The Central Bank held a meeting with financial market participants and threatened to revoke the licenses of those using schemes to circumvent the foreign asset freeze, writes RBC, citing financial market sources.
During the meeting, they discussed compliance with presidential decrees on restrictions on transactions with “unfriendly” non-residents, as well as restrictions on new transactions with goods purchased from foreigners. According to the decrees, transactions with Russian securities previously owned by people from “enemy” countries and purchased after March 1, 2022 must be agreed separately.
During the last year, the Central Bank has carried out a series of controls on compliance with the anti-sanctions legislation. It turned out that market participants facilitate the exit of non-residents from frozen assets through various schemes and chains, bypassing the established procedure.
According to financial market sources, the Bank of Russia adheres to a tough policy on this issue, as it plans to use the locked assets as a swap fund with foreign counterparties for mutual unlocking.
“And the actions of market participants actually reduce the size of this exchange fund,” says one of the interlocutors.
According to Olga Shishlyannikova, head of the Bank of Russia’s Department of Investment Financial Intermediaries, Russian assets worth about 5.7 trillion rubles were blocked abroad due to sanctions.
Author:
Natalia Gormaleva
Source: RB
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