St. Petersburg Stock Exchange: sanctioned currency exposure and liquidity

The St. Petersburg Stock Exchange (SPSE) disclosed that a portion of customers’ foreign currency holdings falls outside the scope of sanctions, with a reported volume of 5.9 billion rubles. This figure was presented in a formal update released by the trading platform, outlining how foreign currency positions are managed within the exchange’s clearing and settlement infrastructure. The message underscores that the 5.9 billion rubles value reflects the exchange rate set by the Central Bank of the Russian Federation as of November 27, 2023, and represents about 31.05 percent of the total customer funds held across SPSE accounts. In practical terms, this means that a substantial slice of non-sanctioned foreign currency remains within client accounts at the SPSE, and its treatment is governed by the platform’s internal liquidity rules and regulatory guidelines that apply to digital settlements and cross-border activity. Authorities and market participants alike have stressed that these funds are kept segregated and accounted for in a manner consistent with market practice and supervisory expectations. (Source: SPSE update; regulatory context: Central Bank guidance; sanctions framework: OFAC considerations)