The deadline for buying back assets blocked abroad will be extended until mid-October

On November 8, 2023, a decree was signed on the exchange of blocked Russian assets abroad for assets of foreign investors in Russia. This document introduced significant changes to the rules for handling blocked assets of Russian investors, especially those who own small portfolios.

Since the beginning of 2022, Russian investors have faced the freezing of their assets on foreign exchanges. In response, measures have been taken to organize the exchange of blocked securities. The new presidential decree has become another step in this direction, offering a simpler and more accessible scheme for withdrawing funds for small investors.

The first round of the exchange of blocked assets was completed in August 2024.

 The second round has been extended until October 12, 2024.

It is important to note that this is not a new stage of the exchange, but a continuation of work with already submitted applications.

New exchange scheme:

The key point of the new exchange scheme is that foreign investors holding rubles in type “C” accounts can offer them to Russian owners of blocked assets abroad.

This allows to hope for an increase in the number of participants in the exchange procedure in the future. The asset exchange scheme involves the use of special mechanisms that allow transactions to be carried out taking into account the current restrictions.

The key role in the implementation of the program is played by the Russian Ministry of Finance, which ensures its coordination and control.