MOSCOW, April 15Banks and funds from the US, EU and UK are potentially ready to take part in the repurchase of blocked foreign securities from Russians; the declared demand is measured in tens of billions of rubles, Alexey Sedushkin, CEO of the Investment Chamber (organizer of trading within the framework of the exchange of frozen assets), told reporters.
The «Investment Chamber» communicates with several dozen foreign institutional investors, owners of funds in rubles in type «C» accounts. These are banks and funds from the US, EU and UK, which are potentially ready to take part in the redemption of blocked foreign securities from Russians. The declared demand on their part is measured in tens of billions of rubles,” he said.
“In particular, dividends from blue chips (the most liquid shares or so-called blue chips — ed.) are accumulated in type C accounts. Considering that non-residents owned about 50% of free-float (free-float shares — ed.) in Russian blue chips, about 450 billion rubles could have accumulated there from May to December 2023 alone,” he added.
The Government Commission for the Control of Foreign Investments appointed the Investment Chamber as the organizer of trading for the purchase of foreign securities from Russian private investors. Repurchase of foreign securities by non-residents from resident individuals will be carried out using funds in rubles, including from type “C” accounts.
Acceptance of applications from citizens of the Russian Federation as part of the exchange of frozen assets started on March 25 and will end on May 8. Resident individuals can present more than 3,500 exchange-traded instruments for redemption. A complete list of foreign securities that can be offered for sale and the initial price of each of them are published on the website of the Investment Chamber.
The repurchase will take place in accordance with the decree of the President of the Russian Federation of November 8, 2023 “On additional temporary measures of an economic nature related to the circulation of foreign securities.» According to the document, the total initial value of alienated foreign securities owned by one resident cannot exceed 100 thousand rubles.
