Russia Expands Asset Clearing Mechanism Tied to Sanctions
The Russian Ministry of Finance announced plans to broaden the system that handles the exchange of foreign assets blocked due to sanctions and to open the program to new categories of securities. The agency is also weighing the inclusion of securities frozen on the St. Petersburg Stock Exchange. Deputy Finance Minister Ivan Chebeskov spoke to reporters at the Promsvyazbank event titled Simply Capital, as reported by TASS.
Chebeskov indicated that it is reasonable to consider adding shares blocked on the St. Petersburg Stock Exchange to the existing clearing scheme for blocked assets.
He cautioned that there is no precise timetable yet for expanding the mechanism. The deputy minister said the next steps will depend on how the current process operates in practice and on achieving concrete results before proposing a phased enlargement of the framework. He stressed a willingness to push for expansion as conditions allow.
Previously, the Bank of Russia stated that securities frozen due to sanctions on the St. Petersburg Stock Exchange would not be eligible for a buyback program for Russian holders. SPB Bank, which serves as the exchange custodian, replied that efforts were underway to integrate these securities into the clearing mechanism.
The decree governing the exchange of foreign assets was issued in early November after President Vladimir Putin signed the measure. Observers note that the document lays the groundwork for broader participation in the asset clearing process while aiming to stabilize market operations affected by sanctions.
Earlier economic analyses examined the conditions under which Russians might exchange frozen assets, highlighting ongoing discussions among policymakers and market participants about practical implementation, risk controls, and eligibility criteria.
Sources: official statements from the Finance Ministry and commentary from central bank authorities, with coverage from TASS.