individual investors, clarifying the focus of the policy initiative and its intended beneficiaries.
Officials explained that the original plan targeted investors with portfolios not exceeding 100 thousand rubles, confirming the scale at which the asset swap program would begin. The practical implementation, however, may be adjusted as evaluations continue regarding who qualifies and how the process unfolds across different market segments.
Chistyukhin noted that the swap process could involve a premium, arguing that the Central Bank sees legitimate grounds for such a pricing approach. The commentary reflects the regulator’s attempt to balance liquidity needs with the integrity of the market and the broader fiscal framework in which these exchanges operate.
Additionally, the deputy governor stressed uncertainty around specific details. It remains unclear which types of securities will be exempt from freezing and which accounts will participate in the exchanges. This ambiguity points to a transitional period where policy specifics are still being worked out in coordination with other state institutions and market participants.
In parallel developments, Anton Siluanov, the Finance Minister, reiterated in April that there is no quick fix to unlock Russian assets held abroad. The government continues its efforts to unfreeze assets located abroad, while assets belonging to entities from unfriendly countries remain under restriction within Russia. The official underscored that the course of action will be measured and aligned with international legal and political realities, rather than offering short-term solutions that could destabilize the financial system. He also indicated that all planned financial support measures for 2023 remain on the table as part of a broader strategy to stabilize the economy and support essential sectors.