The Ministry of Finance of the Russian Federation has signaled optimism about launching the initial phase of exchanging blocked assets between Russian residents and foreign investors. Deputy Minister of Finance Ivan Chebeskov stated that the first stage could begin in January and be wrapped up by the end of the following year, sharing the update with RBC in a broadcast earlier this season.
As part of the introductory phase, each investor is expected to participate in a portfolio swap valued at up to 100 rubles. Chebeskov noted that this cap reflects a measured approach to the early rollout, with the possibility of a subsequent second wave handling larger sums and broader participation once the first phase proves operational and fair in practice.
At this stage, details on the valuation method for the assets to be exchanged remain undisclosed. The deputy minister stressed that the price offered to Russian citizens would be anchored to, and not worse than, the market price on the settlement date. He added that discussions with foreign holders whose assets are blocked in Russia have not taken place, though there is clear interest from some foreign parties to participate and at least recover some funds through the arrangement.
In a December note from 2023, Finance Minister Anton Siluanov estimated that roughly 2.5 million Russians, out of about 3.6 million eligible, could regain funds through the asset swap mechanism. He explained that Western sanctions had frozen investments by Russian companies and individuals who had previously invested in foreign securities administered in Western markets, creating a significant incentive for dialogue and reconciliation through the exchange program.
President Vladimir Putin also addressed the issue in late autumn, signing a decree that authorized the exchange of a portion of funds belonging to foreign investors blocked within Russia for frozen assets held by Russian citizens. The move reflects a broader strategy to mitigate losses from sanctions while offering a structured path toward recovery for residents affected by the restrictions.
Analysts note that the exchange framework is designed to provide clarity and predictability for participants. Observers expect formalized rules around eligibility, settlement timelines, and the mechanism for converting assets into equivalent value. While the specifics remain under discussion, the initiative is perceived as a controlled approach to easing tensions and creating a potential avenue for partial redress for both sides in the evolving international financial landscape.